Many people think that entrepreneurship means being self-employed or must have great ideas about businesses, but actually, it is not like that, entrepreneurship is not simply about that. The process of developing, organizing, and running a new business through which, you can generate profit even after taking a financial risk for your business’s success all are included and essentially called entrepreneurship. The meaning of entrepreneurship is even broader than this, entrepreneurship is the process through which the status quo can be transformed that involves the solving of the most crucial problems and difficult points of our society, and this can be done by creating new markets for your products or introducing innovative new services and products. If you want to be a successful entrepreneur then it is very important that you complete your business management course with good numbers and should have developed good management skills. If you need help with your management assignment avail our best business management assignment help in UK and score good grades. In this article, we will also discuss the different types of entrepreneurship.

First, understand about entrepreneur

An entrepreneur is an individual who has many different ideas and also who has worked hard in creating different products and services that serve people and has created a business organization to support all the efforts. Various and most of the risks are taken by the entrepreneur so that he can able to grow his new business and take to a successful position in the future. Entrepreneurs are usually innovators or a person with large visions. 

Entrepreneurs can have small or large businesses, they come in shapes and sizes. They can be the owner of any small business, content creator, an individual who has just started a startup and can be anyone who has the aim to build a successful business in the future and works towards that. 

What is entrepreneurship?

We have discussed above who are entrepreneurs, now it's time to understand entrepreneurship. So, the action of creating any new business or several businesses knowing and taking all the risks that will come in the way of establishment of that business and also hope for making a profit in that business. 

The modern definition of entrepreneurship is a little different. Entrepreneurship is all about solving problems, which includes bringing changes in society or creating new products and services which will change the way we live today in society.

Entrepreneurship can also be defined like this, an individual who has taken his career in his hand and is leading it in the way he wants to take it to bring success.

5 types of entrepreneurship

Below we have discussed the five different types of entrepreneurship and how the priorities and goals of different entrepreneurs have created unique businesses and distinctly they affected consumers. 

Social entrepreneurs

So social entrepreneurs are those who have the desire to the community. They aim to provide solutions to crucial social problems, such as:

• Giving light to social inequalities.
• Engaging themselves with environmental problems. 
• Giving their support to unbiased economic development.

There are many kinds of social entrepreneurs some of them start and manage their nonprofit organizations and others are into a profitable business organization that gives back to the community.  

They have a strong vision to bring changes in the world and every financial goal of the social entrepreneurs is mainly focused on the mission of the company and they are focused on bringing social changes. As a result of their positive vision social entrepreneurs can continuously progress towards the issues and not like the financial markers who are focused on generating profit only. 

Scalable startup entrepreneurship

Scalable social entrepreneurs have big dreams and they are mainly focused on the various innovative ideas that will help them to build and expand their businesses and help to generate a good amount of profit very quickly. 

Scalable startup entrepreneurs mostly:

• Try to find the gap in the market and they are focused on filling that need.
• They are focused on creating scalable business which is ready to expand and serve larger markets.
• They have usually high margins, and also, they have lean and agile staff who are prepared to pivot with the growth of the business. 

Scalable business entrepreneurs have large profit incentives and with that, they often try to attract venture capital that may be helpful for the rapid expansion of their business. as scalable entrepreneurs can gain a return on investment very quickly, they are often able to get favor from the venture capitalist. They are focused mainly on growth so the key reason for their success can include gross margins, retention of customers, and conversion rates. 

Small business entrepreneurs

So the individual who is focused on running their business organization either with their saving or taking on from any family member the small business entrepreneurs. These entrepreneurs can be the owner of many business-like boutiques, restaurant chain et casa well part of trade workers and consultants. 

So, the small business owners:

• They make enough profit from their business activities to run their family and maintain a lifestyle.
• They are not focused on their growth and expansion.
• They don’t go to an investor for funding their business instead they take business loans from banks or friends and family. 

Large company entrepreneur

Many companies have grown naturally over time large company entrepreneurs are mostly aiming to grow into large companies from an existing model of business. 

Innovation entrepreneurship

An individual who has the vision to bring completely new and innovative products and services to the market, and complete work on their ideas as well are innovative entrepreneurs. 

Conclusion

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FAQ

What are the five examples of entrepreneurship?

Here are the five examples of entrepreneurship:

• Social entrepreneurship.
• Scalable startup entrepreneurship.
• Small business entrepreneurship.
• Large company entrepreneurship.
• Innovation entrepreneurship. 

What is the best example of entrepreneurship?

The best example of entrepreneurship is starting a brand-new business organization. they are also responsible for bringing the new innovative source of ideas to replace the old.