Types of entrepreneur | Which type of entrepreneur you are?

Somebody is dreaming about entrepreneurship, and all of them are still budding entrepreneurs. However, plenty are also confused regarding the real nature of entrepreneurship and the types of entrepreneur.

Entrepreneurship is the phase of beginning, growing and operating a company, including the financial risks associated with it. To put it much more clearly, entrepreneurship is the tendency to launch a new business plan.  

Entrepreneurship is always conceived of as a single entity, and the majority of citizens cannot understand the fact that there could be more than one form of entrepreneurship. Until coping with the topic, how to be an entrepreneur.

1. Technology Entrepreneurship

The term 'technological entrepreneurship' is self-explanatory and refers to entrepreneurship in an intensively technological context. The process is often referred to as technology entrepreneurship, as it is a combination of technological and entrepreneurial skills. This is one of the newer types of entrepreneur and needs the participants to be tech-savvy, creative, smart, and passionate and to have a healthy risk-taking appetite.

2. Opportunistic entrepreneurship  

Catching an idea and learning how to transform it into an opportunistic entrepreneurship enterprise is a talent, and only good entrepreneurs have the potential to do so. Any change, small or large, presents new opportunities and those who can identify these opportunities and make timely use of them can become great opportunistic entrepreneurs. This type of entrepreneurial banks, by identifying good opportunities, exploits them in time and executes them in order to turn them into entrepreneurial ventures.

3. Social entrepreneurship

Social entrepreneurship is a type of entrepreneurship that recognises a social problem and uses entrepreneurial skills, principles and processes to bring about social change. Successful social entrepreneurs have an innovative potential to develop products and services or solutions to critical social problems and to address needs. Their goal is to make the world a better place to live instead of creating wealth for the owners.

4. Intrapreneurship

In this type of entrepreneurship, employees practice entrepreneurship within an organization to transform a viable idea into a business opportunity. These workers may also be pioneers in a company that is inspired and innovative enough to develop while at the same time taking on the risks inherent in some form of entrepreneurship. Intrapreneurship is also referred to as corporate entrepreneurship, where structured processes are in place to promote the prospect of sustainability and development. This is a great system for corporate employees who feel demotivated by the activities and responsibilities of the mill. These workers also search for ways to evolve in the sense of a mechanism, commodity or method to bring about a meaningful shift in the way things are performed inside the company. Lack of such opportunities may lead them to quit the company and start thinking how to become a successful entrepreneur. However, when they are nurtured, these employees can bring profits and stronger systems to the organisation. This is a win-win scenario with both the business and the employee.

5. Incubative entrepreneurship

To grasp what we mean by incubative entrepreneurship, you need to grasp what a company incubator is.

A business incubator is a firm or agency that offers a multitude of resources to small companies or start-ups. These programmes through cover anything from management training to workplace, technology and even access to sponsors.

Incubative entrepreneurship has helped some of the most successful entrepreneurs like Sean Rad, Tinder's co-founder, grow his app while collaborating with the Hatch Laboratories incubator.

Incubative entrepreneurship is a form of entrepreneurship that creates and nurtures new ideas and projects inside the enterprise. Here, proposals are constructively applied to maintain sustainability and income production for the enterprise or the association.

An incubative entrepreneur or company incubator is seeking and promoting a new company with the goal of securing the infrastructural aid required facilitating creation and innovation.

6. Environmental entrepreneurship

Alternatively known as Green Entrepreneurship, environmental entrepreneurship is a form of entrepreneurship that includes a certain obligation towards the ecosystem when identifying its aims and developing processes.

In recent years , environmental entrepreneurship has often started to be referred to as 'ecopreneurship' – the word used to describe the concept of applying the ideals of entrepreneurship in order to build a company that addresses environmental problems or operates in a sustainable manner.

7. Cultural entrepreneurship

This style of entrepreneurship can be a little challenging to translate into writing. This may include facets of history, fashion or fashion, the arts and the creative industries. Entrepreneurs who participate in cultural entrepreneurship are responsible for bringing about cultural transformation. This cultural entrepreneurship has a groundbreaking concept of putting together cultural, social, human and financial resources to raise income from cultural activities. Cultural entrepreneurship has the potential to act as a bridge between creative talent and its ability or lack to market it.

8. Acquisitive entrepreneurship

It has often been noted that people with entrepreneurial skills may lack certain other skills or competencies that they may need for their entrepreneurial ventures. This is where the edge of the acquisitive entrepreneurship is. This form of entrepreneurship acquires value or exceeds the degree of expertise of the rivals. This particular feature adds sustainability to an entrepreneurial venture in a competitive environment.

9. Imitative Entrepreneurship 

This type of entrepreneurship mimics or mimics a product or service that already operates on the market, mostly under a franchise agreement. Imitative entrepreneurship is a great medium to help spread technology around the world. There are a number of firms, large ones that are innovators who have pockets wide enough to carry these inventions to the market. For entrepreneurs or small start-ups, this presents a great opportunity to imitate existing companies that are already successful and to start their own business ventures.

10. Cyber-entrepreneurship

The Internet or the cyber world is a treasure trove of opportunities for people, companies, societies and larger stakeholders. The world of the Internet has made it easy to carry out business transactions from personal computers or even smartphones. Cyber-entrepreneurship or net-entrepreneurship is the method of discovering and pooling related capital to turn a promising prospect into a viable online enterprise. Startups or modern companies have started to note the extent and promise of the Internet and have started to favour the web domain to the brick and mortar establishments. This style of entrepreneurship includes the acquisition, interaction and retention of consumers via social media or other corporate-related portals, such as a website or an e-commerce app.

Concluding 

As an up-and - coming entrepreneur, it is critical that you make yourself aware of the industry climate and consumer dynamics. While deciding which type of entrepreneur you want to be, consider your strengths and the field in which you have expertise.

The objectives of types of entrepreneurship may differ, but ultimately it is largely about profitability. This profitability, though mostly in the financial context, may even be due to other causes, such as social challenges, cultural enrichment, growth, etc.