An entrepreneurship is Process of starting a business from an innovative ideathat solves one or more problems of a group of people. This brief definition explains the general concept, but in practice there are different types of entrepreneurship and entrepreneurs.
In this article we will explain What does each type of company consist of?, so you can find the one that best suits your business idea. At the end of the post, you will find some tips that will help you expand your entrepreneurial skills.
types of entrepreneurship
To come up with this categorization, we consider aspects such as the purpose of the company, the initial investment, the type of solution it is developing, and its impact on society.
From these variables we define below 6 types of entrepreneurship:
1. Small business
Is about one-man business, except for certain exceptions where one or two other partners may be present. They are also referred to as micro-enterprises and are characterized by the fact that they a low initial investment. Likewise, they are considered local businesses trying to market their products or services within the confines of their city.
An example of this type of entrepreneurship in Argentina is the micro and small businesses with the acronym MiPyME.
2. Scalable entrepreneurship
scalable ventures strive for exponential growth in the short and medium term. They are born with the goal of expanding rapidly and becoming multinationals.
They usually are Companies connected to the technological world and some examples are mobile applications like Netflix, Facebook and Instagram, which are designed to please millions of people.
3. Social Entrepreneurship
The main goal of this type of company is make a positive impact in your community and the world. Those running social enterprises typically develop their initiatives in areas related to education, health and the environment.
4. Reflect or mimic entrepreneurship
That’s them Replicate an idea that was or is successful on the market. They can imitate a product, service or business model. Franchise companies are an example of mirror companies. To acquire this type of business requires a significant investment due to the high cost of paying for a recognized brand.
5. Opportunistic Entrepreneurship
As the name suggests, this guy appears at the right time to solve a need on time and urgent. During the pandemic, for example, companies emerged that began to mass-produce masks. What sets these companies apart is the entrepreneur’s vision, creativity and ability to execute quickly.
6. Incubator Entrepreneurship
Unlike the opportunist, the incubator focuses on entrepreneurship examine what the constant needs of the market are offer an innovative solution.
This type of business requires a large investment to conduct the research that allows them to draw accurate conclusions about the needs of the niche they are analyzing.
An example of an Argentine incubator is NXTP Labswhich supports up-and-coming companies with business and marketing consulting.
types of entrepreneurs
We can categorize entrepreneurs based on the style of business they start, the time it took them to develop their idea and the steps they take to make it a reality.
We invite you to meet 11 types of entrepreneursso you can find your profile and grow your skills.
1. Passionate Entrepreneur
It is characterized by having a clear purpose that goes beyond starting a business or receiving money. Your profile is idealistic and seeks that his passion be the foundation of his entrepreneurship.
It’s common for your Way of thinking – Way of thinking and seeing the world – focuses on making a mark on the world, constantly looking for ways to improve on something important in order to transcend it. You can work for hours and not even realize it because you are fully motivated by your passion.
2. Innovative Entrepreneur
always thinks the easiest way to solve a problem and is happy about new trends in your company and others. He is interested in understanding the processes of a company and is looking for the core that makes it more agile.
3. Visionary Entrepreneur
this profile Stay ahead of market trends and look for opportunities in emerging niches. He is not afraid of taking risks or failing because he relies on his ideas, but always based on data.
Their greatest motivation is to take any proposal they have in mind and put it into action.
4. Entrepreneur Investor
Entrepreneurs who finance and participate in their own projects or behave as capitalist partners without interfering too much in the company can register in this profile.
In any case, this type of entrepreneur has the trait of having capital and is always looking for ways to make more profit.
It’s usually people who They always bring new business ideas to the market or improvement. They don’t abandon projects halfway through, even though they have several ideas at once. On the contrary, they strive to perform most of them.
6. Academic Entrepreneur
This profile has studied Entrepreneurship, Economics and Finance and has the necessary academic background to start his business. These entrepreneurs tend to be methodical in developing their business ideas and based on proven theories by different authors.
7. Social Entrepreneur
It does not always have an economic self-interest and What drives him is solving a social problem. He finds opportunities around the real issues affecting his community, usually founding non-profit organizations. The social entrepreneur relies on people who have the same vision of helping others.
8. Entrepreneurs out of necessity
This profile has the property of start a business that generates income quickly. For this reason, once you have a minimum viable product (MVP), put your idea into action and learn along the way. Their motivation is usually mainly economic in nature.
9. Specialist contractor
He has a defined field of activity in which he develops naturally because he masters it. Your profile is more technical and you can focus on a single project because of your degree of specialization.
You manage to develop high-quality products or services and Your entrepreneurship has to do with your professional or professional career.
10. Entrepreneur Entrepreneur
In this profile, entrepreneurship becomes a profitable and the entrepreneur moves to a less efficient role. His primary responsibilities will now focus on taking the company to new levels and scale.
11. Entrepreneur by accident
This entrepreneurial profile, instead of developing your own ideas, he is usually contacted by people around him to take on certain projects. Those taking on a new area or expansion of the family business also fall into this profile.
How can you identify your entrepreneurial profile?
Some questions you can ask yourself to identify the type of entrepreneur that most closely matches your profile are:
- Why did you start your company?
- What drives you to keep going in your business?
- Where do you sell your products and what is your business model?
- What are your plans for your company? Is it temporary? Having extra resources?
Tips to improve your business skills
We want your business to thrive and develop. That’s why we’ve created this list of top recommendations to improve your entrepreneurial skills:
- If you follow your passion and motivation, other people can believe in you. Strengthen your ability with a leadership course.
- Be methodical, set ambitious goals, and I constantly measured the results of your actionsto customize and replicate what is necessary, giving your business a good ROI (return on investment).
- If you are an investor entrepreneur, diversify and trade with caution. Consult various specialists, know the different investment instruments and don’t just bet on one.
- Don’t try to come up with all the ideas you undertake in the same way. Delegate responsibilities and Surround yourself with people who share your vision.
- Avoid designing and applying processes that are too rigid, as this is the case in the entrepreneurial ecosystem Iteration is necessary, as is flexibility.
- If you’re a social entrepreneur, look for nonprofits that can help you with your business. It takes a lot of people to bring about social change, and that will solidify your project.
- You never know too much about anything. If you already master a subject, discover new challenges to make your company more efficient.
Do you already know which of these types of entrepreneurship you want to pursue? Have you found your entrepreneur profile? So get to work! Use all the tools that the digital world offers you and show the world what you can do!