2023 Updated 10 Types of Entrepreneurship for Business Growth
2023 Updated 10 Types of Entrepreneurship for Business Growth: There are different types of entrepreneurship needed for every business, if want to scale through in the world of business, then finding the updated 10 Types of Entrepreneurship is critical to success
As an entrepreneur, you seek to start a new business from scratch; this could be challenging and pretty difficult, but with the right guide, your journey of becoming an entrepreneur just got easy
New start-ups may fail due to many changes including capital, rivalry (competition), taxation, government policies, and others. This post is focused on giving you some updated Types of Entrepreneurship for Business Growth
How to start a business as an entrepreneur
It is very easy to start a business as an entrepreneur, but this process can be challenging and frustrating, this is because, it needs planning, organizing, controlling, directing, and preparation.
The SWOT analysis must be carefully done by identifying skills and experience, potential customers and competitors, developing a business plan and financial projections, and securing the necessary funding and resources.
2023 Updated 10 Types of Entrepreneurship for Business Growth
Small business entrepreneurship
Among the Updated 10 Types of Entrepreneurship for Business Growth is small business entrepreneurship, which involved running a small business from scratch, in this case, funding may be a challenge, as the business struggles to gain ground
Some major ways of attracting funds to small business entrepreneurship are by applying for small business loans, self-funding, crowdsourcing, grants, investors, and others
Small business entrepreneurship has lean staff strength, small office space, low patronage, and stiff competition, some examples are roadside restaurants, graphic design businesses, barbing salons, and Laundry businesses
Scalable startup entrepreneurship
When you have more ideas to be a globalist in business expansion, then scalable startup entrepreneurship is your target, this type of entrepreneurship involves doing business to make a profit on a long-term basis
This business also involves using an effective business plan, and SWOT analysis to determine marketing strategies for expansion.
Good example of such business includes Dangote, Dantata, Uber, and Meta, their staff numerical strength are above 500, making them a global entrepreneurship
Large Company Entrepreneurship
This involves the invention and innovation of existing products and brands, therefore making them more current and useful to the market. Large Company Entrepreneurship invests massively in research and development to meet market demands and future developments
Examples of Large Company Entrepreneurship include Disney, Samsung, Intel, and LG among others. Large Company Entrepreneurship innovates new products every year that satisfy the market demands.
Social Entrepreneurship
This involves innovative solutions which are meant to solve our society including hunger, poverty, and debt of a student. Social entrepreneurs achieve triple bottom goals which are profit, people, and the planet by placing money, effort, and time towards society’s problems.
This kind of entrepreneurship can be found in non-profit organizations and for-profit business ventures. Examples of this kind of entrepreneurship are MTN, GLO, AIRTEL, and Dangote cement which also made partnerships with non-profit organizations.
Innovative Entrepreneurship
This kind of entrepreneurship involves acts of bringing up new and innovative ideas for a better product. Entrepreneurs based on this kind of entrepreneurship focus on different answers to questions that others could not answer.
It involves developing innovative services, products, and business models, innovative entrepreneurs seek ways to change the status quo in their industry.
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Intrapreneurship
This is an entrepreneurship process that involves self-motivated, resilient, and innovative business practice, it revitalizes their products or services and expands their reach into new markets
Intrapreneur revitalizes their products or services, expands their markets, and makes significant progress in product design, and innovation. Examples are Chicken Republic, Continental, Mr. Biggs, and many shopping malls.
Adoptive Entrepreneurship
This involves building and innovating existing business models, products, or services. Entrepreneur in this state understands comprehensively how the landscape of their businesses should be and access the knowledge to cope with other succeeding companies. They also establish succeeding ventures made by the inspiration of their competitors.
Examples of this kind of entrepreneurship are Dangote refinery, MTN, Channels TV, and many other competing companies.
Adoptive entrepreneurs have their finger on the pulse of current trends, and know how to improve existing products or services to stand out.
Hustler Entrepreneurship
This involves acquiring an organization with a focus on sales and marketing. These entrepreneurs are mostly skilled at recognizing good and new markets and selling products or services to existing markets. They are also motivated on innovating great profits and their business grows over time.
Researcher Entrepreneurship
This also involves generating an organization with a motivation for development as well as research. These entrepreneurs go through various books and also study their competitors to innovate theirs to make mistakes like the others. Entrepreneurs who usually do this must also have a technological, scientific, and also engineering background
Imitative Entrepreneurship
This kind of entrepreneurship deals with replicating a successful organizational model. Entrepreneurs in this field are motivated on exploiting an existing successful business and comparing it to their needs and conditions along with their circumstances.
Imitative entrepreneurship is often allocated to petty business owners who are hoping to start an organization but don’t have the research, funds, and resources to build up their innovative ideas.
Entrepreneurs of this kind reduce risk and increase their chances of developing their business carrier by imitating successful organizations.
Buyer Entrepreneurship
This is a type of entrepreneurship that involves buying an existing successful organization and using it to create a profitable business venture.
These entrepreneurs are motivated on locating organizations that are of no use and not profiting much and using their ideas and skills to make them successful and make them profitable.
This kind of entrepreneurship is also a nice alternative for entrepreneurs who would like to innovate their business venture but don’t have the research, skills, or idea in developing it from level one.
But by this kind of entrepreneurship, they can easily get away from the stress and hardship that the early stages of running or starting an organization bring forth and focus on making the business or organization a growing and successful one and bringing profits.