"Tough times never last, but tough people do." – Robert H. Schuller
In the world that we live in, it takes a vision to move from strength to strength into a better tomorrow. Visions are what our world has thrived upon for so long. More robust visions have always motivated people to look for innovations and inventions that can support their visions and turn them into reality. And to pursue such complex tasks, the world has given itself several individuals overtime to ensure the world has a future. Jeff Bezos, Elon Musk, Narayan Murthy, Bill Gates, and Mark Zuckerberg need no introduction. Furthermore, we can define each of them with one word, one powerful only – Entrepreneurs. They are all most world-famous successful entrepreneurs from various parts of life, and they have transformed the lives of millions of people globally. Moreover, for many of us, their life revolves around the product created by them.
The advantages of entrepreneurship in our lives have been huge in recent years. A lot is visible from the biggest trends in entrepreneurship in 2021. Moreover, the critical importance of entrepreneurship in a growing economy and various online certification courses on entrepreneurship is a testament to how much the entrepreneurs have impacted our lives for good. Today, there are many students worldwide who harbor their dream for an entrepreneurial journey. Furthermore, there are plenty of entrepreneurship programs to choose from, led by the Best MBA entrepreneurship programs in the U.S. However, some of you may be confused regarding the types of entrepreneurship that would enable them to do their best as entrepreneurs. Hence, here is a list that effectively can help you differentiate between the main types of entrepreneurship. But before we take a look at them, let's check out what is entrepreneurial style?
What is Entrepreneurial Style?
Entrepreneurial style refers to transforming or providing shape to an idea or innovation that can lead to a successful business or organization. Also, different people can have different ways of thinking, which means their approaches and attitude towards transforming an idea or innovation are different. Based on this, we can segregate the advantages of entrepreneurship into seven unique styles of entrepreneurship.
The managerial style of entrepreneurship refers to working in a startup first over venturing on their own. Such entrepreneurs can often find themselves stuck in administrative roles and possibly fail to start something great themselves.
As the name would suggest, wannabe entrepreneurs are people who want to get rid of their work-life and make something big in their life. They look to bank their energy from the advantages of entrepreneurship lessons they have acquired through experience and research work.
Survivalists' entrepreneurial style refers to entrepreneurship where people don't think much about long-term goals and benefits. Instead, they are more focused on sustaining their daily lives through small entrepreneur ventures such as shop selling accessories, DIYs, groceries, etc.
Calculator's style of entrepreneurship pays most importance to make money and profits from their entrepreneurial ideas. While thinking about money is not wrong such practices often lead to more failure than success.
Opportunistic entrepreneurship style is about making an entry into an industry or business at a reasonable time where success is comparatively guaranteed compared to other entrepreneurial styles.
Innovators are the most formidable entrepreneurs as they can withstand the various tricky situations throughout their entrepreneurial journey. Also, their attitude is what differentiates them from most other entrepreneurs.
Revolutionaries refer to a unique style of entrepreneurship. Such entrepreneurs are more focused on making worldwide changes, such as addressing the urgent issues at hand—for example, climate change.
Main Types of Entrepreneurship
Based on what is entrepreneurial style and several types of it, here is a list of many types of entrepreneurship:
Small Business Entrepreneurs
Small business entrepreneurs are known for starting independent enterprises. They have more control over their business and take more than ordinary risks. Apart from this, small business entrepreneurs have their business limited to a specific location or area. Restaurants, groceries, and retail shops are some examples of small business entrepreneurs.
Investor entrepreneurs are mainly about contributing to other's businesses financially. They believe in capitalizing on business opportunities and strategically looking to profit on both short-term and long-term performances.
Technology entrepreneurs use technical knowledge and awareness to apply and combat entrepreneurial challenges to innovate and solve business-related problems. Since we live in the digital era, we can tell that every entrepreneur is a technology entrepreneur in some aspects.
Internal entrepreneurs, otherwise known as intrapreneurs, are self-motivated, proactive, and innovative employees that thrive on their ability to keep their team motivated all the time despite back-to-back failures. The intrapreneurs differ from the other entrepreneurs because they are mainly free from any form of personal investment and rely on fundings from the company they are working for individually.
Online entrepreneurs have grown in large numbers in recent years. They are mainly entrepreneurs who run internet-based businesses. Also, online entrepreneurs benefit from the low-cost investment to set up their business compared to the other types of entrepreneurship. Besides, online entrepreneurs have the best advantages to quickly shift gears and make changes in adherence to any change in the market.
Advantages of Entrepreneurship
Entrepreneurship is a challenging career choice and involves many risks. Also, the margin of success has remained minimal and never guaranteed. Also, the constant change in market choice and practice makes entrepreneurs not everyone's cup of coffee. However, despite that for people who undertake entrepreneurship can have several benefits in the long run. Some of the most common advantages of entrepreneurship are:
Learning to See and Identify Possibilities
Since entrepreneurs mainly have to rely on themselves, they are constantly tasked with several challenges. Also, finances are always complex for most entrepreneurs to manage and acquire. As a result of such challenges, entrepreneurs can quickly develop awareness and identify possibilities in challenging scenarios to keep their business floating.
Ability to Decide Income
Entrepreneurs don't have bosses or managers who can decide what they are worth. Right from the beginning, entrepreneurs can freely choose how much income they are worth from their businesses.
Flexibility in Schedule
Flexibility in schedule is one of the significant advantages of entrepreneurship. Since entrepreneurs are their own boss and manager, they can afford substantial flexibility in scheduling compared to any other form of profession.
Live in the Moment
Entrepreneurs have more advantages to live in the moment in comparison to people who work for others.
Enjoy the Work More
Entrepreneurs are known to have a more satisfying life in terms of career and achievement. It is mainly because failure and success are a product of their effort, time, and dedication to making their business succeed.
We at OpenGrowth Academy aim to convert your idea into a full-fledged business. We are a next-gen platform to nurture your dreams into reality. Your views are valuable to us. Visit us to know more about the OpenGrowth Academy programs, sessions, and events.