Want to join the millions of people stepping into entrepreneurship and make your mark on the world? Don't take this daunting task lightly - picking between business types is an important decision that could mean success or failure. With our guide, you'll be able to decide which entrepreneur type fits you perfectly and give yourself a fighting chance against those dark odds.
Starting a business can be an exciting and rewarding experience, but it also comes with significant risks. The success or failure of your venture may come down to whether you have the right vision; if not, even ample capitalization may not guarantee its longevity. It's essential for entrepreneurs to reflect deeply on who they are before setting out on their journey – this is one decision that won't be easily made overnight.
Starting a business is no easy feat, as it requires immense courage, foresight and commitment. Before taking this first step into entrepreneurship however, ask yourself: what kind of business do I want to build? Will you be an online e-business mogul or will you establish your own storefront to serve the local community? Asking oneself these types of questions can help in establishing long term goals and planning for future success.
What is entrepreneurship?
Taking the plunge into entrepreneurship is no small task - it requires individuals to stake their financial future on potential success. But if you dream of making a difference, this could be your opportunity: launching something brand new that improves people's lives and creates tangible value for society in the process. The best part? It doesn't matter how big or small your business is - anyone can take up the challenge of building a better tomorrow through smart risk-taking today .
With an entrepreneurial mindset, great ideas can come to fruition far beyond just making money. To inspire the next generation of business owners, here are five types that entrepreneurs have exemplified - from creative geniuses to tech pioneers and more! So if you're trying to decide which route is right for you, these real-world examples will be sure help point your compass in the proper direction.
1. Social entrepreneurship
Businesses driven by social consciousness are dedicated to resolving global issues such as poverty, lack of resources and education. With their ambitious mission in mind - making the world a better place while still turning a profit - these companies create products and services that have the potential to make a real difference. This model can be seen not only within businesses but nonprofits too.
Real-world example: Seventh Generation, which sells eco-friendly cleaning and personal care products, was launched in 1988 in response to growing societal concerns about the environment since many household products of the day included harsh chemicals. The firm donates 10% of pre-tax profits to community- and environment-focused nonprofits and businesses. Despite lower profit margins, the company reportedly managed to pull in $200 million in 2015 -- proving that creating a responsible corporate image can also make money.
2. Innovation entrepreneurship
Innovation entrepreneurship is all about pushing the boundaries of what's possible. These bold new endeavors take mundane, everyday activities and transform them into revolutionary experiences - just look at how Apple revolutionized our lives with one simple product: The iPhone! While it often takes a great deal to get these projects off the ground, those that embrace this spirit can shape tomorrow in ways we could never have dreamed before.
3. Big business entrepreneurship
As businesses grow, their processes can become sluggish and inhibit innovation. To combat this stifling effect, larger corporations often turn to smaller companies for a creative jolt - acquiring them in the process. Google and Microsoft are two such behemoths that have injected new life into their endeavors by purchasing developers with cutting-edge technology fit for future success.
4. Small business entrepreneurship
Even without large-scale resources, intrepid entrepreneurs can still succeed. While big businesses pour profits into expansion plans, small business owners are more likely to use their income to support themselves and those around them - family members and friends often make up the team. It's all about creative solutions with a personal touch: think local restaurants offering unique takes on classic dishes; dry cleaners bringing convenience home or mom-and-pop stores stocking products hard to find elsewhere!
5. Scalable start-up business entrepreneurship
As defined by Steve Blank, the father of the lean startup concept, scalable startup business entrepreneurship begins with a founder’s belief that they can change the world. Venture capitalists often swoop in to fund these sorts of startups in the hope of landing massive returns. They then hire highly skilled and educated professionals to run them, seeking to address market holes or disrupt entire industries.
Real-world example: Uber started as an idea to revolutionize the taxi industry and, after attracting investment, the company exploded and grabbed massive market share in a very short time. Critics have since questioned the company’s business practices -- did Uber skirt taxi regulations and pay its “independent contractor” drivers artificially low wages to create an unsustainable business model in order to grab an early foothold in a growing market? But no one can argue that the company hasn’t dramatically changed how people get around.