Every year many entrepreneurs start a business venture while risking almost everything they own to make it big. Not everyone succeeds but the ones who stay long enough and survive the struggles that come with the tag of an entrepreneur. Entrepreneurs like Charles Field Marsham contributed to the growth of the economy. As an entrepreneur, you should use technology that will help you to be successful and you must be innovative as well. Successful entrepreneurs classify entrepreneurship into nine types based on different structures, activities, and services provided to society.
Nine Types of Entrepreneurship
- Opportunistic Entrepreneurship
With the changing world, new opportunities come up every day. However, not many recognize those opportunities, and among those who do, only a few can utilize them to yield profit. The ability to identify and benefit from an opportunity is called opportunistic entrepreneurship.
- Administrative Entrepreneurship
Ventures that are focused on redesigning the administration and management using new techniques fall under administrative entrepreneurship. It enables other companies to enhance their efficiency and achieve success. Additionally, it helps organizations to change with the changing time and sustain in a competitive market.
- Acquisitive Entrepreneurship
The type of entrepreneurship where the entrepreneur learns from the skills and abilities of others to build his venture is called acquisitive entrepreneurship. It learns from its competitors’ successes and failures.
- Imitative Entrepreneurship
When an entrepreneur imitates a service in the market as a franchisee of an existing company, it is called imitative entrepreneurship. It is due to such ventures that technology spreads so fast around the world. It imitates an existing product or service and tweaks it for the locals.
- Public Entrepreneurship
The type of entrepreneurship in which companies are taken over by the government for public welfare and social development is termed public entrepreneurship. Almost every country does this whenever a venture comes up with a useful idea lacking private entrepreneurs.
- Private Entrepreneurship
Entrepreneurship in the private sector is termed private entrepreneurship. It is supported by the government. However, it is not taken over by the government like public entrepreneurship. The government does is to create a healthy relationship with the private and public sectors.
- Mass Entrepreneurship
A country with youth motivated and encouraged to contribute towards economic development witnesses mass entrepreneurship. It results in a number of small and medium ventures across the country.
- Individual Entrepreneurship
Entrepreneurship that is run by the sole owner of his family is known as individual entrepreneurship. However, the entrepreneur must bear all the costs and cannot have outside investments. It is easy to build, and all the profit goes straight to the owner.
- Incubative Entrepreneurship
Entrepreneurship nurtures new ideas within the company and helps them to execute their ideas to ensure profit for the parent organization. This type of entrepreneurship is very common in the technology market.
Each type of entrepreneurship has its own contribution to society. They all have the same purpose which is to provide opportunities and generate employment. Also, the ventures are targeted to find solutions to the long-standing problems of society. Charles Field Marsham is one of the leading entrepreneurs nowadays, his ideas, creativity, determination, and passion helped him to be successful and he’s able to provide employment opportunities.