In my own words, I would describe entrepreneurship as an act of pursuing my passion, taking substantial financial risks, and hoping to make a profit in the process!
After working for various organizations and agencies for several years, I realized I had gained the skills, expertise, and experience to start my venture. The thought process was way easier than actually going through with it, and understanding the life of an entrepreneur was not a joke! Apart from multiple important decisions, the first and foremost one before taking the plunge was determining your personality type and what kind of entrepreneurship model I would adopt.
This is a crucial factor in determining one’s journey as a business owner. Only if you are clear about your final destination would you be able to work towards it systematically!
Let’s have a look at some entrepreneurship models and examples to understand each type:
Large business entrepreneurship
These are the massive businesses that thrive on sustaining innovative products and services. Over a while, they have built an expansive organization. They are constantly engaging in research & development to keep advancing their technology to meet the ever-evolving needs of their customers. A classic example of large business entrepreneurship would be Apple or Samsung.
Small business entrepreneurship
More often than not, these start with a single person, a pretty basic idea, and a lot of passion and determination. Research says, 75% of the businesses are part of the small entrepreneurship model, and their capital is raised via friends and family. They usually hire local manpower as well as family members and thrive on high profit. Examples of this kind of business are the local coffee shop, Hair Salon, Grocery stores, Consultants, etc.
is for people who genuinely think that they can bring about a change in the world with their innovations and actually have the potential to do so. The entire focus in this model is more on a social cause rather than just profits. Non-profit organizations are also a part of this business model. Examples of this business model are microfinance institutions, co-operatives, educational programs, and welfare services.
Scalable startup entrepreneurship
These kinds of business models get funding from venture capitalists for further growth after tasting success at level one of setting up their enterprise. Entrepreneurs who pick this model are confident of their vision and believe that it can change the world! One of the most famous examples of a scalable startup is Facebook.
A business model that is based on finding gaps in the market. These entrepreneurs use innovative thinking and technology to develop products and services that can make life easier for the people and something no one else has clocked on yet! This is ideal for people who are constantly thinking outside the box. Iphones and Tesla are real-world examples of innovation entrepreneurship done right.