An entrepreneur is someone who starts or owns a business. They are people who achieve success by taking risks and then turning them into profitable opportunities.
However, beyond this simple definition, it is difficult to find a definitive answer to the question “what is entrepreneurship?” because there are many types of entrepreneurship which are differentiated into certain categories.
In this article, Labamu has summarized more than 30 types of entrepreneurship that are worth understanding. Come on, watch it until the end!
Types of Entrepreneurship According to Business Scale
1. Small Business
These are people who run businesses and use the profits to support their families and live a simple lifestyle. They are not looking for profits to get venture capital funding or anything like that. They usually employ local employees or their family members.
2. Large Companies
These are experienced professionals who operate large companies. They continuously strive to improve new services and products to answer market demand. They have a large team of C-Level executives.
3. Scalable Startup
These are entrepreneurs who believe that their company can change the world. They often receive funding from venture capitalists and hire skilled employees to accelerate expansion and create huge profits. In contrast to small business entrepreneurs, startup owners are growth-oriented from the start.
Types of Entrepreneurship According to Ownership
1. Private
Those who start a business privately and act as sole owners assume all related business risks.
2. Country
Those appointed by the government or state to build a business or industry. In this case, the government is the sole owner and will bear all profits and losses incurred.
3. Joint venture
Those who run a business founded and operated jointly by private entrepreneurs and the government. In this case, the risks and profits are shared by both parties. However, the percentage of profit sharing depends on the type of business and the agreement between both parties.
Types of Entrepreneurs According to Motivation
1. Social
They are entrepreneurs who want to solve social problems through their products and services. They do not work solely to gain great profits or wealth but also dedicate themselves to making the world a better place.
2. Spontaneous
They are entrepreneurs who start businesses based on personal initiative and motivation, not driven or influenced by external factors. They are people who continue to create and innovate to identify business opportunities independently.
3. Induced
These are entrepreneurs who entered the business world due to external factors or influences. This type of entrepreneurship arises as a response to certain opportunities or external stimuli.
4. Motivated
These are entrepreneurs who have certain motives or goals for starting a business. Whether it’s personal satisfaction, making an impact on the environment, or pursuing profits. These are people who are willing to put in the effort and resources necessary to achieve their goals.
Types of Entrepreneurs According to Their Character
1. Innovative
They are individuals who continually come up with new ideas and discoveries and turn them into businesses. Often the goal is to change the way people live for the better.
2. Imitative
Instead, they are individuals who always imitate and take inspiration from existing businesses. However, they will still work hard to perfect the idea and fill the gaps so that it is accepted in the market.
3. Slow
In other terms, it is known as Fabian or researcher. They are individuals who are very careful in starting a business. They will do as much research as possible before offering a product or service. They believe that with the right preparation and information, the chances of success can be greater.
4. Lazy
These are individuals who refuse to accept new opportunities and fail to take advantage of them. They adhere to conventional methods and are unwilling to adapt to existing developments and changes.
Types of Entrepreneurship According to Business Type
1. Business
They are people who start and manage businesses in various sectors. They identify market opportunities, develop business plans, and create sustainable companies.
2. Trading
They are people involved in buying and selling goods or services. They operate in the field of trade and play an important role in connecting producers and consumers.
3. Industry
They are people involved in the manufacturing and industrial sectors. They set up factories, developed production processes, and produced goods on a large scale.
4. Corporate
They are intrapreneurs, namely people who show an entrepreneurial spirit within an existing business organization. They drive innovation, develop new products or services, and identify growth opportunities for the company.
5. Agriculture
They are people involved in agricultural activities, including farming, livestock production, and agribusiness. They focus on optimizing farming practices and finding innovative solutions to meet the needs of the agricultural industry.
Types of Entrepreneurship According to Succession
1. First Generation
They are individuals who start and pioneer businesses who do not have an entrepreneurial family background. They are people who build everything from scratch, relying on their ideas, skills and limited resources.
2. Second Generation
They are individuals who take over family businesses founded by parents or other family members. They inherited a well-established foundation and have learned a lot from the experience and knowledge of previous generations. Their hardest task is to maintain the sustainability of the business they inherited.
3. Third Generation
These are individuals who took over control from their parents and grandparents. They inherit established businesses and often have access to wealth and networks built over generations. Their biggest challenges are maintaining relevance, adapting to changing market dynamics, and introducing innovation to drive growth.
Types of Entrepreneurship According to Technical Mastery
1. Technical
These are people who have special technical knowledge or skills in a particular field or industry. They leverage their expertise to develop innovative products, services or solutions.
2. Non-Technical Entrepreneur
These are figures who may not have special technical knowledge in certain fields but they excel in managerial and leadership matters. They focus on identifying market opportunities, building teams, and creating successful businesses.
Other Types of Entrepreneurship
1. Activist
Aka hustlers, these are people who are willing to work hard with little capital to develop a business that they consider to have potential. The goal is not always to make more money or get a new job, but rather to make money from a hobby or something they like.
2. Buyer
These are people who are not willing to start a business from scratch. They prefer to invest in other businesses or buy established companies with the aim of reaping the rewards or helping to grow them. However, what differentiates them from investors is that they are an active part and directly involved in the business.
3. Digital Nomads
These are people who have the privilege to work from wherever they want. They create a business that they can work anywhere and at any time. Similar to remote workers.
4. Financier
They usually come from rich families and have big names. They are also great at creating personal branding. Unfortunately, they don’t have much expertise and knowledge to run a business formally. That’s why they prefer to stay behind the scenes and appoint professionals to manage their business.
5. Intuitive
Aka prodigy, these are people gifted with the innate intelligence and emotional stability to challenge the status quo and innovate in much of the business world.
Even though they don’t have much formal business knowledge and training, they have a strong intuition about which direction to take their business. That’s why they prefer to do things their own way rather than following someone else’s footsteps.
6. Short-Timers
These are people who do not want to do business in the long term. They just want to limit their vision for a few years. After successfully building a brand and getting good sales, they will sell the company and move on to the next big thing.
7. Solopreneur
These are people who prefer to start, develop and run their own business. It’s not because they don’t want to work together, most solopreneurs are determined to stand alone because they are versatile people and full of enthusiasm for their work.
Isn’t it interesting, it turns out there are so many types of entrepreneurship. Which category do you think you fall into, Labamu Friend?
In any group, you will still need Labamu to document your business transactions and administration. Come on, download the application immediately via Google Play or the App Store!
