Different Types of Entrepreneur & Entrepreneurship - Top 10

February 8, 2024 · 7 min read

Entrepreneurship is the act of creating or starting a new business venture. It is the process of identifying a need or a gap in the market, and coming up with a product or service to fill that need. However, not all entrepreneurship is the same. There are different types of entrepreneurship, each with its own unique characteristics and goals.

In this article, we will explore the 10 different types of entrepreneur and entrepreneurship, alongside their specific characteristics.

Different Types of Entrepreneur & Entrepreneurship - Top 10

  1. Small business entrepreneurship

  2. Large business entrepreneurship

  3. Scalable startup entrepreneurship

  4. Intrapreneurship

  5. Social entrepreneurship

  6. Innovative entrepreneurship

  7. Hustler entrepreneurship

  8. Researcher entrepreneurship

  9. Imitative entrepreneurship

  10. Buyer entrepreneurship

1. Small business entrepreneurship

Small business entrepreneurship is the most common type of entrepreneurship. It involves starting a business that typically employs fewer than 500 people.

Small business entrepreneurs are focused on generating profits and growing their business over time. They often work within a specific industry or niche, and may have limited resources and a smaller customer base than larger companies.

2. Large business entrepreneurship

Large business entrepreneurship involves starting a business that employs more than 500 people.

These types of businesses require significant investment and a team of experienced professionals to manage them. Large business entrepreneurs are focused on rapid expansion and often seek venture capital to fund their growth.

3. Scalable startup entrepreneurship

Scalable startup entrepreneurship involves starting a business with the goal of achieving rapid growth and scaling the business to new markets.

These types of businesses often require significant investment and may take longer to generate profits. Scalable startup entrepreneurs are focused on disruptive innovation and often work within the technology sector.

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4. Intrapreneurship

Intrapreneurship involves starting a new venture or project within an existing company. Intrapreneurs are entrepreneurs within a company, and they often have access to the resources and support of the company to help them succeed.

Intrapreneurship can be a great way to grow the business and develop new products or subsidiaries within an existing company.

5. Social entrepreneurship

Social entrepreneurship involves starting a business venture that is focused on addressing social problems and making a positive impact on society. Social entrepreneurs seek to create profitable businesses that also serve an important social purpose.

Examples of social entrepreneurship include companies that provide access to clean water in developing countries or help disadvantaged individuals gain access to education.

6. Innovative entrepreneurship

Innovative entrepreneurship involves starting a business venture that is focused on creating innovative products or services. These entrepreneurs are often driven by a desire to create something new and unique that will disrupt the market.

Innovative entrepreneurs often work within the technology sector and may have a background in engineering or science.

Innovative entrepreneurship

7. Hustler entrepreneurship

Hustler entrepreneurship involves starting a business venture with a focus on sales and marketing. This is one of the most popular types of entrepreneurship, with COVID impacting people's income and their motivation to become solo entrepreneurs. These entrepreneurs are often skilled at identifying new markets and selling products or services to those markets.

Hustler entrepreneurs are focused on generating profits and growing their business over time.

8. Researcher entrepreneurship

Researcher entrepreneurship involves starting a business venture with a focus on research and development. These entrepreneurs are often experts in their field and are focused on creating new products or technologies that can be commercialized.

Researcher entrepreneurs often work within the technology sector and may have a background in science or engineering.

9. Imitative entrepreneurship

Imitative entrepreneurship is a type of entrepreneurship that involves replicating an existing successful business model. Imitative entrepreneurs are focused on taking a proven business model and adapting it to their own needs and circumstances.

Imitative entrepreneurship is often associated with small business owners who are looking to start a business but don't have the resources to develop their own innovative ideas. By imitating successful businesses, imitative entrepreneurs can reduce their risk and increase their chances of success.

10. Buyer entrepreneurship

Buyer entrepreneurship is a type of entrepreneurship that involves buying an existing business and using it to create a profitable business venture. Buyer entrepreneurs are focused on identifying businesses that are undervalued or underperforming and using their skills to turn them around and make them profitable.

Buyer entrepreneurship is an attractive option for entrepreneurs who want to start a business but don't have the skills or resources to build one from scratch. By buying an existing business, buyer entrepreneurs can skip the early stages of starting a business and focus on growing the business and generating profits.

