There are more than 582 million entrepreneurs in our world today. That is, one out of every 13 people owns their own business! Although talk about entrepreneurship is widespread today, the concept and types of entrepreneurship remain unknown to many people. So, in today's article, let's learn about the concept and forms of entrepreneurship and the types of entrepreneurs around us.
What is Entrepreneurship? Entrepreneurship expresses the process of launching, developing and managing a business in all respects taking into account all the financial risks associated with it. In simpler words, it is the willingness and willingness to start a new project. Where leadership plays an important role in driving the economy and expanding the global market. This field has started to receive increasing approval in recent years. A survey conducted by dealsunny.com showed that 2 out of 3 people see entrepreneurship as a good option. What are the forms of entrepreneurship? The majority believe that the concept of entrepreneurship has one meaning only, but the reality is not that.
Entrepreneurship takes many forms,
which we summarize as follows:
1- Small Business Entrepreneurship
In today's world, it can be said that most commercial projects are small enterprises. Whereas, 99.7% of all companies in the United States of America are small companies, and they employ 50% of all non-governmental workers. This type of entrepreneurship is hardly profitable, and its members make small profits that cover their expenses and provide for their families. Small enterprises lack the ability to attract investment capital as they are often funded by friends and family or small business loans. Examples of small businesses include small shops, grocery stores, hair salons, self-employed consultants and craftsmen.
2- Scalable Startup Entrepreneurship
In this type of entrepreneurship, entrepreneurs create their companies with the belief that their outlook and ideas will change the world. And they get financing from venture capitalists. They seek to find a business model that can be scaled and replicated, and once they find it they will need more funding in order to be able to develop their projects and take them to the next stage. Scalable entrepreneurship makes up a small percentage of the business world due to the high risk capital involved.
Examples are successful companies such as Facebook and Instagram and various online shopping platforms. Also read:
5 Steps to Finding a Project that Seals Your Passion and Gains You a Profit
3- Large Company Entrepreneurship
This type of leadership is characterized by continuous innovation, and the ever-present introduction of new products that are centered around the original main product. These products are constantly being developed to meet the changing needs of consumers and the prevailing technological advances. This line of business often expands through partnerships or the purchase of other innovative companies. Examples of large entrepreneurship companies include: Google, Microsoft, Samsung ... etc.
4- Social Entrepreneurship
Social entrepreneurship occurs when an entrepreneur tries to create products or services that solve existing social problems. In this case, he aims to make the world a better place, not profit and material wealth. They may come in the form of for-profit or non-profit companies, or a combination of the two. An example of this kind of leadership is the Safe point Trust, a British organization founded by Marc Koska, which works to redesign medical instruments and supplies medical clinics and health centers around the world with affordable, non-reusable injections.
It has delivered more than 4 billion safe injections in more than 40 countries around the world. What are the types of entrepreneurs? The different forms of entrepreneurship have led to the emergence of different types of entrepreneurs as well, who differ in the way they do their work and the effect of each type on the success of these businesses.
Here are the five types of entrepreneurs:
1- Innovators
Innovators are the entrepreneurs who are constantly coming up with new ideas that they turn into real businesses and projects. Innovative entrepreneurs often change people's view of the world and their way of thinking and doing things. This type of entrepreneur tends to be extremely passionate and obsessed with their business, as they derive their passion and enthusiasm from the unique nature of their business ideas. Not only that, innovators are always finding new ways to market their products by choosing marketing strategies that make them stand out from their peers and competitors. An example of this type of entrepreneur is Steve Jobs, founder of Apple.
Larry Page, founder of Google. Microsoft founder Bill Gates. Advantages of an innovative entrepreneur: obtaining full glory for the success of his business (as well as all his company's shares).
The author of the order and the prohibition, and he is the author of all the rules. Facing little competition during the beginning of the path to entrepreneurship.
The disadvantages of an innovative entrepreneur: Significant capital required to turn an idea into reality. Face a lot of opposition and resistance from business partners.
The need for a longer time to reach success. The ability of an innovative entrepreneur to envision a new way of thinking makes him stand out from the crowd and often succeed, but it takes a lot of capital and a lot of patience and determination in order to bring innovation to life. Also read:
What are Creative Thinking Skills?
