ENTREPRENEURSHIP DEVELOPMENT-2
Classification and Types of Entrepreneurships
Entrepreneurship can be classified based on various factors such as business size, innovation level, ownership, and objectives. Below is a detailed classification of entrepreneurship along with its types.
1. Classification Based on Business Size
a) Small Business Entrepreneurship
Includes local businesses such as grocery stores, restaurants, salons, and small retail shops.
The main objective is to earn a stable income rather than expand on a large scale.
b) Large Company Entrepreneurship
Involves innovation within well-established companies to maintain market leadership.
Large firms create new products and services to sustain growth and compete in evolving markets.
Examples: Google, Apple, and Microsoft launching new technology products.
2. Classification Based on Innovation Level
a) Innovative Entrepreneurship
Focuses on bringing new ideas, products, and services to the market.
Requires creativity, research, and risk-taking.
Example: Tesla’s electric cars, Airbnb’s online accommodation model.
b) Imitative Entrepreneurship
Involves copying or modifying existing business models and ideas for a different market.
Entrepreneurs adopt successful concepts from other regions or industries.
Example: Adapting the Uber business model for bike taxis.
c) Drone Entrepreneurship
Entrepreneurs who resist change and innovation, continuing traditional business methods.
Example: Businesses that refuse to adopt digital payment systems despite market trends.
d) Fabian Entrepreneurship
Entrepreneurs who are cautious and slow to adopt innovation unless necessary.
Example: A family-run business that only modernizes its operations when forced by competition.
3. Classification Based on Ownership and Control
a) Private Entrepreneurship
Owned and operated by private individuals or groups for profit-making purposes.
Example: Privately-owned companies like SpaceX, Amazon.
b) Public Entrepreneurship
Government-owned ventures aimed at providing public services and economic development.
Example: Public sector banks, government-funded startups.
c) Joint Entrepreneurship
A collaboration between private and public sectors to boost economic growth.
Example: Public-private partnerships in infrastructure projects.
4. Classification Based on Business Objective
a) Social Entrepreneurship
Focuses on solving social and environmental problems through business models.
Example: NGOs, impact-driven startups like TOMS Shoes (one-for-one model).
b) Green Entrepreneurship (Eco-Entrepreneurship)
Businesses focused on sustainability, renewable energy, and environmental conservation.
Example: Tesla’s clean energy solutions, organic farming businesses.
c) Cultural Entrepreneurship
Involves businesses related to arts, culture, and heritage preservation.
Example: Handicrafts, traditional art businesses.
d) Technological Entrepreneurship
Focuses on tech-based solutions and digital innovation.
Example: Startups in AI, blockchain, software development.
5. Classification Based on Business Model
a) Scalable Startup Entrepreneurship
High-growth startups designed to scale rapidly.
Example: Google, Facebook, and other Silicon Valley startups.
b) Serial Entrepreneurship
Entrepreneurs who start multiple businesses over time rather than focusing on one.
Example: Elon Musk (Tesla, SpaceX, Neuralink, etc.).
c) Lifestyle Entrepreneurship
Entrepreneurs who build businesses based on their personal passions and lifestyles.
Example: Travel bloggers, fitness influencers running their own brands.