An expert believes that scalable startups have a valuable role to play in entrepreneurship. They use new approaches, such as repeatable business models, to turn small companies into large corporations with huge growth and profit potential, Learn more.

1. Types of Startups in
Entrepreneurship

2. According to Kendrick Lamont Elkins, an experienced marketing strategist and
successful non-profit executive, entrepreneurship is the backbone of socioeconomic
prosperity. It improves living standards and creates wealth by allowing you to ditch your
traditional 9-5 job and use your ideas to develop and maintain a successful business.

3. Small Business Startups
Smallbusinessstartupsarethemostcommontypesofstartupsin
entrepreneurship.AccordingtoKendrickLamontElkins,smallbusinessesvary
insize,operations,andcapacityforgrowth.

4. Scalable Startups
An entrepreneur who launches a
scalable startup enters the large
market by introducing new
products and services
with unique features.

5. Buyable
Startups Entrepreneurs launch a startup by
creating and selling products and
then selling the company for a
higher profit. So, as the name
indicates, buyable startups’
primary objective is to generate
revenue and sell the business for
more money.

6. Social Startups
Social startups allow
entrepreneurs to combine
commerce and social issues.
The primary objective of
launching and running a
social startup is resolving
societal problems and
creating a positive impact on
the community.

7. Startups are a touchstone of a country’s socioeconomic growth, and entrepreneurs play a
crucial role in running the economic wheels. There are different types of startups in
entrepreneurship. Each comes with its own pros and cons.
Therefore, Kendrick Elkins recommends performing thorough research to choose the one that
best aligns with your business goals. That way, you can create value for consumers, generate
profits, and bring sustainability to the socio economic sector.

8. Thank You