What Are the 8 Types of Entrepreneurship?

What makes an entrepreneur? 

What are the different types of entrepreneurship? These are questions that many people have asked themselves. I'm going to answer these questions by talking about 8 different categories: lifestyle, serial, franchising, social, entrepreneurs of occupation, entrepreneur by invention, entrepreneur by inheritance and integral entrepreneur.

An entrepreneur is a business person who has started a new venture. They are also someone that is brave enough to take risks and be creative in their idea for success. When you ask people what they think entrepreneurship is, some might say it's something with high stakes, like owning your own company or being an investor of other companies' stocks. Others will define it as starting their own small business.

• Lifestyle entrepreneurship is when someone wants the lifestyle of being an entrepreneur without any of the risks. They get to experience all benefits that come with entrepreneurship, such as freedom and flexibility.
  
  
• Serial entrepreneurs are people who have multiple successful ventures under their belt. Successful serial entrepreneurs often find it difficult to stop at just one business because they want to keep building on their success. There is also the risk that they might not be able to replicate past ventures due to changes in market conditions or a shift in consumer tastes.
  
  
• Franchising can be considered as both an entrepreneurial endeavor and one of the types of entrepreneurship, but it's so much more than just starting your own business! A franchise is a way to grow your business and be successful. A franchisee can enjoy the benefits of entrepreneurship without the risk, they get to work with an established company that has already proven its value in a certain industry. Franchising is also great for those who are not ready or don't want to pursue full-time entrepreneurship because it offers you both flexibility and stability.
  
  
• Social entrepreneurs are people who have a passion for their mission and want to positively impact the lives of others. Social entrepreneurs often use entrepreneurship as a way to create sustainable change in society, because they see it as an opportunity to make long-lasting social impacts on people's livelihoods or well-being.
  
  
• A business owner who starts from scratch is called an entrepreneur by occupation (they are the founder, CEO, and employer). These are people who want to take the risk in order for their company to succeed. Entrepreneurs of occupation can also be called business owners because they typically have a successful track record of starting new businesses.
  
  
• An entrepreneur by invention is someone who creates something new or tweaks an existing idea that didn't exist before (think of them as inventors).
  
  
• An entrepreneur by inheritance is someone who inherits a business from another person and continues to manage it. These types of entrepreneurs are also called third-generation entrepreneurs because they often take the reins at an early age or when family members retire, but don't start from scratch like other types of entrepreneurs (think of them as stewards).
  
  
• Lastly, the integral entrepreneur is one type of entrepreneur that is often overlooked, which we'll discuss more next. This type of entrepreneur is someone who's a natural-born leader and excels at managing many types of responsibilities all at once.

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