7 Types of Entrepreneurs You Need to Know About
Entrepreneurship is a broad term that encompasses many different ways of creating and running a business. However, not all entrepreneurs are the same. Depending on their goals, motivations, skills, and strategies, entrepreneurs can be classified into different types. In this article, we will explore seven types of entrepreneurs you need to know about, and how they differ from each other.
A lifestyle entrepreneur is someone who starts a business to support their desired lifestyle, rather than to maximize profits or growth. Lifestyle entrepreneurs value freedom, flexibility, and personal fulfillment over money and fame. They often choose businesses that allow them to work from anywhere, set their own schedules, and pursue their passions. Examples of lifestyle entrepreneurs include travel bloggers, freelance writers, yoga instructors, and online coaches.
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A social entrepreneur is someone who starts a business to address a social or environmental problem, rather than to make money. Social entrepreneurs use innovative and sustainable solutions to create positive change in the world. They often measure their success by their social impact, rather than by their financial returns. Examples of social entrepreneurs include Muhammad Yunus, the founder of Grameen Bank, which provides microcredit to the poor; Blake Mycoskie, the founder of TOMS Shoes, which donates a pair of shoes to a child in need for every pair sold; and Malala Yousafzai, the co-founder of Malala Fund, which advocates for girls’ education.
A serial entrepreneur is someone who starts multiple businesses, one after another, rather than sticking to one. Serial entrepreneurs are driven by the thrill of creating something new, the challenge of overcoming obstacles, and the opportunity to learn from different experiences. They often sell or exit their businesses once they reach a certain level of success or lose interest, and move on to the next venture. Examples of serial entrepreneurs include Richard Branson, the founder of Virgin Group, which comprises over 400 companies in various industries; Elon Musk, the founder of PayPal, SpaceX, Tesla, and Neuralink; and Oprah Winfrey, the founder of Harpo Productions, OWN Network, and O Magazine.
A scalable entrepreneur is someone who starts a business that has the potential to grow rapidly and reach a large market. Scalable entrepreneurs aim to create innovative products or services that can disrupt an industry or create a new one. They often seek external funding from investors or venture capitalists to fuel their growth and expansion. They also face high risks and competition, but also have high rewards if they succeed. Examples of scalable entrepreneurs include Mark Zuckerberg, the founder of Facebook; Jeff Bezos, the founder of Amazon; and Sara Blakely, the founder of Spanx.
An opportunistic entrepreneur is someone who starts a business based on spotting a gap or a need in the market, rather than following a passion or a vision. Opportunistic entrepreneurs are alert to emerging trends, customer demands, and industry changes. They often act quickly and decisively to seize an opportunity before it disappears or becomes saturated. They also adapt easily to changing circumstances and customer feedback. Examples of opportunistic entrepreneurs include Ray Kroc, who turned a small hamburger stand into McDonald’s; Steve Jobs, who revolutionized personal computing with Apple; and Kevin Systrom and Mike Krieger, who created Instagram.
A necessity entrepreneur is someone who starts a business out of necessity, rather than out of choice or desire. Necessity entrepreneurs are often pushed into entrepreneurship by factors such as unemployment, poverty, discrimination, or lack of opportunities. They often have limited resources, education, and skills. They start businesses to survive and provide for themselves and their families. Examples of necessity entrepreneurs include street vendors, home-based workers, and informal sector workers.
A hybrid entrepreneur is someone who starts a business while keeping their full-time or part-time job. Hybrid entrepreneurs are often motivated by pursuing a passion project, testing an idea, supplementing their income, or preparing for a career transition. They often balance their time and energy between their job and their business until they are ready to commit fully to one or the other. Examples of hybrid entrepreneurs include Brian Chesky and Joe Gebbia, who started Airbnb while working as designers; Jack Dorsey and Evan Williams, who started Twitter while working at Google; and Sara Blakely again (she’s amazing), who started Spanx while selling fax machines.
These are just some of the types of entrepreneurs you need to know about. Of course, there are many more variations and combinations possible. The important thing is to recognize that entrepreneurship is not a one size-fits-all concept. Different types of entrepreneurs have different goals, motivations, skills, and strategies. They also face different challenges and opportunities. By understanding the different types of entrepreneurs, you can better identify your own type and learn from others who share your type or complement it.
