5 Types of Entrepreneurship That Changed the Way We Live
Description: There are many types of entrepreneurship that have disrupted and changed the way we live. Learn the core of the business and each unique selling point of them.
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The advancement in our daily life cannot be separated from the role of entrepreneurship. Despite having the same purpose of delivering valuable goods and services, many types of entrepreneurship actually make one set apart from the others.
No business created equally; therefore, entrepreneurship itself is unique for one to another. There’s no need to compare, as each has played its own significant role in making life more bearable.
Types of Entrepreneurship
If you’re a beginner in the world of entrepreneurship, take a step back and learn the many different types of ventures before you start one. Here’s the complete list.
1. Innovative Entrepreneurship
Though the word of modern entrepreneurship itself is commonly associated with innovation, not all entrepreneurs come with an authentic idea. Here’s why those who continuously generate new ideas are deserved to be called as an innovative entrepreneur. They put a large amount of work in research and development. As an example, you can look up to Bill Gates and Steve Jobs as two of the most innovative entrepreneurs in the last century.
2. Scalable Startup Entrepreneurship
This type of business believes that they can drive social change and transform lives. Usually, they hire specialists to develop, execute, and launch the products meticulously designed to solve a social problem. You will find the scalable startups mostly have technology as their core business. Some of the most influential scalable startup entrepreneurs are Facebook, Uber, and Amazon.
3. Small Business Entrepreneurship
This entrepreneurship doesn’t usually start with the purpose of gaining maximum profit; instead, they focus most on longevity. Small business also runs with low risk, managed by a team of novice entrepreneur that usually relatives or friends. Rarely it has innovation as what they do is mostly fundamental selling goods and services. You can find an example of small business entrepreneurship in your neighborhood. It may be a barbershop, plumber, florist, or photo studio.
4. Social Entrepreneurship
In a nutshell, a social entrepreneur manages resources so they can be profitable while making the universe a better place. This type of business has a particular social mission and delivers it ethically. They want to be an answer to an existing humanitarian or environmental problem. The example of social entrepreneurship is Lush, who sells free-packaging beauty products, and they donate every year to support zero waste movements.
5. Researcher Entrepreneurship
This is a fantastic combination of a researcher cum entrepreneur. To start everything from scratches, they did a large amount of research before making a product. Therefore, the quality of the goods is above the average, which makes them win their customers.
If you want to know a researcher who happened to be an entrepreneur, you need to learn the story of Sebamed Company. It started by Dr.Heinz Maurer, who first experimented with treating his eczema patient with soap-free substances. The product is now reaching more than 80 countries with its tagline “Science for Healthy Skin.”
So, that’s the types of entrepreneurship that have made our everyday lives easier. Don’t be hesitate to explore each one of them and see their own strength and weakness. Hopefully, this article gives you the inspiration to start your entrepreneurship journey.