26 Different Types of Entrepreneurship with Examples
Different Types of Entrepreneurship with Examples: Do you believe that all the entrepreneurship is the same thing? If yes, then there is a requirement for changing your perspective as the reality is pretty different. There are tons of versions that need to be understood.
Also See: Origin of Entrepreneurship
Different Types of Entrepreneurship with Examples
Entrepreneurship is very significant and also an innovative procedure that has a wide range of activities offering new things to society as well as civilization. Due to all the different activities, Entrepreneurship is divided into various types and we will discuss below. Let’s begin.
1. Administrative Entrepreneurship
Under this category, all the administrative techniques and functions of entrepreneurial activity is included. It gives a very effective way to manage all the current as well as future situations that avail the business with merits and a competitive edge.
There are few examples of Administrative Entrepreneurship that can give an idea such as management of quality, redesigning of job, new techniques to do things and management by consensus. All these tasks of this type of entrepreneurship maximize the efficiency of an organization and nukes the achievements of the firm and sustain in the competitive marketplace. The government of Bangladesh consider old-age pension scheme as administrative entrepreneurship.
2. Opportunistic Entrepreneurship
“Hit the iron when it is hot” this proverb describes this kind of entrepreneurship and is the best exhibit of the features of Opportunistic Entrepreneurship. New opportunities are also offered by the changes in the environment but not every business owner is able to identify the opportunities and utilize the same in a timely manner. The opportunistic entrepreneurship describes as identifying, exploiting and performs the upcoming opportunities in the first hand.
3. Acquisitive Entrepreneurship
This type of entrepreneurship learns from the collection of demonstrable features and skills that allows as well as improves the efficiency of the business and other related competencies is known as Acquisitive Entrepreneurship. It equips something that is of new value, the competitive environment and accomplishes the capacities technically. It helps to survive the business in this world of competition. The highlighted point is that some failures never prevent them from learning and developing new skills but also encourages them to figure out such new things all the times.
4. Incubative Entrepreneurship
The generation of new sort of ideas and ventures within the premises of the organization is involved in this category of Entrepreneurship. It manages it in a productive way and makes sure the material gain for the business firm.
To exemplify, some of the tech companies like Microsoft and Nokia always discover and promote new technologies in a wide range of products and forms differentiation among all the categories of the products in the marketplace.
5. Imitative Entrepreneurship
Under an agreement with a franchise, this entrepreneurship imitates or copying the operative products and services. It is a model that assists to spread a new technology across the globe so that people can utilize it. It involves the adoption of current technologies from across the world and takes on existing technologies with some few modifications that suit the local conditions.
6. Private Entrepreneurship
Initiate entrepreneurship under the private sector is named as Private Entrepreneurship. The government of every nation gives ample support services via the public as well as private concerns to motivate non-public initiative in taking the ventures of Entrepreneurship. Moreover, it speeds up the economic development and maintains a balance between a layer and mutual relationship.
7. Public Entrepreneurship
Public Entrepreneurship referred to as the entrepreneurship that is come under the government through the various development agencies. All developed and underdeveloped nations take initiative in venture ideas to meet the preliminary shortage of private Entrepreneurs.
8. Individual Entrepreneurship
It is entrepreneurship that is managed and executed by an individual or a member of a family with some personal motives as well as initiatives, thus it is called as individual Entrepreneurship.
9. Mass Entrepreneurship
The emergence of this category of entrepreneurship occurs when there is a presence of a lot of favourable climate of encouragement as well as a motivation among the common masses and this describes the Mass Entrepreneurship. It leads to increase the small and large enterprises in a nation.
10. Small Business Entrepreneurship
A greater number of businesses in society are small that employ more than 50% of total non-government workers in the United States. The profit in these types of businesses is pretty less as the main reason behind them among employers is creating a living for their families.
Some premier examples of Small Business Entrepreneurship are grocery stores, plumbers, confectionary stores, electricians, house cleaners, consultants, and hair dressers, among others. 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.
11. Large Company Entrepreneurship
There are finite life cycles found in large companies as the majority of them grow using innovation. It let them create new variants apart from core products they manufacture. The reasons for disruptive innovations are customization in the demand of customer, establishment of new technologies and the emergence of new competitors among others.
It results in the creation of completely new products so that these challenges can tackle successfully. The large companies do this either by creating disruptive products or by acquiring innovative organizations. The disruptive innovation becomes pretty difficult to apply in large organizations. Some examples of Large Company Entrepreneurship are LG, Tata, Microsoft, etc.
12. Scalable Startup Entrepreneurship
The majority of people believe that small business and Scalable Startup Entrepreneurship is same. However, they are pretty different in reality. In this version of entrepreneurship, the company is started with a vision that changes the universe. The funding in such businesses arises from the venture capitalists, and that’s why there are top employees hired by them.
The main motive in this entrepreneurship is to seek a scalable and repeatable business structure. After identifying them, they look for further funding so that business can grow. Only a little bit number of businesses is scalable startups due to the involvement of risks. The major examples of scalable startup entrepreneurship are e-commerce websites, Facebook, etc.
Also See: Factors Affecting Entrepreneurship
13. Social Entrepreneurship
In this type of entrepreneurship, people in business are the innovators who target on development of products and services, so that social requirements and problems can be solved. Unlike scalable startup entrepreneurship, the main motive of entrepreneurs in this case is improving the world.
One of the premier examples about Social Entrepreneurship is SafePoint Trust. It is controlled by Marc Koska and involved in the world of redesigning medical tools. Additionally, they introduce the low-cost non-reusable syringes for clinics that lack money globally. Since its foundation, this firm has delivered more than 4 billion safe injections in more than 50 nations around the globe.
