10 types of entrepreneurship explained with examples (2023)

We live in a world that is evolving at a pace our ancestors never witnessed. The modern world has shrunk the space for traditional companies because modern problems demand modern solutions. Entrepreneurs are those who propose modern solutions taking the risk of promoting new ideas and profiting from them. Thus, the society we all live in today is the product of changes that entrepreneurs have made from afar.

The categorization of types of entrepreneurs depends a lot on the niche in which someone is innovative. For example, as a social entrepreneur, someone wants to solve social problems, while others aim to start a business that they can scale as a scalable startup entrepreneur.

In this article, the marketing tutor offers an in-depth look at ten different types of entrepreneurs.

Let's jump right in.

table of contents

What is entrepreneurship?

Before explaining the types, you should know what entrepreneurship is. Entrepreneurship is basically the ability to build a business from scratch, taking into account all the uncertainties to profit from it.

It is a risky approach to succeed in an ever-demanding and dynamic global market. Anyone who has innovative ideas and is smart enough to run a new business with minimal fear of failure can become an entrepreneur. However, the sole purpose is the pursuit of profit. Entrepreneurship ranges from local and national businesses to global corporations.

But all that glitter isn't gold, with over 19% of startups failing due to excessive competition, while another 18% fail due to mismanaged pricing or costs. Therefore, not all entrepreneurs can be successful. But some specific qualities can make an entrepreneur successful, including the ability to take risks, visionary leadership, creativity and entrepreneurial skills.

types of entrepreneurship

It is important to know the minimum differences between the types, as it is imperative for an entrepreneur to plan a business accordingly. Every type of entrepreneur faces numerous challenges and difficulties.

However, success belongs to those who understand the nuances, make the right decisions and solve problems efficiently. Each type of entrepreneurship is significantly different from the other. And each entrepreneur has a different tool to deal with problems.

Also, the required skills are different for each type. Some types of entrepreneurship are discussed below:

social entrepreneurship

In social entrepreneurship, entrepreneurs use their products and services to solve social problems. This niche has no intention of making big profits. Your goal is to start a business that can do social good. They produce specific products and services that solve specific environmental and social problems.

Examples include; Universities, banks and companies that provide financial services in third world countries. Famous social entrepreneurs are Scott Harrison, Bill Gates and Bill Drayton.

Innovative Entrepreneurship

This type of entrepreneurship, as the name implies, focuses on innovation. If you have a creative idea to create new products or start a new business, you can become an innovative entrepreneur. This type of entrepreneurship requires a unique idea that can change the world, or at least something significant.

If you want to break into this niche, you need to accurately assess the current market situation. Creative and unique ideas are essential for successful innovative entrepreneurship. Innovative entrepreneurs are often very enthusiastic. They tend to change the current state and push boundaries.

John Hanke, Andrew Rose, Bill Simons and Walt Disney are some well-known innovative entrepreneurs.

small business

Small business entrepreneurship is limited to small businesses or businesses. These businessmen don't make big profits from their business. The main objective of small business owners is to improve the lifestyle of their families. They have no intention of receiving funding, nor are they interested in expanding their business.

Small business owners often hire people or even their families who live in the same location. Some examples of small business entrepreneurship are supermarkets, beauty salons, convenience stores, local restaurants and electricians.

The number of small businesses in the United States has increased33.7 million in 2020, which represents 99.9% of all companies, highlighting the development of entrepreneurship in small companies.

Entrepreneurship in large companies

Entrepreneurship of large companies falls under the category of business at the macro level. This type of entrepreneurship is unique because it involves buying small businesses rather than starting a new one and introducing new products or businesses to an existing market. They are formed by a great team of executives.

These organizations regularly create new services and products based on customer preferences to meet market demand. When a company makes small profits, small business entrepreneurship can become big entrepreneurship. Its focus is on expanding business and opening new markets. Examples of entrepreneurship by large companies are Microsoft, Google and Disney.

Scalable startup venture

Scalable startup entrepreneurs investigate market gaps and try to find solutions. Scalable companies are more focused on developing repeatable and scalable business models.

The main goal of scalable entrepreneurs is to grow their business and earn massive profits. Scalable entrepreneurs understand opportunities to make long-term plans to make a profit and grow their business quickly.

Amazon, Apple, Uber and social media apps are innovative and scalable entrepreneurs.

swindler entrepreneurship

Hustler entrepreneurs are extremely passionate and constantly strive to run their businesses. You are very motivated and courageous. They are determined to reach their goal at all costs. If you can sell any product at any time and calculate business potential, you can be a Hustler Entrepreneur.

