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    Types of Entrepreneurship

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    Types of Entrepreneurship

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    types of entrepreneurship

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    16 views6 pages

    Types of Entrepreneurship

    Uploaded by

    jiboxaw384

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 6

    Types of Entrepreneurs

    Let’s take a look at some different types of entrepreneurs, their roles, and how each type affects
    the success of the business:

    1. Innovators

    Innovators are the types of entrepreneurs who come up with completely new ideas and turn them
    into viable businesses.

    In most cases, these entrepreneurs change the way people think about and do things. Such
    entrepreneurs tend to be extremely passionate and obsessive, deriving their motivation from the
    unique nature of their business idea.

    Innovative entrepreneurs also find new ways to market their products by choosing product
    differentiation strategies that make their company stand out from the crowd. And sometimes it is
    not just standing out from the crowd but actually creating a new crowd.

    To say that innovators like Steve Jobs, Larry Page of Google and Microsoft founder Bill Gates
    were obsessed with their business would be an understatement.

    Advantages of Being An Innovative Entrepreneur:

     Get all the glory for the success of the business (and take all the arrows)
     Create the rules
     Face minimal competition during the initial days

    Disadvantages of Being An Innovate Entrepreneur:

     You will need a lot of capital to bring a new idea to life


     The timeframe for success is longer
    The ability of an innovative entrepreneur to envision a new way of thinking makes them stand
    out from the crowd and wildly successful in many cases however it takes significant capital,
    patience and commitment to bring true innovation to life.

    2. Imitators

    Imitators are the types of entrepreneurs who copy certain business ideas and improve upon them.
    They are always looking for ways to make a particular product better so as to gain an upper hand
    in the market.

    Imitative entrepreneurship is that in which innovation is adopted by successful entrepreneurs.


    Japan is the biggest example of imitative entrepreneurship. Such entrepreneurs found in under-
    develop countries. They adopt the technology, methods innovated by others such as Walton BD.
    produced many products like refrigerators, motorbikes and other electronic products without being
    the real creator of those products. Another example can be China where mobile technologies is
    adapted and modified to take this to new level.

    Advantages of Imitators

     Refining a business idea is easier and less stressful


     You can easily benchmark your performance with the original idea
     Can learn and avoid mistakes that were made by the originator

    Disadvantages of Imitators

     Their ideas are always compared to the original idea


     Always have to play catch-up

    Taking an existing idea and refining and improving it can be a great way to develop a business. It
    certainly does not have as much risk as the innovator but it might just not be as sexy.
    3. Corporate Entrepreneur ( Intrapreneurship)
    The corporate entrepreneur is an individual who exists within an organization to generate
    product and process ideas that will create value for the organization, its stakeholders and its
    consumers that buy his products.

    Risk involved – No direct investment, No financial Risk, Only one risk that is ‘Career Risk’
    Steal and use – Company recourses, Time, Employees
    Reward – Bonuses and Promotions

    4. Small Business Entrepreneurship

    A majority of businesses are small businesses. People interested in small business


    entrepreneurship are most likely to make a profit that supports their family and a modest
    lifestyle. They aren't seeking large-scale profits or venture capital funding. A small entrepreneur
    can be the person who operates a business by hiring local people of family members. The majority of
    them funds their business through friends or family or business loans. . They typically hire local
    employees and family members. Example:

    Local grocery stores, hairdressers, small boutiques, consultants are a part of this category of
    entrepreneurship.

    5. Large company entrepreneurship

    This type of entrepreneurship is for an advanced professional who knows how to sustain
    innovation. Large companies often create new services and products based on consumer
    preferences to meet market demand. When higher capital is invested, no of employees are more ,
    size is big and large quantity production .Small business entrepreneurship can turn into large
    company entrepreneurship when the company rapidly grows. This can also happen when a large
    company acquires them. Companies such as Microsoft, Google and Disney are examples of this
    kind of entrepreneurship.
    6: Private Entrepreneurship
    When an individual or group of individuals start a business, takes risks and initiates innovations
    in the private sector, it is called private entrepreneurship.
    The main object of such entrepreneurs is to earn profit. Private entrepreneurship is popular in
    England, America, japan, France etc.
    Example: Business houses managed by TATA, such as TELCO, TISCO, TATA power etc.

    7: Government or Public Entrepreneurship


    When government starts business enterprises in government or public sector for public welfare
    and take risk related to them, it is known as government or public entrepreneurship.
    Public entrepreneurship has developed fast in India. Most public utility and transport services
    are SOEs, and so are mining corporations and postal services.
    For example State Economic Cooperations, such as Pakistan international airline (PIA), Electric
    power company (WAPDA) or any other like railway system of country. Moreover, In Africa,
    South Africa’s Eskom, a utility company, is one of the biggest entities in terms of its power
    generation capacity, and it is owned and operated by the government of South Africa.

    8: Joint Entrepreneurship
    When private and government ownership is jointly involved in any business, it is called joint
    entrepreneurship.

     This is mixed form of private and government entrepreneurship


     This system provide opportunities for investment to the entrepreneurs of private sector
    but the mail role is of government , meaning thereby that government makes an
    investment jointly with private enetrepreneurs.

    9: Scalable startup Entrepreneurship:

    These people start their company with a vision that their vision could change the
    world. They attract investors who are equally crazy venture capitalists. They hire
    the best people for work. They search for repeatable and scalable business model.
    After they find that their focus on scale requires even more venture capital to fuel
    rapid expansion.

    Examples of Scalable startup >Entrepreneurship (Facebook, Instagram)

    Examples of Scalable startup > Entrepreneurship (Apple, Google,


    MacDonald’s)

    10: Social Entrepreneurship:

    This kind of entrepreneurs creates new product or services that solve social
    problems and needs. But unlike scalable startups, their goal is also to make the
    world a better place. They are not fond of taking market shares to create wealth for
    the founders. They may be nonprofit, hybrid or for profit.

    Social Entrepreneurship Examples wikipedia

    Social Entrepreneurship Examples SpaceX,Tesla,Solar city

    Social Entrepreneurship Examples Abdul Sitar Edhi (EDHI Foundation)

    Social Entrepreneurship Examples Imran khan (shokat khanam)

    11. Serial Entrepreneur

    A serial entrepreneur is someone who starts multiple businesses. They may sell or
    step back from one business before starting another, or they may run multiple
    businesses simultaneously, delegating leadership roles to other people.

    In addition to founding their own companies, they often invest or become involved
    in other early-stage startups that excite them.

    This kind of entrepreneur is typically an expert at identifying new business


    opportunities and creating a vision for a company. They tend to be most excited
    about the early stages of a business, including tasks like product conceptualization,
    team building, and attracting investments.
    They are often ambitious problem-solvers with a strong stomach for risk, an
    endless list of new ideas and a keen understanding of the market.

    Example: - Elon Musk -- “I don’t create companies for the sake of creating
    companies, but to get things done.”

    Another example is Oprah Winfrey, who leveraged her television success to found
    a multi-billion dollar media empire.

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