This term was coined by Gifford Pinchot in the year 1973. It is based related to the fostering the activities of entrepreneurs in a large organization by making improvements in the products and branding them to increase the profitability. The valuable asset for an organization considered as innovation and dedicated efforts by the intrapreneur.
The four elements of Intrapreneurship are the right structure, suitable manpower, reward and collaboration for a bright future. This entrepreneurship is very significant in this changing world of competitiveness in the marketplace. For instance, some of the examples of this type of entrepreneurship are Google, Intel, 3M and so on.
It is a blend of two words, technology and Entrepreneurship. It a kind of entrepreneurship in the intensive technology context and the process of amalgamating the entrepreneurial skills and technology where the technology is used as an essential part. It is a sort of new breed of entrepreneurship and needs an entrepreneur who is creative, techno-savvy, passionate as well as the ability to calculate associated risk in advance.
The most popular examples of technopreneurship are Microsoft, Apple, Facebook, Twitter, Instagram and so on. IT plays an important role and gives benefits such as generate employment, the best utilization of resources, growth of technology and creates capital.
16. Cultural Entrepreneurship
These entrepreneurs’ changes culturally who organize cultural, financial, social as well as human capital to make a profit out of it. They produce products that are culturally good and generating a lot of opportunities for economy, society and culture. These firms are coming frommicro, small to large enterprises.
Such entrepreneurship works in cultural professions such as artists, writers, musicians, dancers, advertisers, bloggers, architects and so on. The motive of such firms is the betterment of society by leverage the business. Sometimes, cultural entrepreneurs lie on media tools like Twitter and Kickstarter to change the ideas, belief and behaviour of the people through communication and influence.
17. International Entrepreneurship
It is the whole process of entrepreneurship conducts ad performs the activities of the business across the boundaries of the nation. It involves various activities such as opening new branches of a business firm in new locations, exporting the products to other countries and get a license to sell as well as promote the products across the nations. The highlighted purpose of this entrepreneurship is to fulfil and satisfy the needs and wants of the target audiences.
This entrepreneurship gets the benefit when the demand for products increases internationally but the need for the same product is domestically not required or decreasing. It is very significant in different aspects such as lower the cost of manufacturing, increase in sales and profit, Globalization, cheap labours, developing the habit of Customer relation Management and utilizes the talent to a great extent along with the managerial competencies.
It is also named as “Green entrepreneurship”. It involves the perspectives that signify corporation with the environment by working on their goals as well as profitability. This term gained popularity in the year 1990s and termed as “Environmental entrepreneurship”.
Last but not least, this entrepreneurship is concerned with the problems of the environment while focusing on the operations of the business firm and its profit margin. It has three main concepts such as Eco-innovation, Eco-opportunity and Eco-commitment.
A formidable role has been played by agriculture in the growth of the economy and its development too. When a business owner started to make developments in the field of agriculture, then it is known as Agripreneurship. It is like a simple business and includes all the operations of a business firm such as manufacturing, production and distribution of farm supplies.
In addition to this, it also includes floriculture, horticulture, sericulture, animal husbandry, biotechnology and so on. Basically, it is a type of farming business includes the profitability, use of digital technologies to improve farming, farm management, and innovative solutions and reduce the wastage of crops.
When the people from various groups of gender such as transgender and Hijra, comes up with some small scale businesses to fulfil their day to day needs, then it is widely known as Transpreneruship. It is associated with the third class of gender where people are not only beggars or sex workers, but they get their bread and butter from doing any small scale business.
For example, a fair was organized by “Anam Prem” in Mumbai where thirty-five stalls were there and most of the shopkeepers belong to transgender started their stalls of different products such as food, artificial jewellery, artificial flowers and so on.
21. Commercial Entrepreneurship
This type of entrepreneurship associated with the profitability only and emphasized the opportunities and not on the resources. It uses the available resources lies between the hierarchies as well as handles the network on behalf of the entity. It is viewed as profit-based entrepreneurship as all the operations held by taking profit as a major motive. This concept was coined about 250 years ago and focuses on the economy.
This is also known as E-Entrepreneurship or Cyberpreneurship. In this world of full of technology, the sea of opportunities is there where individual, organizations as well as social and nations can use their mobile phone and computer again and again to access the online services. The influence and outreach of the internet are already known by every business and there is less presence of brick and mortar businesses.
Every business owner tries to shift to online business and get a reward from technology. The term “Entrepreneurship” indicates analyzing and identifying the bunch of resources and converts the same to online venture business. This sort of entrepreneur is also known as SENs (Self Employed Entrepreneurs).
23. Domestic Entrepreneurship
When a business owner produces goods and provides services within the boundaries of a nation, then it is known as Domestic Entrepreneurship. They follow all the rules and regulations related to the business established by the government of the country to grow their business domestically. It complies with the policies of the government, highly convenient, culturally sensitive, adapts the technologies, better understand the local system, more opportunities for growth and risk as well as reward.
24. Trading Entrepreneurship
These are a kind of mediator between the manufacturer of a product and its customers or retailers or wholesalers. All the activities related to the trading of an organization are done through such type of entrepreneurs. It serves as middlemen for dealers, wholesalers, manufacturers and the customers.
25. State Entrepreneurship
When a business firm is managed and operated wholly by the state or the government of the state, then it is defined as “State Entrepreneurship”. All the trading, as well as industrial ventures, are fully undertaken by the state only and not a single entrepreneur is there.
26. Joint Entrepreneurship
It is a collaboration of private and public entrepreneurship. When a business enterprise if partly owned, controlled and managed by a private entrepreneur and the government, then it is named as Joint Entrepreneurship.
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