Entrepreneurs are visionaries who establish new businesses with an aim to create new products, wealth and employment. Typically, the meaning of entrepreneurship implies that you build a business enterprise with your leadership, business management skills and technical knowhow of the field that you wish to operate in.
Just like how there are various types of businesses, there are different types of entrepreneurship approaches as well. Let’s take a look at some of the most prevalent forms of entrepreneurship:
Small Business Entrepreneurship – This is the category under which maximum entrepreneurial ventures fall. People who run small businesses have the main objective of earning a livelihood and supporting their family. Small businesses are simpler to set, and have limited scope, innovation as well as entrepreneurial vision. Visit any local market and you will find so many small businesses such as grocery shops, beauty parlours, salons, vegetable shops, eateries and so on.
StartupEntrepreneurship – Startups are companies that enter the world of business with a new idea or service that aims to address an unfulfilled need of the market. Startups are scalable businesses that are launched with a long-term vision of growth, value generation for all stakeholders, and in today’s era, they feature high degree of technological integration.
Innovative entrepreneurship– There are companies which remain in business for long periods and continue to evolve through innovation and introduction of new products and services regularly. An enterprise can have various vastly experienced personnel managing leadership roles. They are collectively known as C-suite executives, and essentially each one of them heads a specific vertical through leadership and understanding of the business. The C-suite leadership is also at times called as intrapreneurship as leaders like CEO, CFO, CTO etc head their own departments and are responsible for the success or failure of the endeavour.
Global Entrepreneurship – This is the era of technology driven international businesses. Entrepreneurs run business operations across several countries and continents. Running such international businesses is known as global entrepreneurship, and companies reaching this level are usually market leaders in their respective domains.
Social Entrepreneurship – One of the modern types of entrepreneurship is social entrepreneurship. In this form of business, the entrepreneurs identify a social problem and launch their business to generate revenue alongside resolving the problem. Farmers’ cooperatives, girls education, supporting local art and craft etc are some of the examples of social entrepreneurship.
Environmental Entrepreneurship – With the rising global warming and emphasis on sustainability, ecologically responsible businesses are now rapidly coming up all over the world. Green energy production, organic farming, SaaS companies, recycling businesses and companies that are working towards curbing air, water and soil pollution are prime examples of environmental entrepreneurship.
Tech Entrepreneurship – This is the digital era. Cutting-edge technologies, innovations and online services are now becoming the new norm. In this era, merging advanced technology to digitise regular business operations in areas such as education, training, healthcare, security, banking and various other sectors is known as tech entrepreneurship.
Gig Entrepreneurship– Also called by some as self-employment or hustler enterprises, it is a form of digitally enabled, self-initiated form of entrepreneurship. As gig business owners, people use their talent or skills to work they want and to earn the money they envision. They monetise their abilities and as the businesses grow, they create opportunities for others.
There could be almost any number of entrepreneurship types depending upon the industry and the vision of the entrepreneur. However, these are the most popular business categories of the day and perfectly fit the meaning of entrepreneurship, which is essentially about launching a business and taking the responsibility for its success or failure. With Startup India, Digital India and Aatamnirbhar Bharat missions, India has truly taken up the entrepreneurial spirit and we will see many successful ventures in all of the above categories in the times to come!
