Professional journeys can take different twists and turns over the course of our lives. We can start as employees and gradually start working on our own. Other people know from the very beginning that they wish to build their own business. There are also individuals who are more or less pushed to become entrepreneurs, for instance if they want to be able to better reconcile their work and family commitments, or when they inherit a family business. To sum it up, there are different motivations and circumstances, why people choose an entrepreneurial journey as a career choice.
Now let’s take a closer look at different types of entrepreneurships which will open up the landscape of entrepreneurial career choices (Accordingto The Amazon Business Editorial Desk 2022):
- Small business entrepreneurship serves local communities and is typically run by individuals or small teams (e.g., family-owned restaurants, local retail shops).
- Scalable start-up entrepreneurship is focused on building high-growth businesses with the potential for rapid expansions. It often offers highly innovative products or services which disrupt markets (e.g., tech start-ups or biotech companies).
- Intrapreneurship presents entrepreneurial activity within a company when employees lead their own entrepreneurial projects (e.g., Google News).
- Large company entrepreneurship refers to existing companies which keep innovating and developing new products and services (e.g., Microsoft, Samsung, Google).
- International entrepreneurship is connected with expanding entrepreneurial activities abroad and includes exporting goods, obtaining licenses or opening sales offices abroad (e.g., Amazon, TikTok, Facebook, Google, Yahoo, Microsoft).
- Social entrepreneurship connects business with social impact. Its mission is to gain funds to address social issues and give work to people with fewer opportunities. (e.g., fair-trade companies, cafés employing people with disabilities, non-profits generating profit for its social activities)
- Environmental entrepreneurship is focused on supporting sustainability and addressing environmental issues (e.g., energy auditing, composting business, green consulting)
- Technopreneurship combines technological advancements and entrepreneurial skills and leverages the resources of tech-savvy, inventive and creative people willing to take risks (e.g., Steve Jobs in Apple, Bill Gates in Microsoft).
- Hustler Entrepreneurship is run by the so-called hustlers, self-starters determined to succeed who are willing to work hard and put constant effort in their business. They focus on quick expansion of their venture (e.g., Ray Kroc acquired Mc Donald’s from McDonald brothers and made a global company out of it).
- Innovative Entrepreneurship focuses on constant innovation of improving the models or concepts that have been already developed (e.g., Uber, Airbnb, Snapchat, Polaroid, Netflix).
When thinking about an entrepreneurial career, it is advisable to think of important variables, factors and circumstances – to be better prepared and have higher possibility to succeed. Here you have a list of 7 steps which will help you to navigate your entrepreneurial journey:
- Step 1: Inspiration – What is your motivation for becoming an entrepreneur?
- Step 2: Preparation – Do you have what it takes to be an entrepreneur?
- Step 3: Assessment – What is the idea you plan to offer through your venture?
- Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?
- Step 5: Business Plan – What type of business structure and business model will your venture have?
- Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?
- Step 7: Launch – When and how will you launch your venture?
Whether you decide to embark on an entrepreneurial journey or you prefer to be a part of a team as an employee, it is important to be equipped with the right knowledge and strategies to decide your own path and successfully navigate any career changes that might arise in the future.
References:
LAVERTY M., LITTEL C. Entrepreneurship. Rice University, 2020. Available at: https://openstax.org/details/books/entrepreneurship
AMAZON BUSINESS EDITORIAL DESK. Types of Entrepreneurship. Amazon Business, 2022. Available at: https://business.amazon.in/en/discover-more/blog/types-of-entrepreneurship
Photo by Richardo Rocha on Unsplash https://unsplash.com/de/fotos/nj1bqRzClq8
Author: Team AVITEUM, Prague / Czech Republic
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