The world is growing fast, and in this fast world, people are more inclined towards growth and becoming self-dependent. “Entrepreneur” is a term that is very common in the modern era.
An entrepreneur is someone who concentrates on a problem in the environment and works to find a solution. During this process, he establishes a business or a company that aids people in some way.
Why Entrepreneurship?
Everything has changed during the last few years. A lot has changed in the way people think. They began putting more emphasis on development and learning, which gave rise to entrepreneurship as a new field. Entrepreneurs are skilled at handling money. They think quite differently than other people. Individuals with this mindset place a high priority on innovation, which strengthens their ability to think creatively.
Entrepreneurs are socially engaged, which aids in their ability to interact with others. Students have begun to think creatively as a result of the growth in this field. This helped in the early mental development of children.
Entrepreneurs aid in the nation’s advancement. One is encouraged to push their boundaries and learn as much as possible in this profession. It aids in improving logical reasoning. Additionally, one learns how to analyse situations more effectively and take cautious risks.
Types of Entrepreneurship
Entrepreneurship is a vast field, which is categorised into different types. Some of them are listed below:
1. Small Business Entrepreneurship
This is one of the types of entrepreneurs where the person doesn’t intend to expand the business and works on a small scale and has no plans to grow the company. These business people concentrate on limited areas.
This type of business usually has one owner and is managed by him alone. Because of their small size, they are quite adaptable to sudden changes.They are also very quick to utilise local resources.
Examples of small entrepreneurship include selling paintings, photography, independent filmmaking, opening dance studios, and art galleries.
2. Scalable Entrepreneurship
This type of entrepreneur generally concentrates on growing their firm. Their main motive is to scale their start-ups as much as feasible. Amazon, Google, and Apple are the best examples of scalable entrepreneurs.
Due to the scalability, the business grows very quickly. The scalability helps the firm expand swiftly. Capital is a key component in creating a successful start-up. Due to the long-term investments this style of entrepreneurship aims to make, it results in the company’s profitability.
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3. Intrapreneurship
A self-confident individual who plans to operate as a “one-man army” is known as an intrapreneur. They have a strong sense of self-motivation and originality. Shutterstock is an example of intrapreneurship.
Intrapreneurs contribute to the growth of the company by adding value to it. These people do not require a large amount of capital. Then the risk-taking is also analyzed.
Shutterstock is a solo entrepreneur.
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4. Large Company Entrepreneurship
Large company entrepreneurs focus on bringing new advancements to larger and already established companies. The best examples of this type are Google, Microsoft, and Samsung.
They intend to focus on sustainable innovation and innovate with their own creativity. Entrepreneurship in large companies is also a success due to the availability of resources present in already established companies.
The best example to sum up this type of entrepreneurship is Facebook. Facebook introduced WhatsApp and Instagram to the world. Through this, Facebook expanded its reach across the world.
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5. Social Entrepreneurship
As the name suggests, this type of entrepreneur focuses on creating products and services that benefit the world. These people commit to social or environmental change.
The main distinction between this kind of entrepreneurship is that it aims to concentrate on social impact rather than earnings. This group mostly includes microfinance organizations and businesses that offer banking services.
6. Innovative Entrepreneurship
This is another type of entrepreneurship. These individuals think creatively and with a problem-solving approach. They place a lot of emphasis on enhancing goods and services. They make an effort to contribute to transforming the environment.
They bring new ideas and innovation to the market and enhance their thinking by thinking innovatively.
Conclusion
With the advancement in technology and our culture, it is very necessary to focus on the solutions instead of revolving around the problems. Society should promote entrepreneurship as much as possible. Creativity in the mind is very important.
To practice a healthy living of thinking, we need to maintain our culture. Entrepreneurship has now changed a lot and is in the process of changing. So, let’s create a world where people concentrate on both issues and solutions.