Entrepreneurship is a term whose meaning has been hidden from many while some experts define it as a path filled with difficulties and challenges in order to achieve prosperity along with financial freedom that appears in many sustainable forms. Yet, you may not know that there are more types of entrepreneurship than you ever expected.
Research on the types of entrepreneurship leads us to an interesting process where it is divided into small, medium and large businesses. What combines these types in our modern age is the necessity for the entrepreneur to enjoy creativity as we are in a time when repetition has become unacceptable to many.
At first, we have to go beyond the term as a meaning and try to simplify the complicated term and facilitate the definition.
What does the term “entrepreneurship” mean?
The term “ entrepreneurship “ refers to those who are looking to find a source of income in order to enter the vast world of investment. Regarding scientific terms, it is associated with “The process of creating a business based on innovation with superior administrative foundations in which the entrepreneur should be aware of the financial risks that could be resulted from this process.” The entrepreneur often finds his way based on his financial, scientific, and professional circumstances where he eventually has to start creating a business with a wide insight and skillful management. It is worth noting, and according to numerous studies, that among 13 people, there is a person who owns a private business!
What are the types of entrepreneurship?
Through this important point of this article, you can determine to which types of entrepreneurship you fit in as a business leader. It is important to know that entrepreneurs themselves are divided into sections, including business innovators who are distinguished by their ingenuity in finding innovative ideas. In addition, there is also a group of people who buy and own a startup business with an exceptional idea and develop it to become a superior company.
1-Small business entrepreneurship
This type takes the lion’s share of the entrepreneurship sector as most commercial or investment projects start as small company. In most cases, this section does not provide a good financial return, but it rather leads the entrepreneur to financial sufficiency for him and his family.
2-Large entrepreneurship.
With hard work and feat, you can turn your small business into a section of “large investment Assets” such as Google, Microsoft, and Apple. But these types of entrepreneurship require double efforts in which the entrepreneur who owns a large company can hardly fall asleep
3-Scalable Entrepreneurship.
This type of Entrepreneurship differs from what has been mentioned above as it depends on finding qualified employees in order to accelerate and enhance the company’s growth progress. What makes people usually not belong to these types of entrepreneurship is that they need to open and utilize the treasury of venture capital which is a part of the entrepreneur’s wealth the entrepreneur has to use in case his startup asks for more money. There are numerous examples of this type such as WhatsApp, Snapchat, etc.
4-Social entrepreneurship.
This type of entrepreneurship tends to create businesses to improve the lifestyle; dignity and prosperity of the community. Also, this type of business may not aim at making a profit as much as creating an integrated healthy community.
To conclude, four types of entrepreneurship and their definitions have been explained and described in a simple way. We hope that we have formed an important part of knowledge about this huge sector.
Share with us.. which types do you prefer to belong to?