2- The struggling Hustlers, unlike the innovators who are driven by their unique visions and ideas, the struggling Hustlers are willing to work harder, and that is their main motivation.
They start small and consider making continuous effort as a way to develop their businesses (unlike innovators who see capital as the most important means of growth).
This type of entrepreneur tends to have a very high focus, and they are willing to eliminate all distractions, and they would rather take risks than remain in their comfort zone.
An example of a struggling entrepreneur is Mark Cuban, who started in business as a young man, selling garbage bags, then newspapers and even postage stamps, and so his struggle enabled him to establish AudioNet, a company specialized in displaying sports matches on the Internet, which was sold to Yahoo in 1999. At $ 5.9 billion.
Advantages of a struggling entrepreneur:
diligence and constant diligence. Insistence and not giving up easily. Positivity and seeing disappointments and rejection as a step towards success.
- disadvantages of a struggling entrepreneur:
Prone to stress and exhaustion.
Willing to throw out his teammates who don't share the same vision.
He does not appreciate the value of a capital increase and is only focused on doing more.
Although struggling entrepreneurs often do not succumb to failure, many of them may strive to achieve their goals at all costs, and even if it is by illegal means, which costs them a lot.
And this type of entrepreneur often takes longer than the rest to reach their dreams and aspirations.
3- Imitators As the name expresses them, imitators are entrepreneurs who take on specific entrepreneurial ideas and develop them.
They are always looking for ways to improve a specific product and then dominate the market.
They bring together innovators who come up with new ideas for developing products, with militants who do not abide by the laws imposed on them by others and who have great self-confidence.
Advantages of a copycat entrepreneur:
Developing an existing idea remains easier and less tense than coming up with a completely new idea. Ease of measuring success by comparison with the original idea. The ability to learn and benefit from the mistakes of the original idea owners.
Downsides of a copycat entrepreneur:
Their ideas are often compared to the original idea. They should always keep moving so they are not overwhelmed by similar ideas. Taking an existing idea and working on developing it, may be a great idea to enter the world of entrepreneurship, especially since it does not involve great risks as is the case with innovative entrepreneurs, but it may not, however, be attractive to many entrepreneurs.
4- Researchers
Even after finding a unique idea, this type of entrepreneur will take their time to gather all the information related to that idea. For them, failure is not an option because they have analyzed the idea from all sides. Research entrepreneurs believe in the idea of creating a project with a high success rate because they spent a lot of time studying it and understanding its aspects.
As a result, they take a long time to launch their products and make their decisions, and rely more on facts and data than on their instinct and intuition.
Advantages of the researcher entrepreneur:
permanent planning and preparation for various potential emergencies Ability to write accurate financial and project plans.
Focus on information and facts more than instinct and intuition.
Make sure you know the market well before starting work.
Reducing the likelihood of failure.
Disadvantages of the entrepreneur: Taking a long time and getting slow in completing work.
He does not like adventure, which wastes many unique opportunities.
Although this type of entrepreneur spends a lot of time researching, analyzing, and mining information for the sake of success, they may fall into the trap of obsessing with numbers and facts and lose their focus on what is most important: managing the project they created.
5- Buyers
The most important thing that distinguishes buyer entrepreneurs is their wealth.
They have a lot of money and they specialize in buying up promising projects.
They study projects, evaluate their likelihood of success, then buy them and appoint a suitable person to run them.
Advantages of Entrepreneur Buyer: Buying projects that already exist, which reduces the risk of failure. He doesn't bother thinking about innovation. Can focus on developing successful businesses rather than establishing a new venture from scratch.
Availability of a market for products and no need to build it.
Disadvantages of Entrepreneurial Buyer: Paying huge sums to buy good projects. Facing the risk of buying projects that suffer from problems that the entrepreneur thinks he can solve, and the possibility that he will fail in that
Thus, we find that the world of entrepreneurship is very broad and includes many types of entrepreneurship and types of entrepreneurs.
Which types of entrepreneurs do you prefer, and which types of entrepreneurs might represent you? Share your opinion with us through the comments, and don't forget to register on our site to receive the latest articles and opportunities in the field of entrepreneurship.
