If there are only humans on this earth, Will it exist?
If there is no other ecosystem, no trees, will there be a justification for mankind existence?
The answer will be an obvious “No“. A single specie cannot exist, we all depend on each other for our existence. Same is the case with Entrepreneurs.
There are various types and styles of entrepreneurship. Each type is unique and important for the development of a country and themselves.
Entrepreneurship types can be classified based on several factors like:-
- Size of the enterprise
- On the basis of ownership
- On the basis of the field
A) On the basis of the sector, it can be categorized as –
1. Primary Sector Entrepreneurship
These include agro-based industries and a lot of investments are made for agricultural technologies, biotechnology etc.
2. Secondary Sector Entrepreneurship
These include a lot of focus on the manufacturing sector which includes processing of raw materials and requires resources to market and produce finished products.
3. Tertiary Sector Entrepreneurship
Investment in this sector is mainly for customer service and ensuring that the processed products are available to the masses.
B) On the basis of the size of the enterprise, it can be categorized as-
1. Small Business Entrepreneurship
These include enterprises with low to medium revenue turnovers and minimal profits required for self-sustainability. These are mostly run by individuals or families. They hire less number of employees.
2. Scaled Start-Ups
These include enterprises which are run by a core team of diverse individuals. They get investments from venture capitalists and angel investors.
3. Large Scale Business
They have high revenue turnovers. These businesses focus on specialized services/products to create high consumer demands.
C) On the basis of ownership, it can be categorized as
1. Private Enterprise
These include enterprises owned by individuals with no government ownership.
2. Joint Enterprise
These include enterprises that are jointly owned by individuals and the government.
3. Public Enterprise
These enterprises are owned by the government and individuals do not have any stake in it.
D) On the basis of the field, it can be categorized as-
1. Social Entrepreneurship
These enterprises are for the betterment of the society and their mission is to combat social issues and to create a symbiotic system.
2. Marketing and Research Entrepreneurship
These include entrepreneurship strategies that are highly dependent on market research, marketing, and administrative plans. Enterprises are highly profit based.
3. Technological Entrepreneurship
This type of entrepreneurship is generally based on creativity and innovations with the main focus to bring about a technological revolution. Most of the investments are required for research and development.
Some entrepreneurs believe in being fearlessly authentic while some feel that being unique is overrated and it is all about who can do it better. Different entrepreneurs have different definitions of success and methods of operation to achieve this success. This leads to the evolution of diverse types of entrepreneurs. Some are innovators who want to invent and create new things, while some are improvers who want to improve the existing sectors and structures. Some are rigid in their ways while some love experimenting.
Entrepreneurs can be classified as dynamic and static.
- Dynamic entrepreneurs have ever changing ideas and they adapt according to the market situations and according to the demands of the people.
- Static entrepreneurs have a fixed set of ideas and always follow a detailed plan of action. They strategize and anticipate situations and deal with them accordingly.
On one hand certain entrepreneurs like authority and control. They are leaders who like handling the major tasks and do not like being too dependent on their employees. But at the same time, they assign responsibilities to employees and guide them.
On the other hand, some entrepreneurs are hard core team players who like taking inputs from their subordinates. They integrate ideas and are relatively at ease when it comes to sharing responsibilities and assigning important tasks to employees.
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