Entrepreneurs are known for their unique trait of not giving up easily and being willing to overcome obstacles to reach their goals. For example, a dealer is willing to make many calls and emails to make a purchase.

entrepreneurship research

Research entrepreneurs take a lot of time before starting a business. They focus on facts and statistics. They study a lot about the product they want to launch. It leads to a greater chance of success.

The research entrepreneur has extensive knowledge about the company and products. Plan everything correctly, which reduces the risk of failure. Research Entrepreneurship is a business concept that uses educational research and knows pace to improve scarce resources.

Some famous research entrepreneurs are Ben Franklin, Thomas Edison and Marie Curie.

buyer entrepreneurship

Buyer entrepreneurs do not start a new business or venture. Invest in the business that is already well established and developed; They tend to belong to an elite class.

Buyers don't have to start from scratch; They only invest money to make more money. Buyer entrepreneurs not only invest in the company, but also act as active members of that company. You are directly and professionally connected to the company. It also helps the company to prosper more.

Only those who have enough wealth to buy a full-fledged company can become buyers. In this case, the probability of failure is minimal.

imitative entrepreneurship

Copycat entrepreneurs can be called copycats because they copy the ideas of other successful entrepreneurs who have minimal resources and cannot take financial risks. They take others' ideas and improve on them, tracking their mistakes, in order to run a profitable business.

Copycat entrepreneurs are willing to actively learn from the mistakes of others. The combination of an innovator and a crook creates a copycat. Imitators are very self-centered and strong individuals. Although they copy ideas, they make them so unique and creative that the chances of success increase significantly.


An intrapreneur is a person who thinks creatively and acts like an entrepreneur while working for a company. Those who fall into this category must be professionally confident and active. Intrapreneurs help companies grow and develop people with an innovative spirit.

The best intrapreneurs in the world are Spencer Silver, who invented sticky notes at 3M, and Steven Sasson, who invented the portable digital camera while working at Kodak. These inventions were created by just one person, but they brought a whole new perspective to the business world.

last words

The dominance of a few capitalists is now threatened because the modern world has given space for innovators and entrepreneurs to sell their services and products. There is no denying that entrepreneurs have changed the world view, as some types discussed in this article describe the different approaches of each type. In general, entrepreneurship is the key to exploring the modern world to its full potential.


What are the types of entrepreneurship with examples? ›

Here, we'll discuss the five types of entrepreneurs and how their respective priorities and goals create unique businesses and distinctly affect consumers.
  • Social entrepreneurship. ...
  • Scalable startup entrepreneurship. ...
  • Small business entrepreneurship. ...
  • Large company entrepreneurship. ...
  • Innovation entrepreneurship.
Jan 21, 2022

What are the 10 entrepreneurial traits explain? ›

Characteristics and behaviors like experimentation, persistence, and innovation can be developed with time, experience, and training. As long as you possess the entrepreneurial spirit, you'll be able to seize opportunities and overcome challenges throughout your journey.

What are the 12 types of entrepreneurship? ›

Here are 12 different types of entrepreneurship:
  • Small business entrepreneurship. ...
  • Large company entrepreneurship. ...
  • Scalable startup entrepreneurship. ...
  • International entrepreneurship. ...
  • Social entrepreneurship. ...
  • Environmental entrepreneurship. ...
  • Technopreneurship. ...
  • Hustler entrepreneurship.
Jun 6, 2021

What are the 10 core competencies in entrepreneurship? ›

In this exploratory study, the experts agree that the relevant competencies for entrepreneurship are: risk assumption, initiative, responsibility, dynamism, troubleshooting, search and analysis of information, results orientation, change management and quality of work.

What are the 8 types of entrepreneurship? ›

8 types of entrepreneurs
  • Analysts. Analyst entrepreneurs are people who like to take their time and thoroughly research when starting a business. ...
  • Buyers. The buyer type of entrepreneur uses their money and wealth to fund their business ventures. ...
  • Social good. ...
  • Innovators. ...
  • Scalable startup. ...
  • Hustlers. ...
  • Imitators. ...
  • Small business.
Mar 22, 2022

What is entrepreneurship and explain its types? ›

Definition of Entrepreneurship. Entrepreneurship is all about innovating something or solving people's problems and generating profit from that. It's an act to create a business and scale it to generate the maximum profit.

What are the most important characteristics of an entrepreneur class 10? ›

What are entrepreneur traits?
  • Passion.
  • Risk taking ability.
  • Persisting nature.
  • Innovative.
  • Leading from the front.
  • Ethical in nature.

What is an entrepreneur class 10? ›

An individual who creates a new business, bearing most of the risks to set up a business is called entrepreneur. The process of setting up a business is known as entrepreneurship.

