What are the different types of entrepreneurship?

Entrepreneurship is the process of creating and running a business. Entrepreneurs generate new ideas to fill gaps in the marketplace by solving problems that others have yet to solve. Entrepreneurship involves creating a new product or service even a new market or way of conducting business. Entrepreneurs take on risk in the hopes of generating profit for themselves, their investors, and their employees.

Here are some types of entrepreneurship to consider:

1. Small business entrepreneurship:

Small business entrepreneurship is the process of developing, launching, and running a small business enterprise. Small businesses typically include a lean and agile staff with modest business operations that grow organically.

2. Scalable startup entrepreneurship

The goal of scalable startup entrepreneurship is to develop a business idea with the potential for rapid expansion. Entrepreneurs engaged in this type of entrepreneurship pursue profitable business ventures that fill an immediate need in the marketplace with high potential for growth. A scalable business requires a clear business plan with scalable production and marketing strategies for how to expand the brand quickly.

3. Large company entrepreneurship

Large company entrepreneurship is the process of established companies innovating new products, services, and ideas based on market considerations. Large company entrepreneurship aims to reinvent an existing brand to make it more valuable and relevant to the current marketplace.

4. Social entrepreneurship

Social entrepreneurship involves a business model designed to address a particular social issue. Social entrepreneurs seek innovative solutions to problems in our society, including pollution, poverty, and student debt. By allocating time and money toward socially responsible goals like equitable economic development or wildlife conservation, social entrepreneurs may prioritize a triple bottom line that focuses on profit, people, and the planet.

5. Innovative entrepreneurship

Innovative entrepreneurship is the process of generating innovative ideas for a new business, product, or service. Innovative entrepreneurs focus on unique solutions to problems other entrepreneurs have failed to solve or even consider. By developing innovative services, products, and business models, innovative entrepreneurs seek ways to change the status quo in their industry.

6. Intrapreneurship

Intrapreneurship is the practice of working with an entrepreneurial mindset within an established organization. Intrapreneurship grows within company systems that empower their employees to think of new ways to improve their products, services, or business practices. Similar to other types of entrepreneurs, intrapreneurs are self-motivated, resilient, and innovative.

7. Adoptive entrepreneurship

Adoptive entrepreneurship is the process of trying to build on and improve an existing business model, product, or service. Adoptive entrepreneurs have a comprehensive understanding of the business landscape in their particular industry, and they use that knowledge to identify how other companies are succeeding. Adoptive entrepreneurs seek to build profitable business ventures inspired by their direct competitors. Rather than mere imitation, adoptive entrepreneurship involves improving on a pre-existing idea in

the marketplace.