Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones.
The 4 Types of Entrepreneurship
Small Business
Small businesses represent the overwhelming majority of U.S. entrepreneurial ventures. A small business could be any company, restaurant, or retail store that’s launched by a founder, without any intention of growing the business into a chain, franchise, or conglomerate.
Scalable Startup
Scalable startups are less common than small businesses, though they tend to attract a lot of media attention. These businesses begin on a very small scale, often as just the seeds of an idea. This germ is then nurtured and scaled, typically through the involvement of outside investors, until it becomes something much larger.
Large Company
Sometimes, entrepreneurs work within the context of a larger, established company. Imagine that you work at a large auto manufacturing company.
Social Entrepreneurship
The final model to consider is social entrepreneurship, which seeks innovative solutions to community-based problems. According to Investopedia, social entrepreneurs “are willing to take on the risk and effort to create positive changes in society through their initiatives.” I
Entrepreneurship is the mindset that allows you to see opportunities everywhere. It could be a business idea, but it could also be seeing the possibilities in the people who can help you grow that business. This ability to see many options in every situation is critically important; there will be unending challenges that will test your hustle.”
One of the perks of choosing entrepreneurship as your career is the independence that you get by being an entrepreneur.
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