fbpx

What are the Types of Entrepreneurship that You Should Know Before Starting Your Own Business?

Have you ever wished to turn business concepts into reality? Having ideas, carrying them out, and turning them into a business are the three main components of entrepreneurship. Although it’s easy to come up with ideas, putting them into action is what’s truly challenging.

If you have the predilection for business ideas, entrepreneurship could be for you. You might even be one of the businesspeople who is passionate about changing the world. But in order to be a successful innovator, you need a certain set of talents. You also need to identify what kind of entrepreneur you want to be, given the diversity of business types.

To assist you in determining which sort of entrepreneur you are, let’s explore the common types of entrepreneurship in this post.

What is Entrepreneurship?

Edward B. Roberts, the founder of the MIT Entrepreneurship Center at the MIT Sloan School of Management, defined entrepreneurship as “founding a new organization.” Starting something brand new and being there from day one, entrepreneurs are there at the onset to make something happen.

Basically, entrepreneurship is the process of coming up with, starting, and maintaining a business enterprise while also taking on financial risks. The attitude, conviction, information, or way of thinking that underpins entrepreneurship is what fuels entrepreneurial action.

Entrepreneurs are essentially enhancers, initiators, innovators, and risk-takers. They create a company that ideally meets its objectives, and connect organizational and administrative principles with technological ideals.

Entrepreneurship can also spring from an invention. A business has the capacity to raise the quality of life for individuals by developing something entirely new that solves a problem. Entrepreneurship occasionally focuses more emphasis on bigger ideas than it does on money, even if profit is ultimately the main engine of the majority of organizations.

Basically, innovation or finding a solution to a problem, then making money off of it, is the true essence of entrepreneurship. Making a business and growing it to its full potential is the act one should take.

How startup business entrepreneurship ideas concept work.

How Entrepreneurship Works

If you’ve made the decision to enter the world of entrepreneurship, you must be flexible in order to run a successful business. You will also be responsible for selecting the best workers for your company who can guide its growth toward the proper path. For your firm to be sustainable, you must create and follow a business plan. Once your business is established, you’ll be able to direct your team in the right direction. 

In addition to helping people find answers to their problems, startup entrepreneurs also expand the pool of job opportunities, which contributes to a decrease in unemployment in society.

Common Types of Entrepreneurship

All entrepreneurs face the same difficulties, but you may choose to approach them in various ways. Every type of entrepreneur solves problems differently using  a particular range of tools to get through them.

Several types of entrepreneurship include the following:

1. Intrapreneurship

When you operate as an entrepreneur within a firm, also known as intrapreneurship, you don’t need to raise money or worry about managing a whole company alone. Thus, intrapreneurs may perform the duties of an employee while also offering businesses creative ideas and solutions.

Social entrepreneurs working together.

2. Social Entrepreneurship

One of the key aims of social entrepreneurship is to use one’s firm to promote social good. As one of the several types of entrepreneurship, its goods and services are designed to address societal issues.

3. Technopreneurship

Technopreneurship is the combination of the terms “technology” and “entrepreneurship.” Basically, a technopreneur is a person who founds and manages their own technological enterprise. Technopreneurs concentrate on enhancing the power of technology by combining it with their business expertise and talents. The goal of this discipline is to provide a product or solution that makes use of technological methods to alter current practices and improve upon them in the future.

4. Scalable Startups Entrepreneurship

Scalable startup entrepreneurship is a hybrid of small company and large business entrepreneurship. Starting a firm with a scalable and repeatable business plan allows you to start small and scale up as your company expands. As a result, you won’t have to make any substantial modifications to sell more items or give more services as demand increases. 

When you launch a scalable startup, you should have a notion of how the firm will expand and how business operations will scale in the future.

5. Large Business Entrepreneurship

Building your own firm is not how large business entrepreneurship begins. Instead, you’ll buy established businesses and add additional teams or products to those businesses.

Young Asian woman is working from home as a small business entrepreneur.

6. Small Business Entrepreneurship

Success in small business entrepreneurship depends largely on the profit. If you want to build a business concept that resonates with you without a ton of funding or expertise, then small business entrepreneurship is for you.

Small business entrepreneurship is frequently demonstrated by someone starting and running their own company. These include family-owned local grocery businesses, hair salons, and little boutiques, among others.

Group of young entrepreneurs happily agreed on a business plan.

Want to Pursue Entrepreneurship? Start Your Journey with CIIT’s Entrepreneurship Program!

Love creating business concepts? Maybe you have dreams of pursuing your own business. Before you eventually enter the world of entrepreneurship, we strongly recommend that you first enable and empower yourself.

But how can you do that? With CIIT Philippines’ Bachelor of Science in Entrepreneurship program, you’ll be armed with the education you need, equip yourself with CIIT’s entrepreneurship mentors and partners.

Apply at CIIT PH’s BS in Entrepreneurship program to ensure your chances of achieving future company success. You’ll get to hear from top industry professionals directly about the finest strategies and newest trends in the industry. Explore the BSE coursework on our website.