Four Entrepreneurial Types And Their Benefits
Anyone who has ever desired to start their own business knows that entrepreneurship isn’t something you can just jump into. Especially in this digital age, it’s important to know what type of entrepreneur you want to be before starting your business.
Entrepreneurship is a broad term that covers many different types of professionals and career paths.
There are over 11 types of entrepreneurship.
Here Are The Four Major Types
Freelancing is a popular choice for many people who are looking to start their own business. The benefits of freelancing include control over your schedule, the ability to set your own rates and work on specialized projects instead of generalist ones.
You can also take care of any marketing that needs to be done at little or no cost because you do not have employees. As an entrepreneur in this field, it’s essential to learn how contracts work and what kind of liability insurance coverage you need; otherwise, you could end up paying out-of-pocket if something goes wrong with one of the jobs you’ve taken on as a freelancer.
Small Business Owners:
If starting from scratch isn’t appealing but going freelance isn’t enough for you, then becoming a small business owner is a perfect choice. Small businesses have many benefits – they allow people to combine their skills and passions with entrepreneurship.
However, the downside of this type of entrepreneurship is that it can be challenging to sustain your company if things go south because there are no investors or outside help on hand as in other types of entrepreneurial fields.
Multi-Level Marketers (MLM):
MLMs typically offer services such as makeup, weight-loss supplements, jewelry, clothing lines, and more. But, of course, this kind of entrepreneur has some downsides, like having to recruit others into the network to succeed, which means spending time finding new customers rather than creating products or running the day-to-day operations for your business.
Social entrepreneurship might be the most difficult type to succeed in, but it’s also one of the most rewarding. As Kevin Burge, entrepreneur in this field, you’ll have to take on additional risks by being open and honest about your company vision from day one because there is very little room for failure when compared with other businesses that aren’t so socially minded.
With social entrepreneurs, much of what drives them is having a higher purpose – doing more than just making money or getting rich off of their business ventures.
The Benefits Of These Types Of Entrepreneurship
- You can work whenever and wherever you like without any restrictions.
- You are in control of your schedule and can take on specialized projects rather than generalist ones.
Small Business Owner:
- A small business owner is an exceptional opportunity for someone who wants to combine their skills with entrepreneurship by starting something from scratch, which means you’ll have full responsibility for the company without any outside help or investors.
Multi-Level Marketers (MLM):
- The benefit of this type is that you can make a decent living if your network grows enough.
- The advantages of being a social entrepreneur are having something higher than making money off business ventures like doing more for society as a whole.