7 Entrepreneurship Types You Didn’t Know Existed [2021]

Apart from being a green example of societal oppression and their delectable desserts the French also unsurprisingly coined the word ‘entrepreneur’ meaning an individual or entity who creates new business, however to us the entrepreneurial revelation happened on the screens of tinsel town when the late Sridevi’s character, Shashi was coined as an entrepreneur of Indian sweets, that is when truly, a new generation revolution of identity took place. The facet of entrepreneurial identities has been limited to one prime word – business, after which there is no real further and beyond, nonetheless after a knowledgeable excavation you do find yourself in the genesis of categorization.

Administrative Entrepreneurship

Administrative entrepreneurship largely aids in fostering a well-balanced entrepreneurial environment. It is one of the paramount initiatives taken up scheming to provide resources. It is centered to look into technical proficiency and functions to yield advantages and further the insistent edge of competency. Job redesign, new methodologies, and consensus management all of these responsibilities of this sort of entrepreneurship increase an organization’s efficiency, boost the firm’s successes, and help it stay afloat in a competitive market.

Opportunistic Entrepreneurship

Opportunistic entrepreneurship best befits the proverbial time which needs to be forelocked. It elopes with the strategy that recognizes, seizes, and implements the opportunity expediently. FedEx is the prime mark example of such. There also exists incubative entrepreneurship which is widely glamourized and common to our knowledge, it is either an individual or an organization that helps entrepreneurs grow and succeed by providing a variety of business support resources and services, including physical space, capital, mentoring, common services, and networking connections.

Imitative Entrepreneurship

In imitative entrepreneurship, the entrepreneur tries to emulate a product or service that is sold in the market under a franchise arrangement. It is the channel via which technology is distributed around the world. It operates in an industry that is already in use in several nations throughout the world. It also uses an established theory with modest adaptations for the local environment. China, for example, has integrated and modified digital computing to take them to an unprecedented level.

Private Entrepreneurship

Private entrepreneurship is entrepreneurship that is started in the private sector. The government provides a variety of support services through retail and commercial entities in order to stimulate private initiatives in starting businesses. Economic development would be more efficient and balanced if there was a strong and mutual relationship between the private and public sectors as it in the fullness of time enhances revenue generation and economic amelioration.

One can easily engage in small-scale commercial operations as a private entrepreneur, that is, as a self-employed individual, depending mostly on one’s own work input. Private entrepreneurship is the lightest and most basic form of business. It is also uncomplicated, speedy, and low-cost to set up. As a private entrepreneur, an individual can operate the firm alone, with a spouse, or with family to an extent. Because it has no influence over private firms, the government is unable to intervene in its operations. It is a type of business unit that is operated with the goal of making a profit.

It can range in size from small scale to vast. ICICI Bank Limited, ITC Limited, HDFC Bank Limited, Wipro, and others are examples. Considering a developing economy entrepreneurs can come forward to initiate a business or an industry. These contribute to the growth of the economy by creating jobs and supporting ancillary activity. The government’s position is best described as that of a facilitator. The government cannot run a business unless the stakes are too high for a low return, and entrepreneurs step in to change the course.

Public Entrepreneurship

Public entrepreneurship is coined as entrepreneurship carried out by the government through its many development agencies. To fill the initial shortfall of private entrepreneurs, all countries, developed and developing, take a public initiative in venture projects.

They contrast with private entrepreneurs in that they are employed by the government to address public and environmental hazards. They are also not social entrepreneurs because they have to abide by the laws of the government. “Public entrepreneurs are socially minded  but they differ from social entrepreneurs in that they carry out a public or state role. In a Centre for Public Impact briefing paper entitled “Enter the Public Entrepreneur” the difference is clear.”

It girdles the entire collection of policies implemented and created by local, regional, and national governments to assist self-employed entrepreneurs in starting their own firms as well as providing support through established networks. It also includes all of the inventive manners in which governmental authorities and their agents promote economic growth, market collaboration, and citizen participation in terms of elevating long-term development. Hindustan petroleum corporation ltd., Mahanagar Telephone Nigam Limited, and Steel Authority of India Limited are pristine samples of such.

Mass Entrepreneurship

Mass entrepreneurship emanates in an economy where there is a conducive climate of inspiration and encouragement for the composed of a wide variety of entrepreneurship among the general public. It boosts the number of small and medium businesses in a country. It refers to the numerous small local enterprises in every town that employ local inputs and meet local needs.

They are the folks who support businesses (such as bakeries, small agribusinesses, and artisan villages) that will never be listed on a stock exchange but employ or augment the income of 5 to 20 people. On the other hand, requires legislative, financial, and business development tools to enable self-employment and accelerate the growth of small and medium businesses.

Social Entrepreneurship

A Social Entrepreneur is an individual who is engaged in social entrepreneurship. He creates, funds, and implements social, cultural, and environmental solutions. There is a common misconception that Social Entrepreneurial businesses are not for profit. They also serve to achieve and obtain wealth, earning them the moniker “philanthropreneurship,” which is not a common term. 

Philantropreneurs coalesce their resources to bring about scalable and long-term social change. As a result, their contribution is intended to go beyond temporary “band-aid” fixes to the problem’s eradication. SafePoint Trust is one of the most well-known examples of social entrepreneurship. It is run by Marc Koska and is involved in the field of medical device redesign. They also develop low-cost non-reusable syringes for clinics around the world that are short on cash. This company has supplied more than 4 billion safe injections in more than 50 countries since its inception.

The prominence of social entrepreneurship is that it gives a framework for firms to pursue their own success while also benefiting others. It provides employees with a steady supply of incentives. Anant Kumar is a noteworthy social entrepreneur who has received awards such as the United Nations World Business and Development Award, the Frost & Sullivan Award for Mother and Child Health Care Provider of the Year, and the Economic Times NOW TV Entrepreneur of the Year, to mention a few. He even joined Barack Obama for a round table discussion in 2010 to share his creative business ideas with the then-President.

The Impact

On a local and national level, great entrepreneurs have the capacity to revolutionize the way we live and work. If successful, their discoveries may raise living standards, and in addition to earning income through entrepreneurial endeavors, they may also contribute to a developing economy by producing jobs. Entrepreneurs’ new products and services can have a cascading effect, stimulating associated firms or sectors that are needed to support the new endeavor, resulting in economic growth.  It is impossible to overestimate the importance of entrepreneurship.

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Anushka Indurkar
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