A lot of people see entrepreneurs as persons who aspire to be the CEOs of the world’s most powerful corporations. However, whereas many would-be entrepreneurs hold big aspirations, the majority of them merely aim to build a profitable company, no matter how far that success extends. Entreprenuers come in all shapes and sizes, from the little home-based firm to the global game-changer.
People who want to establish their own business have a wide variety of options to choose from, as illustrated by these brief profiles of several types of entrepreneurs.
Entrepreneurs of Small Businesses
According to the Small Business Administration (SBA), small firms account for 44% of all economic activity in the United States. The legal position of a small-business entrepreneur’s corporation is distinct from that of other small-business owners: Businesses owned by entrepreneurs are often incorporated, whereas those owned by owners are typically sole proprietorships, partnerships, or even other nonincorporated companies.
Small-business owners take more risks and rely on a larger set of skills, including higher-level thinking, analytical reasoning, or complicated interpersonal communication, than the average small-business owner.
Entrepreneurs who raise money from investors
Investors and entrepreneurs often regard each other’s positions as complementary, yet they are in fact quite different. Investors are sought by entrepreneurs who want to start new businesses. Some entrepreneurs, on the other hand, are purely concerned with giving capital to start-up companies. It is possible for investor entrepreneurs to begin their careers in some of those two roles before combining the best aspects of each.
Entrepreneurs, for example, may the need to always alter their operations, which prevents business processes from establishing themselves. In order to maximise both short-term and long-term performance, entrepreneurs who act as investors and buy stock in the company are more likely to take a strategic approach to business prospects.
Entrepreneurs in the field of technology
We may say that when new technologies permeate all industries, we can all be considered technology entrepreneurs. However, for the past 40 years, billionaires like Bill Gates, Jeff Bezos, or Mark Zuckerberg have dominated the public perception of technology entrepreneurs. An important characteristic of this method of entrepreneur seems to be the way in which they use scientific discoveries to address business issues.
Entrepreneurs in the technology sector are known for their unwavering faith in the intrinsic worth of the products and services they develop. Most tech entrepreneurs put in long hours and sacrifice cash for the long-term benefit of their businesses. Entrepreneurs in the tech industry must also be able to convince people of the merits of their ideas, endure in the face of setbacks, and inspire others to share their enthusiasm.
Entrepreneurs within an organisation
When working on projects in just an existing business or firm, internal entrepreneurs, also known as “intrapreneurs,” employ the concepts of entrepreneurship. Intrapreneurs, on the other hand, don’t have to worry as much about their own personal losses because they don’t invest their own money in the company.
They are self-motivated, proactive, and imaginative employees who foster an entrepreneurial culture in their workplace. A company can reap the rewards of their employees’ internal successes when it allows people to explore and grow within the corporation. The risk to companies is that intrapreneurs will depart to start their own businesses if they aren’t recognised for their efforts on a personal level by management.
Entrepreneurs Doing Business Online
Lower startup costs and also the opportunity to swiftly build a web presence are just two of the many advantages that Internet-based enterprises provide entrepreneurs. In reality, the low barrier can be a harmful illusion for internet entrepreneurs who don’t recognise the effort and commitment required to succeed.
The same amount of time and effort is required to start an online business as it is to start a brick-and-mortar business, and they face their own set of problems, many of which are tied to technology. Because of the several service providers an internet business is likely to be dependent on, a failure at any one of those providers could result in the company going offline.