Similar to how there can be different kinds of entrepreneurs, there also exist four distinct forms of entrepreneurship:
- Small Business Entrepreneurship
- Scalable Startups
- Large Companies
- Social Entrepreneurship
Entrepreneurship differs from the “business” aspect of a company; “business” refers to the legal setup of the organization. For more information on the types of businesses, please consult our “Types of Businesses” article (coming soon!).
Entrepreneurship, on the other hand, focuses more on how the circumstances surrounding the company contribute to the way it is managed. To understand the various forms of entrepreneurship and their influences on a business, keep on reading!
Small Business Entrepreneurship
In small business entrepreneurship, the business is created and run with the understanding that it will not escalate its operations. This does not mean the business will not continue to modify its practices - such measures _must_be taken in order to adapt to any changes in industry. Rather, this means that businesses that use this approach will maintain relatively small economies of scale, and the scope of such companies will often be limited to local target markets and resources.
Such a company will naturally prioritize the needs, trends, and desires of surrounding communities and _local_influences. Accordingly, the nature of small business entrepreneurship allows a company to focus on the local, niche clientele while still having the flexibility to continuously and _precisely_adapt to their demands quicker than a larger organization could.
Scalable Startups
In the type of entrepreneurship practiced by scalable startup companies, the impetus is often an original product idea. As the idea develops further, the company proceeds to scale the business along the way, having created multiple product lines and innovations in the end.
An example of a company that uses this form of entrepreneurship is Apple. Steve Jobs and Steve Wozniak began their tech enterprise with the Apple 1 computer in 1976. As they continued to innovate upon this gadget and introduce other technologies down the line, their company went from your typical startup to a multi-million dollar corporation, partly due to the fact that their company structure was scalable and able to be expanded upon.
As such, companies that engage in scalable startup entrepreneurship have to align their business practices to how they want their business to grow, how their product lines can expand, and how they can encompass more innovations to reach the largest possible market.
Large Companies
Large corporations use a style of entrepreneurship that helps propel the company into a new sphere, one the company has thoroughly researched and can therefore ensure a substantial market size and reliable revenue streams.
This type of entrepreneurship is often used after the company has been established within a specific sector and market beforehand. It is similar to the scalable startup style of entrepreneurship in the sense that the company must continue to research and act upon opportunities where it can tap into new resources and consumer bases, and maintain an ever-evolving strategy.
Social Entrepreneurship
Social entrepreneurship is most often associated with not-for-profit organizations. Such companies provide help and support to specific communities; as such, they must remain attentive in regard to the needs and concerns of the people they are helping. This is the primary way they can stay relevant among their market and ensure they are truly assisting them.
As such, the type of entrepreneurship a company chooses to implement in its practices must reflect the aims and objectives of the company. Similarly, finding and utilizing the most apt type of entrepreneurship for your company can help streamline your business practices so that you take appropriate decisions and stay relevant within your market.
References
- Types of Entrepreneurship - Header Image
- Investopedia
- Broadly
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