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Different Types of Entrepreneurship and Their Global Demand
According to Indeed.com, there are nine different types of entrepreneurship, each with its own characteristics, challenges and opportunities. These are:
Small business entrepreneurship: This is when a person owns and runs their own business, usually with local employees and family members. They are not seeking large-scale profits or venture capital funding. Examples are local grocery stores, hairdressers, small boutiques, consultants and plumbers.
Large company entrepreneurship: This is when a company has a finite amount of life cycles and needs to sustain innovation. They often create new services and products based on consumer preferences and market demand. Examples are Microsoft, Google and Disney.
Scalable startup entrepreneurship: This is when a person or a team has a vision to change the world with a new product or service. They seek to create a large market share and attract investors. Examples are Facebook, Uber and Airbnb.
Social entrepreneurship: This is when a person or an organization aims to solve a social problem or create a social impact with their business. They may or may not make profits, but they prioritize social value over economic value. Examples are Teach for America, Kiva and TOMS Shoes.
Innovative entrepreneurship: This is when a person or a team creates something new or improves something existing with their creativity and innovation. They may invent new technologies, processes, methods or models that disrupt the status quo. Examples are Tesla, Netflix and Spotify.
Hustler entrepreneurship: This is when a person or a team has limited resources but works hard to achieve their goals. They are resourceful, adaptable and persistent. They may start with a small idea and grow it gradually. Examples are Oprah Winfrey, Richard Branson and Mark Cuban.
Imitator entrepreneurship: This is when a person or a team copies or adapts an existing business idea to a new market or context. They may offer lower prices, better quality or more convenience than the original. Examples are McDonald’s, Starbucks and Zara.
Researcher entrepreneurship: This is when a person or a team conducts extensive research and experiments to discover new knowledge or solutions. They may have academic backgrounds or collaborate with universities or research institutions. Examples are Google Scholar, Pfizer and NASA.
Buyer entrepreneurship: This is when a person or a team buys an existing business and improves its performance. They may use their expertise, network or capital to add value to the business. Examples are Warren Buffett, Steve Jobs and Jeff Bezos.
The global demand for different types of entrepreneurship may vary depending on the economic, social, cultural and technological factors in different regions and industries. However, some general trends can be observed:
- The demand for scalable startup entrepreneurship is high in sectors that are driven by innovation and disruption, such as technology, biotechnology, e-commerce and media. These sectors offer high potential for growth and impact, but also face high competition and uncertainty.
- The demand for social entrepreneurship is high in sectors that are driven by social needs and challenges, such as education, health care, environment and human rights. These sectors offer high potential for social value and recognition, but also face low funding and regulation.
- The demand for small business entrepreneurship is high in sectors that are driven by local demand and preferences, such as retail, hospitality, personal services and crafts. These sectors offer high potential for customer loyalty and satisfaction, but also face low margins and scalability.
- The demand for large company entrepreneurship is high in sectors that are driven by market demand and competition, such as manufacturing, transportation, energy and finance. These sectors offer high potential for profitability and stability, but also face low innovation and differentiation.
- The demand for innovative entrepreneurship is high in sectors that are driven by creativity and novelty, such as entertainment, fashion, art and design. These sectors offer high potential for expression and diversity, but also face low protection and imitation.
- The demand for hustler entrepreneurship is high in sectors that are driven by opportunity and necessity, such as agriculture, construction, trade and tourism. These sectors offer high potential for flexibility and independence, but also face low resources and support.
- The demand for imitator entrepreneurship is high in sectors that are driven by adaptation and convenience, such as food, beverage, beauty and fitness. These sectors offer high potential for accessibility and affordability, but also face low originality and quality.
- The demand for researcher entrepreneurship is high in sectors that are driven by discovery and exploration, such as science, engineering, medicine and space. These sectors offer high potential for knowledge and advancement, but also face low commercialization and application.
- The demand for buyer entrepreneurship is high in sectors that are driven by improvement and optimization, such as consulting, marketing, accounting and legal services. These sectors offer high potential for expertise and value-addition, but also face low ownership and risk.
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