Every country, underdeveloped or developed, takes the public initiative and comes up with venture ideas to cater to any deficiency of private entrepreneurship.
Becoming an entrepreneur is a challenging endeavor. Entrepreneurship can be described as an innovative process that comprises diversified and multifaceted activities for offering new things to civilization and society. It might get classified as mass and individual entrepreneurship or public and private entrepreneurship.
Seven types of entrepreneurship by Michael Osland
- Administrative Entrepreneurship
All the entrepreneurial activity under this type gets focused on administrative processes and functions. It provides a new option to effectively manage future or prevailing situations that offers a competitive edge and several benefits.
Job redesigning, total quality management, participative management, new processes of getting things done, and consensus management are a few instances of administrative entrepreneurship. It helps to maximize the total organizational effectiveness. It also helps a firm to be sustainable and successful in the competitive market environment. The conventional pension scheme is the government’s administrative entrepreneurship.
- Opportunistic entrepreneurship
The old proverb, “Strike while the iron is hot,” is the best reference to this kind of entrepreneurship. The environmental changes provide new scopes. However, not all can recognize and make use of this scope on time. The entrepreneurship that identifies, exploits, and makes use of this opportunity gets counted as opportunistic entrepreneurship.
- Acquisitive entrepreneurship
This category of entrepreneurship learns from various other competencies. It acquires the competitive environment, a new value, or attains the competitor’s technical capacities. It helps to keep entrepreneurship sustainable in a competitive environment. Any failure doesn’t limit them from acquisition but encourages them to discover more about entrepreneurship and its varied concepts.
- Incubative entrepreneurship
This type of entrepreneurship creates and cultivates new ventures and ideas inside an organization. It effectively implements them and makes sure that there is a material gain for the company. They pursue and also assist in getting different technologies to promote innovations and creations. The popular Smartphone and IT brands that incubate new products and generate product differentiation within the market are examples.
- Imitative entrepreneurship
The category of entrepreneurship replicates a service or good functioning in the market under a franchise agreement. It’s the medium that helps to spread technology all through the world. It also adopts a current technology in countries across the globe. It can also adopt an existing technology with minimal changes that is apt for a local condition.
- Private entrepreneurship
This category of entrepreneurship gets initiated under the private sector. Also, the government provides multiple assistance services through public and private concerns that motivate private initiatives to take up entrepreneurial ventures. A mutual relationship and layer between public and private sectors would make the economic development balanced and fast.
- Public entrepreneurship
It’s the kind of entrepreneurship that gets undertaken by the government via its multiple development agencies. Every country, underdeveloped or developed, takes the public initiative and comes up with venture ideas to cater to any deficiency of private entrepreneurship.
These are some of the critical kind of entrepreneurship that you can learn and know more about to expand your know-how.