Not all entrepreneurs and ventures are the same nor are the objectives the same. We share some types.
Builders seek to create scalable companies in a short period of time. Builders typically surpass $5 million in revenue in the first two to four years and continue to grow to $100 million or more. These people try to create a solid infrastructure by hiring the best talent and finding the best investors. They have temperamental personalities that adapt to the rapid growth they desire, but they can make personal and business relationships difficult.
Opportunistic entrepreneurs are optimistic people with the ability to choose financial opportunities, enter them at the right time, stay on board during the growth period, and exit when the business peaks.
These types of entrepreneurs are concerned about the profits and wealth they will create, so they are attracted to ideas where they can create residual or renewal income. Because they seek to find opportunistic opportunities, opportunistic entrepreneurs can be impulsive.
Innovators are those rare individuals who come up with a great idea or product that no one has thought of before. Think Thomas Edison, Steve Jobs and Mark Zuckerberg. These individuals worked on what they loved and found business opportunities through it.
Instead of focusing on money, innovators care more about the impact their products and services have on society. These individuals are not the best at running a business, as they are idea-generating individuals, so they often leave day-to-day operations to those more capable in that regard.
These people are analytical and risk-averse. They have a strong set of skills in a specific area obtained through education or apprenticeship. A specialized entrepreneur will develop his business through networks and referrals, so his growth will be slower than that of a construction entrepreneur.
Just as there are different types of entrepreneurs, there are also different types of companies they create. Below are the main types of entrepreneurship.
Small business entrepreneurship is the idea of opening a business without turning it into a large conglomerate or opening many chains. A one-location restaurant, grocery store, or retail store selling your artisan products would be an example of small business entrepreneurship.
These people usually invest their own money and are successful if their business makes a profit, from which they live. They have no outside investors and will only accept a loan if it helps them continue the business.
They are companies that start with a single idea: scale. The hopes are to innovate with a unique product or service and continue to grow the company, continually scaling as time goes on. These types of companies usually need investors and large amounts of capital to grow their idea and reach multiple markets.
A large business venture is a new business division created within an existing company. The existing company may be well placed to branch out into other sectors or it may be well placed to engage in a new technology.
The CEOs of these companies foresee a new market for the company or people in the company generate ideas that they contribute to senior management to start the process.
The goal of social entrepreneurship is to create a benefit for society and humanity. They focus on helping communities or the environment through their products and services. They are not motivated by profits, but by helping the world around them.
