FinallyAccording to research, an entrepreneurial mindset is highly sought after by future employers, can improve academic outcomes, and is essential for generating new business ideas. So, once you have acquired this mindset, it’s time to find the answer to what type of entrepreneurship is best for you. For this, you must first understand the different types available and how they differ from each other.

If you look closely, most overnight successes took a long time.

Steve Jobs

Most often, types of entrepreneurship are divided into four categories:

1. Small Business

Do you know more than 95% of all businesses are considered small businesses, and the vast majority are entrepreneurial ventures? These can be anything from a restaurant to a retail store to a local service provider. They generally have no intention of becoming a series or franchise. These are pizza places, dry cleaners, daycare and self-employed individuals. Mostly, Small Business Entrepreneurs use their own funds to start their businesses and only make money when they succeed.

2. Scalable Startup

A scalable startup strives to proliferate and become a large profitable company. Despite being less common than small businesses, these startups have a tendency to attract a lot of attention if they are successful. The ideas are usually started in an attic, a garage, a dorm room or a study room on campus.

These small-scale concepts benefit investors, allowing them to grow and scale up. Most people think of that when they hear “startup” or “entrepreneur” and envision tech companies, business giants, etc.

3. Intrapreneurship or Large Company

Think of a company like Alphabet (owner of Google), which owns many other companies, but has also started some of its own. Sometimes entrepreneurs work as employees within a larger company but see the enormous potential to spin off a few new services or products that take on their own lives. These intrapreneurs use an entrepreneurial mindset to employ the resources available with their current employer. They continue to tackle potential difficulties for present and future clients by thinking outside the box. This model gives entrepreneurs an excellent chance to hit the ground running with support from a prominent backer.

4. Social Entrepreneurship

Social entrepreneurs want to make a positive difference through their actions. By starting an initiative or non-profit organization whose primary objective is to guide people and not make money, these individuals work hard and strive to be the change they wish to see in the world. Some of the topics that these organizations focus on include racial justice, environmental protection, and serving disadvantaged communities in one way.

Understand and choose the right kind of style out of the four Types of Entrepreneurship for you!