Entrepreneurship is a challenging yet fulfilling adventure that can potentially lead to professional success and personal gratification if you strategize wisely and work hard. Read on to learn what exactly entrepreneurship is. Explore the various examples of entrepreneurship that you can choose from. Finally, find out which factors you should consider while determining which type of entrepreneurship works best for you.
What Is Entrepreneurship?
Entrepreneurship is the process of building a new business. It involves both the possible rewards and risks of establishing a brand-new venture. When it is handled well, entrepreneurship may result in financial profits and market opportunities. Investopedia explains that entrepreneurs like you play a major role in the economy. As an innovative business owner, you are a vital source of fresh ideas and procedures for the industry you belong to. You are also a provider of new products and services which can meet the needs of consumers in creative ways.
What Are Examples of Entrepreneurship?
Different types of entrepreneurship are inspired by the various business goals of entrepreneurs such as yourself. These are some common examples of entrepreneurship that you can choose from:
Small Business Entrepreneurship
Small business entrepreneurship is the most basic type of business venture. It typically originates from a small-scale capital derived from the personal savings and earnings of the entrepreneur. The goal of small business owners is to make a relatively small profit which is substantial enough to sustain a simple lifestyle or to support a single household.
Small business entrepreneurs usually hire family members, friends, or people from their local community to help out with their microenterprise. Home baking projects, arts-and-crafts shops, mini convenience stores, and home repair services all fall under the category of small business entrepreneurship.
Large Company Entrepreneurship
Large company entrepreneurship refers to a large-scale business. It is commonly jumpstarted via venture capital funding and it could lead to huge profits if it prospers. A large-scale company is usually established by revolutionary entrepreneurs with advanced skills and knowledge in the industry they are part of.
According to Indeed, it is likely to be managed by a solid team of C-level executive professionals. Big companies are known for creating cutting-edge products and services that match consumer preferences to meet the mass market demand. Software, electronics, and manufacturing companies are some examples of large company entrepreneurship.
Social Entrepreneurship
Social entrepreneurship is a business model that aspires to make a positive impact on society, as defined by the U.S. Chamber of Commerce. Its main priority is to directly solve widespread problems that affect the general population, such as social issues and environmental problems, by offering inventive products and services.
Most social entrepreneurship ventures are non-profit organizations, although some are for-profit companies that are committed to pursuing the good of the local or international community. Overall, social entrepreneurship is motivated by a pressing desire to make the world a better place in concrete ways.
Strategic Buyer Entrepreneurship
Strategic buyer entrepreneurship involves the acquisition of businesses by an organization or individual. Entrepreneur expounds that it usually entails finding promising companies that are aligned with the core strategy of the buyer. The goal of strategic buyers is to expand the businesses that they purchased in terms of structural growth and financial profits. Strategic buyer entrepreneurship occurs when a company buys another company for the sake of synergy.
Choose the Entrepreneurship Type That Works Best for You
As you can see from the popular examples of entrepreneurship, there are various entrepreneurship styles that you can select from if you are planning to start a new business in the future. You can pinpoint the right type of entrepreneurship for you by considering crucial components. These factors include your personal, professional, and social goals, as well as the skills and resources that you currently possess.
Bookmark our website now to explore more entrepreneurship resources that will help you discover which entrepreneurship type works best for you.
Sources:
https://www.investopedia.com/terms/e/entrepreneur.asp
https://www.indeed.com/career-advice/career-development/types-of-entrepreneurship
https://www.uschamber.com/co/start/startup/what-is-social-entrepreneurship