Conclusion

In conclusion, entrepreneurship is a broad concept that encompasses a variety of approaches and types. From small business entrepreneurship to large-scale entrepreneurial ventures, from social entrepreneurship to intrapreneurship, there are many different ways to approach entrepreneurship and make a positive impact in the world. Each type of entrepreneurship has its own unique challenges and opportunities, but what they all share in common is the drive to create something new, to take risks, and to pursue innovation and growth.

Whether you're a hustler entrepreneur looking to make a quick buck or a researcher entrepreneur focused on cutting-edge technology, there is no one-size-fits-all approach to entrepreneurship.


Looking to Become A Successful Entrepreneur?

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And if you're interested in pursuing entrepreneurship further, here at Nexford University, why not consider our excellent selection of BBA, MBA and MS degrees, including our BBA in Entrepreneurship and our MS in Entrepreneurship.


Types of entrepreneur: FAQs

FAQ

What are the skills needed to become an entrepreneur?

There are several skills that are important for entrepreneurs, including creativity, problem-solving, communication, leadership, and financial management. Additionally, an entrepreneurial mindset is crucial, as entrepreneurs must be willing to take risks and be comfortable with uncertainty.

How does intrapreneurship differ from entrepreneurship? 

Intrapreneurship involves creating new products or subsidiaries within an existing company, while entrepreneurship involves starting a new business from scratch. Intrapreneurs work within the framework of an existing company and may have more resources at their disposal, but they also face challenges in navigating the company culture and bureaucracy.

What is the most important factor that distinguishes the different types of entrepreneurship? 

The main factor that distinguishes the different types of entrepreneurship is the type of business activity or goal that the entrepreneur is pursuing. Some entrepreneurs are focused on generating profits, while others seek to solve social problems or promote important social causes. Additionally, the level of risk and the resources required can vary depending on the type of entrepreneurship.

Do you have the skills to be a successful entrepreneur?

Take our free quiz to measure your entrepreneurial skills and see if you have what it takes to run your own successful business.

Your results will help you identify key skill gaps you may have! Up for the challenge?

Take the quiz to get started now!

Who are the most well-regarded entrepreneurs?

Some of the most well-regarded entrepreneurs include Elon Musk, Steve Jobs, Oprah Winfrey, Mark Zuckerberg, and Jeff Bezos.

The most well-regarded entrepreneurs are individuals who have achieved significant success in their respective industries and have made a lasting impact on the business world. They are visionary leaders who possess an innate ability to identify opportunities, take calculated risks, and drive innovation. These entrepreneurs are often admired for their resilience, determination, and ability to overcome obstacles. They are also known for their strong work ethic, creativity, and ability to inspire and motivate others.

How can I grow my business as an entrepreneur?

There are many strategies that entrepreneurs can use to grow their business, such as expanding into new markets, developing new products, and attracting new customers. It is also important to have a clear business model and set achievable goals, as well as to continually assess and adjust your strategies as needed.

What is the difference between small business entrepreneurship and scalable startup entrepreneurship?

Small business entrepreneurship typically involves starting a business that has limited growth potential and operates within a specific geographic area or niche market. Scalable startup entrepreneurship, on the other hand, focuses on creating a business model that can be rapidly expanded and has the potential to reach a large market. Scalable startups often require significant investment capital and have a higher level of risk, but also offer the potential for greater rewards.

How can I start a business as an entrepreneur?

Starting a business as an entrepreneur requires careful planning and preparation. This includes conducting market research to identify potential customers and competitors, developing a business plan and financial projections, and securing the necessary funding and resources. It is also important to have a strong understanding of the industry and market in which you plan to operate, the type of entrepreneur you are, in terms of your current skillset, as well as the skills and experience needed to run a successful business.


Looking to Become A Successful Entrepreneur?

Discover how you can acquire the most important skills for creating a widely successful business.

Download the free report now and discover how you can do this.

And if you're interested in pursuing entrepreneurship further, here at Nexford University, why not consider our excellent selection of BBA, MBA and MS degrees, including our BBA in Entrepreneurship and our MS in Entrepreneurship.

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