Types of Entrepreneurship

Image source 

1. STARTUPS/ NEW BUSINESS VENTURES

These are new businesses which are just beginning to grow and are in its initial stage of operation. These ventures are mostly financed by the owner or group of owners it's also commonly observed that families support these new ventures in the initial stages of operation. These are young entrepreneurial ventures which are initiated with the aim of earning the profits by converting an idea to commercial undertaking. These companies often struggle in the market for their existence.

2. TECHNOLOGY ENTREPRENEURSHIP

Techno entrepreneurship could be small businesses operated by Scientist or engineers or solving a problem by the use of technology. The main aim of technology entrepreneurs is to assemble individuals with specialized skills and diverse assets to create and capture value for the company by exploring and experimenting collaboratively. Over the years technology has become an important phenomenon in our lives. Companies today find it difficult to survive without having a competing technology, technology gives an competitive edge for companies today in the market. Countries with technology entrepreneurs are leaders of the future.

3. INTRAPRENEURSHIP

Entrepreneurial employees are known as intrapreneurs .Pinchot in his paper intra-corporate entrepreneurship coined the term "entrepreneurship" he says for a company to grow and prosper in a society that is so dynamic the company needs entrepreneurial thinking within the firm. These employees with entrepreneurial thinking turn their innovative ideas into reality inside the organization the main difference between intrapreneur and an entrepreneur is that intrapreneurs use company resources, they works within the organization and its rules and regulations, whereas entrepreneur uses his own resources and is independent of any such rules. For example : Ken Kutaragi was an employee at Sony he found that a digital chip that is only for sound  would improve the sound quality of Sony play station another example is Steven Sasson who was an engineer at Kodak invented first digital camera.

4.SOCIAL ENTREPRENEURSHIP

This is a new approach to doing business where people are engaged in business activities by aiming at social welfare. Social entrepreneurs intend to do the business by reinvesting the profits earned back in to the business the investors in this kind of business are mostly philanthropists. These entrepreneurs commit themselves for  social well-being. These enterprises maybe non-profit, for profit earning or both.