Editorials

Types of Entrepreneurship

Entrepreneurs are people who aim at creating change in the world. This change doesn’t just come easily but requires some skills. Entrepreneurs bring the difference to the world because of their creative and innovative skills.

The most important thing about entrepreneurs is that they create more business ideas in the environment they live in. One characteristic of a good business is to have a stable market for its products. This forces every entrepreneur to get out of their comfort, searching for a market for their business. The best place to reach customers is through online platforms such as Twitter. You can buy Twitter followers to have a broader market for your products. 

Although entrepreneurship is the overall process of developing and launching businesses, there are many different types of entrepreneurship. People have other passions and interests in the types of businesses they want to venture into. In this article, I have explained the most common types of entrepreneurship.

Small Business Entrepreneurship

The majority of the people have an interest in becoming small business entrepreneurs. These people are primarily interested in making a profit to help them support their families and modern lifestyles. Small scale entrepreneurs are not looking for huge profits but small profits that can help them meet their needs. They are primarily people who have their businesses such as hairdressers, small boutiques and local grocery stores.

Small scale entrepreneurs usually hire local employees who are within their business surroundings. That makes small businesses a significant source of income for living in the local communities. Small scale entrepreneurs also have an added advantage because they obtain most of their products from local farmers. The farmers may sell them the products at relatively lower prices. This enables them to earn more profit.

Large Company Entrepreneurship

This type of entrepreneurship is mostly for advanced professionals who know how to sustain innovation. The large companies may be owned by different entrepreneurs who have come together to form a business partnership. The companies may major in producing products that require huge manufacturing or processing processes that small business owners cannot afford.

Large companies often create new products and services based on consumer preferences to meet market demand. That enables them to have a wider market for their products. Unlike small businesses who only offer their products and services to people in their locality, Large companies supply their products to a wider market.

An excellent example of a large company is the clothes processing industry that supplies its products to the whole country and even to other countries.

Social Entrepreneurship

This type of entrepreneurship involves entrepreneurs whose major aim is to solve social problems using their products and services. Their major objective is not to make huge profits but to make the world conducive for people to carry out their daily activities without facing any difficulty.

These entrepreneurs usually start by developing non-profitable companies dedicated to social good. Later on, they continued to expand their services and started offering them at fair prices.

Innovative Entrepreneurship

Innovative entrepreneurs are constantly coming up with new ideas and inventions. They then turn these ideas into business ventures. Creative entrepreneurs are self-motivated people. They identify what is lacking in the market and develop the best idea to help fill the gap. Also, they can brand existing products in the market to make them more unique and attractive. These entrepreneurs can help meet different market demands. By branding the products, they change them to different utilities such as form and time.

Hustler Entrepreneurship

Hustler entrepreneurs are willing to work and put in constant effort. They often start a small business and later work hard to improve them through their effort and not capital. That means they majorly involved businesses that require a lot of effort and not money. Their inspiration motivates them, and they are willing to do anything it takes to achieve their goals.

Hustler entrepreneurs are not giving up so quickly and are ready to experience any challenge to get what they want. They can travel any distance it takes and make cold calls only to make a single sale.

Conclusion

Entrepreneurship has contributed a lot to both social and economic growth. Because people have different passions and interests, it is essential to know the different types of entrepreneurship to understand what can suit you best.

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