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1. Types of Startups in Entrepreneurship
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.

2. Entrepreneurs
Entrepreneurs with a passion
and commitment drive change
with innovation and introduce
new products/services to the
market. The purpose is to
provide value to consumers,
create multiple income streams,
and generate higher investment
returns.

3. Small Business Startups
Small business startups are the most common types of startups in entrepreneurship. According
to Kendrick Lamont Elkins, small businesses vary in size, operations, and capacity for growth.
Various factors characterize small business startups, such as organizational structures,
management styles, and freedom of action. Therefore, entrepreneurs must determine the
opportunities and threats before starting a small business.
There are numerous ways to get the job done well. Kendrick Lamont Elkins recommends
developing a business framework, conducting market research, creating a plan and budget, and
focusing on the company’s structure to streamline the entire process.

4. Scalable Startups
Scalable startups hold an important value in entrepreneurship. Kendrick Lamont Elkins says that scalable startups use innovative
approaches, such as a repeatable business model to turn small companies into large corporations with massive growth and profit generation
opportunities.

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.
For example, you can create a web application, software as a service (SaaS) platform, android app,
or iOS app and launch the product. The next step is to reach your target audience and encourage
them to use your product. When the number of sales soars, your product occupies a better position in
the market.

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.
Entrepreneurs use different approaches to encourage people to donate to a greater cause. Social entrepreneurs
make substantial efforts to develop, fund, and implement solutions to society, culture, community, and
environmental issues.
According to Kendrick Lamont Elkins, Bill Gates, one of the wealthiest businessmen in the world, is also a social
entrepreneur because he oversees the Gates Foundation, a charitable organization with a mission to connect the
world and provide food, health, education, and other benefits to people in underdeveloped and developing
countries.

7. Final Words
Therefore, Kendrick Lamont 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.