What are the 11 characteristics of successful entrepreneurs? ›

11 qualities that make a true entrepreneur
  • Self-starting. This may seem obvious but an entrepreneur can't sit around waiting for someone else to give them permission to do something. ...
  • Disciplined. ...
  • Confident. ...
  • Creative. ...
  • Risk-taking. ...
  • Relationship-building. ...
  • Open-minded. ...
  • Planners.
Mar 2, 2017

What are the types of entrepreneurs explain each 7 types? ›

Here are the different types of entrepreneurship:
  • Small business entrepreneurship.
  • Large company entrepreneurship.
  • Scalable startup entrepreneurship.
  • Social entrepreneurship.
  • Innovative entrepreneurship.
  • Hustler entrepreneurship.
  • Imitator entrepreneurship.
  • Researcher entrepreneurship.
Mar 20, 2020

What are the 15 personal entrepreneurial competencies? ›

Here are 15 characteristics you can improve to become a successful entrepreneur:
  • Creativity.
  • Passion.
  • Motivation.
  • Product or service knowledge.
  • Ability to network.
  • Self-confidence.
  • Optimism.
  • Vision.
Feb 25, 2020

What are the 10 global competencies? ›

Global competencies:
  • Self-awareness. Global citizens reflect on their own actions and attitudes and how those have been shaped over time. ...
  • Valuing differences. Global citizens value diversity. ...
  • Global connection. ...
  • Curiosity. ...
  • Flexibility. ...
  • Communication. ...
  • Critical thinking. ...
  • Empathy.

What are the 9 principles of entrepreneurship? ›

9 Entrepreneurship Principles
  • It's Never About the Economy; it's Always About You. ...
  • You Aren't Playing if You Aren't Playing by the Numbers. ...
  • Use Technology. ...
  • Customers Are Humans; Not CRM Entries. ...
  • In a Sales Process, You Aren't Important. ...
  • Just Shut Up. ...
  • Entrepreneurship Without Vision is Abortive. ...
  • What's Your Plan?
Mar 10, 2013

What are the 9 common competencies in entrepreneurship? ›

Qualities of an Entrepreneur
  • Motivation.
  • Creativity.
  • Persuasiveness.
  • Vision.
  • Versatility.
  • Risk Tolerance.
  • Flexibility.
  • Decisiveness.

What are the 17 characteristics of an entrepreneur? ›

17 Traits That Entrepreneurs Possess
  • You're motivated by fear. ...
  • You hate being told no. ...
  • You thrive on uncertainty. ...
  • You're willing to take responsibility. ...
  • You're committed to your business with your heart and soul.
  • You're passionate. ...
  • You understand that you're not defined by your job, because you can see the big picture.
Aug 8, 2014

What are the 6 types of entrepreneurs? ›

In a nutshell, most successful entrepreneurs fit into one of these six categories:
  • Hustler.
  • Innovator.
  • Machine.
  • Prodigy.
  • Strategist.
  • Visionary.
Oct 18, 2016

What are the 14 characteristics of entrepreneur? ›

14 Common Traits of Successful Entrepreneurs
  • They are visionaries. They see well beyond what's happening today, and they seek to impact the future.
  • They have passion. ...
  • They know their “Why”. ...
  • They network. ...
  • They have a support team. ...
  • They invest in themselves. ...
  • They believe in their ability to succeed. ...
  • They're committed.

What are the four types of entrepreneur and give example each? ›

Most often, the types of entrepreneurship are broken into four categories:
  • small business.
  • scalable startups.
  • large company or intrapreneurship.
  • social entrepreneurship.
Apr 7, 2022

What are examples of social entrepreneurship? ›

Other examples of social entrepreneurship include educational programs, providing banking services in underserved areas, and helping children orphaned by epidemic disease.

What is the 10 20 rule in entrepreneurship? ›

Key Takeaways. The 20/10 rule says your consumer debt payments should take up, at a maximum, 20% of your annual take-home income and 10% of your monthly take-home income.

What are the 8 characteristics of entrepreneurship? ›

Eight traits of an entrepreneur
  • Leadership. One of the most important characteristics of an entrepreneur is the ability to lead. ...
  • Vision. Entrepreneurs who are truly blazing new trails always have a vision in mind. ...
  • Motivation. ...
  • Positivity. ...
  • Risk-inclined. ...
  • Creativity. ...
  • Adaptability. ...
  • Tenacity.
Jun 27, 2017

Who is an entrepreneur give at least 5 characteristics of an entrepreneur 10 points? ›

What are the 5 characteristics of entrepreneurs?
  • Motivation.
  • Passion.
  • Vision.
  • Confidence.
  • Decision making.
Jan 2, 2021

What values does a successful entrepreneur have write any three values with examples Class 10? ›

Guiding Values
  • Bravery. In recognizing and pursuing and opportunity, an entrepreneur requires bravery. ...
  • Vision. Vision guides the entrepreneur through the business planning process, clarifying the opportunity and setting goals for the organization. ...
  • Respect for self and others. ...
  • Trust. ...
  • Honesty. ...
  • Generosity. ...
  • Fortitude.
Dec 1, 2004

What do you think is the most important function of an entrepreneur with Example Class 10? ›

'Bear the sense of responsibility' reflects 'risk bearing' capacity and it is most important function of an entrepreneur.

