2. TYPES OF ENTREPRENEURSHIP
There are seven different leading types of
entrepreneurship, and we will discuss those
briefly.
Small Business Entrepreneurship.
Large Company Entrepreneurship.
Social Entrepreneurship.
Scalable Startup Entrepreneurship.
Hustler Entrepreneurship.
Innovative Entrepreneurship.
Imitator Entrepreneurship.
3. TYPES OF ENTREPRENEURSHIP
Small business entrepreneurship is the idea of
opening a business without turning it into a large
conglomerate or opening many chains. A single-
location restaurant, one grocery shop.
Large Company Entrepreneurship:
These are companies that start with a unique idea;
think Silicon Valley. The hopes are to innovate with
a unique product or service and continue growing
the company, continuously scaling up as time
moves on. These types of companies often require
investors and large amounts of capital to grow their
idea and reach multiple markets.
4. TYPES OF ENTREPRENEURSHIP
Social Entrepreneurship
The goal of social entrepreneurship is to create a
benefit to society and humankind. They focus on
helping communities or the environment through
their products and services. They are not driven by
profits but rather by helping the world around them.
A scalable startup
is one that aims to become an extremely high
growth, profitable company but is only just
beginning. This startup model requires external
capital and risk in order to create demand and
company expansions.
5. TYPES OF ENTREPRENEURSHIP
Hustler Entrepreneurship
People who are willing to work hard and put in
constant effort are considered hustler entrepreneurs.
They often start small and work toward growing a bigger
business with hard work rather than capital.
Innovative entrepreneurship
The practice of establishing creating new business
ideas intending to generate profit, assist their
community and accomplish company goals.
Innovative entrepreneurs develop business models to
identify to meet the needs of an organization and
improve their competitiveness in the market
6. TYPES OF ENTREPRENEURSHIP
Imitative entrepreneurs are
Those who run their enterprises by imitating the
successful innovations applied by innovative
entrepreneurs. In other words, they do not have an
interest in innovative activities, the same as that
innovative entrepreneurs.
Corporate entrepreneurship (CE)
A term used to describe entrepreneurial behavior inside
established mid-sized and large organizations. Other
popular or related terms include organizational
entrepreneurship, entrepreneurship, corporate
venturing, and strategic entrepreneurship
7. TYPES OF ETHICAL ISSUES IN
ENTREPRENEURSHIP
Discrimination. One of the biggest ethical issues
affecting the business world in 2020 is
discrimination. ...
Harassment. ...
Unethical Accounting. ...
Health and Safety. ...
Abuse of Leadership Authority. ...
Nepotism and Favoritism. ...
Privacy. ...
Corporate Espionage
8. INNOVATION
A new idea, method, or device : novelty.
The introduction of something new.
Solution of a unique problem.
Types of innovation
9. TYPES OF ENTREPRENEUR
Builder
Builders seek to create scalable businesses within a
short time frame. Builders typically pass $5 million
in revenue in the first two to four years and continue
to build up until $100 million or beyond.
Opportunist
Opportunistic entrepreneurs are optimistic individuals
with the ability to pick out financial opportunities,
getting in at the right time, staying on board during
the time of growth, and exiting when a business hits
its peak.
10. TYPES OF ENTREPRENEURS
Innovator
Innovators are those rare individuals that come
up with a great idea or product that no one has
thought of before. Think of Thomas Edison,
Steve Jobs, and Mark Zuckerberg. These
individuals worked on what they loved and
found business opportunities through that.
Specialist
These individuals are analytical and risk-averse.
They have a strong skill set in a specific area
obtained through education or apprenticeship.
11. 7 CHARACTERISTICS OF ENTREPRENEURS
1. Versatile
When starting out, it’s essential to personally handle
sales and other customer interactions whenever
possible. Direct client contact is the clearest path to
obtaining honest feedback about what the target
market likes and what you could be doing better.
2. Flexible
Few successful business owners find perfect
formulas straight out of the gate. On the contrary:
ideas must morph over time.
12. 7 CHARACTERISTICS OF ENTREPRENEURS
3. Money Savvy
Through the heart of any successful new business, a
venture beats the lifeblood of steady cash flow.
4. Resilient
A successful entrepreneur must show resilience to all
the difficulties on the road ahead. Whenever they
meet with failure or rejection they must keep
pushing forward.
5. Focused
Similar to resilience, a successful entrepreneur must
stay focused and eliminate the noise and doubts
that come with running a business.
13. 7 CHARACTERISTICS OF ENTREPRENEURS
6. Business Smart
Knowing how to manage money and understanding
financial statements are critical for anyone running their
own business. Knowing your revenues, your costs, and
how to increase or decrease them, respectively, is
important. Making sure you don't burn through cash will
allow you to keep the business alive.
7. Communicators
Successful communication is important in almost every
facet of life, regardless of what you do. It is also of the
utmost importance in running a business. From
conveying your ideas and strategies to potential
investors to sharing your business plan with your
employees to negotiating contracts with suppliers all
require successful communication.
