India has one of the youngest populations in the world. And many of these youths are not getting a proper job despite being educated. The government is working actively to create opportunities for these young people keeping economic growth in mind. Among the many mechanisms adopted by the government of India, Entrepreneurship is one of them.
As per the Global Entrepreneurship Monitor (GEM) India Report of 2021-2022, India’s entrepreneurial activity expanded in the year 2021, and its Total Entrepreneurial Activity ( i.e percentage of adults aged 18-64) who are starting or running their business increased from 5.3% in 2020 to 14.4% in 2021.
From Ola Bhavish Agarwal and Deepinder Goyal to Ritesh Agarwal, India has created many successful entrepreneurs.
So, before diving into the pool of types of entrepreneurship let’s understand what entrepreneurship means.
What is Entrepreneurship?
Entrepreneurship is about getting ideas to solve people’s problems, executing those ideas, and finally converting those ideas into a business and scaling it to generate maximum profit.
Entrepreneurship has three P’s- Patience, Persistence, and Perseverance and these P’s should be inculcated in mind before starting the entrepreneurship journey as it will act as the essence of success.
To think outside of the box one needs to have great skill, passion, and consistency along with financial risk to accomplish that goal. Entrepreneurship is very risky but it also can be highly rewarding, as it generates economic wealth, growth, and innovation.
9 Types Of Entrepreneurship That Will Blow Your Mind
Learning about the different types of entrepreneurship that a company follows will help you to know whether you can survive in the work culture, as the type of entrepreneurship affects the work environment.
By the end of this blog, you will have a better idea about different types of entrepreneurship which will help you in your future endeavors.
1. Freelance Entrepreneurship or Solopreneurship
Almost any individual can start their own business as a freelancer and in the United States, it costs almost nothing. Freelancers trade time for money and may enjoy flexibility. It costs so little to start as a freelancer, you won’t need to raise any funds or put your house on the line.
Solopreneurship is a term that emerged from founders who run small businesses that have only one employee i.e themselves. They hire subcontractors to help them with some specific tasks but most of the time they act as lynchpins in the business.
2. Social Entrepreneurship
Social Entrepreneurship is a new concept that has been around for a few decades now.
When an entrepreneur observes the problem of society and takes steps to solve those problems to make them better for others, then they choose to be a social entrepreneur. This type of entrepreneurship is driven by social motives other than profit-making. They are associated with nonprofit-making firms as they are motivated by positive impact over money.
When you hear about social entrepreneurship, some famous names such as Urvashi Sahni, Anshu Gupta, and Bill Drayton will surely come up.
3. Hustler Entrepreneurship
Hustler entrepreneurs are self-starters motivated by their aim and aspirations to succeed in their entrepreneurship journey. People who start small businesses and want to grow their businesses through hard work rather than capital fall under this category.
They believe in themselves and consistently work towards their goal until it is achieved. When people have a low budget and are unable to raise many funds they use their most powerful weapon, hard work to initially boost their business.
The best thing about hustler entrepreneurship is that they don’t wait for opportunities they create them. They don’t give up easily and are always ready to face challenges.
4. Franchise Entrepreneurship
Other than starting your start-up and going through all the hassles there are ways to shortcut the startup process and buying a franchise is one of them.
Franchise startup costs can be sometimes as low as $10,000 to as higher as $5 million. This price depends on the type of industry, location, and also the type of franchise.
The franchise business in India is booming. The franchise business model provides benefits to both the franchisee and franchisor and therefore it’s a lucrative business model.
5. Innovative Entrepreneurship
Without any doubt, every entrepreneur is an innovator so innovative entrepreneurs are those who always come up with unique ideas for any issue or their startups. Innovation helps an entrepreneur to improve or replace a product, service, or process in the market.
They know how to stand out from the crowd with their innovative idea. A very successful example of an innovative entrepreneur is Steve Jobs.
6. Imitator Entrepreneurship
Entrepreneurship is not an easy journey but it becomes relatively easy when you are practicing to be an imitator. This journey requires you to be innovative. This is because your target will be other companies’ products and you will try to catch up with their best features. You cannot directly replicate their product and here innovation with help to fly high.
You already have your product ready and also the strategy to promote the product, so in this entrepreneurship, you just need to add some extra cool features and then sparkle in the market.
7. Scalable Startup Entrepreneurship
When a startup has an innovative idea that has the power to bring a change in the economy, they become one of the scalable startups. They decide each step of their business tactfully to grow their business rapidly. As a result, they start earning profit in a short period.
However, it’s not easy to build a scalable startup because it requires education and skills supported by hard work. Certain examples of scalable startups are Facebook, Instagram, etc.
8. Environmental Entrepreneurship
Environmental Entrepreneurship can also be referred to as ecopreneurship. It can be defined as a process of entrepreneurship that is applied to create businesses that aim to solve environmental problems. This term began to be used widely in the 1990s.
Green entrepreneurs play a great role in environmentally friendly practices and other environmental tasks. they are important for economic development.
9. Researcher Entrepreneurship
Researchers take their proper time when starting their businesses. They do as much research as possible before presenting the product or service to the customers. They firmly believe that with the right preparation and information their chances of success will certainly rise.
Researcher ensures that they have an in-depth understanding of their business and what they are doing and will be doing in the future. They statistically try to forecast future demand based on past market data which is known as demand forecasting.
With this, the blog came to an end. So, entrepreneurship requires a lot of hard work to build a successful organization. So if you too have an idea that has the potential to bring a change in society then take a deep breath and dive into the pool.
“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people can’t.” – Warren G. Tracy’s Student
But if you are blurred about your future then feel free to avail Mindler’s online career counseling and find your best-suited career.