What is the importance of entrepreneurship class 10? ›

Entrepreneurship Promotes Innovation

Entrepreneurs have a role to play in solving problems that existing products and technology have not yet solved. So by producing new products and services or bringing innovation to existing products and services, entrepreneurship has the potential to improve peoples' lives.

What do you think are the important functions of an entrepreneur class 10? ›

2) An entrepreneur bears all the risks associated with the running of a business in order to innovate somethings. Risk taking is one of the key element of entrepreneurship.

What are the four rules of entrepreneurs Class 10? ›

5 Rules of Entrepreneurship
  • Find a Need and Fill It. Human needs and wants are unlimited. ...
  • Find a Problem and Solve It. ...
  • Unlimited Opportunities. ...
  • Focus on the Customer. ...
  • Bootstrap Your Way to Success.

How does entrepreneurship create job class 10? ›

Create Jobs: ​With the growth of a business, entrepreneurs look for more people to help them. They buy more material, and from more people. The also hire more people to work for them. Sharing of Wealth: ​As entrepreneurs grow their business, the people working for them and in related businesses also grow.

Who is an entrepreneur class 11? ›

3. Entrepreneur is a person who develops and owns his own enterprise, is a moderate risk taker and works under uncertainty for achieving the goal. — Is innovative and a persuader of deviant pursuits. — Reflects a strong urge to be independent.

Who is an entrepreneur give an example class 11? ›

An entrepreneur is an individual, responsible for identifying a business opportunity and taking it from idea to implementation i.e., one man activity. It is a process involving various actions to be undertaken to establish enterprise.

Who is an entrepreneur class 9 short answer? ›

An entrepreneur is a person who is self-employed, is willing to take a calculated risk and brings in a new idea to start a business.

What are the 5 entrepreneurial activities? ›

Activities In Entrepreneurship
  • Sponsorship of Non-Profit Organisations. Many local groups are searching for corporate sponsors. ...
  • Contributing To The Local Economy. ...
  • Promoting Local Businesses. ...
  • Creative Marketing Strategies. ...
  • Market Research.
Sep 9, 2022

What is a good example of an entrepreneur? ›

Andrew Carnegie, Henry Ford, Oprah Winfrey, Bill Gates, and Larry Page are among the most celebrated American entrepreneurs in history.

What is 10th entrepreneurship class? ›

Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.

What are the 15 resources of entrepreneur? ›

15 essential entrepreneur resources
  • Small Business Administration. ...
  • Due. ...
  • International Franchise Association. ...
  • BizBuySell. ...
  • Bplans. ...
  • VentureBeat. ...
  • CharityNavigator. ...
  • American FactFinder.
Nov 17, 2017

What are the 15 characteristics of effective entrepreneurs enumerate? ›

15 Characteristics of Successful Entrepreneurs
  • Creative Vision. Vision is the key to create the future you want for yourself. ...
  • Doer mentality. Entrepreneurship is more about doing than thinking. ...
  • Organising skills. ...
  • Open to new ideas. ...
  • Risk-taker. ...
  • Tech smart. ...
  • Driven and motivated. ...
  • Zero-based thinking.
Dec 2, 2020

What is 5 steps of the entrepreneurial process with an example? ›

It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth. These phases are summarized in this table, and the Opportunity Evaluation and Planning steps are expanded in greater detail below.

What are the 7 steps of entrepreneurial process? ›

How to Become an Entrepreneur in 7 Steps
  • Find your purpose. ...
  • Identify a problem you can solve. ...
  • Make your first prototype. ...
  • Sell the problem, not the product. ...
  • Develop your brand story. ...
  • Build a culture of scrappiness. ...
  • Stay connected to your “why.” Starting a successful business is—well, a treacherous business.
Jun 7, 2021

What are the 10 benefits of entrepreneurship? ›

What are the 10 Benefits of Entrepreneurship?
  • Learning Day-By-Day. ...
  • Thrilling Journey. ...
  • Watching the Project Grow. ...
  • Flexible Schedule of Work. ...
  • Enjoy the Work. ...
  • Develop All Your Ideas. ...
  • Freedom to Choose People You Work With. ...
  • Independence.
Jan 13, 2023


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