Types of Entrepreneurship PDF

The best way to predict the future is to create it. -- Abraham Lincoln **ENTREPRENEUR- An individual who undertakes the risk associated with creating, organizing, and owning a business.** **ENTREPRENEURSHIP- A process of developing, launching, and running a business.** **TYPES OF ENTREPRENEURS**...

The best way to predict the future is to create it. -- Abraham Lincoln **ENTREPRENEUR- An individual who undertakes the risk associated with creating, organizing, and owning a business.** **ENTREPRENEURSHIP- A process of developing, launching, and running a business.** **TYPES OF ENTREPRENEURS** **SMALL BUSINESS ENTREPRENEURSHIP** - **Makes a profit to support family and to have a modest lifestyle.** - **Owner is also the one who runs the business; sometimes hires local employees of family members** **LARGE COMPANY ENTREPRENEURSHIP** - **Has a finite amount of life cycles.** - **Has a finite amount of life cycles.** - **Often creates new services and products to meet market demands.** **SCALABLE START-UP ENTREPRENEURSHIP** - **Entrepreneurs believed that their company could change the world.** - **Often receives funds from venture capitalists and hires specialized** **employees.** - **Look for things that aren't available in the market and create** **solutions for them.** **SOCIAL ENTREPRENEURSHIP** - **Solves social problems with their products and services.** - **The main goal is to make the world a better place.** - **Tend to start non-profit or companies that dedicate themselves to work toward social good.** **INNOVATIVE ENTREPRENEURSHIP** - **Constantly come up with new ideas and inventions.** **Examples. Bill Gates and Steve Jobs** **HUSTLER ENTREPRENEURSHIP** - **Works hard and put on constant effort.** - **Often starts small and work toward growing a business with hard work rather than capital.** **IMITATOR ENTREPRENEURSHIP** - **Use others' business ideas as an inspiration but work to improve them.** - **A combination between an innovation and a hustler.** **RESEARCH ENTREPRENEURSHIP** - **Right preparation and information = higher chance of being successful.** - **Makes sure that they have an in-depth understanding of their business** - **Relies on facts, data and logic rather than intuition.** - **Creates detailed business plans to minimize failures.** **BUYER ENTREPRENEURSHIP** - **Uses wealth to fuel their business ventures.** - **Goal is to grow their business they acquire and expand their profits.** - **Less risky due to purchasing of a well-established business.** **TRADING ENTREPRENEURSHIP** - **Trading entrepreneurs are involved in buying and selling goods or services.** - **They operate in the realm of trade and play a crucial role in connecting producers and consumers.** **INDUSTRIAL ENTREPRENEURSHIP** - **Involved in manufacturing and industrial sectors.** - **They set up factories, developed production processes, and produced goods on a large scale.** - **Elon Musk is a South African-born Canadian-American business magnate, industrial designer, and engineer.** - **He is the founder, CEO, and chief engineer of SpaceX, as well as the CEO and product architect of Tesla, Inc.** **ADOPTIVE ENTREPRENEURSHIP** - ** the process of trying to build on and improve an existing business model, product, or service.** - **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.**