As researchers, different books and the internet tells us that the term entrepreneurship has no

universally agreed upon definition, and there exists various different kinds of definition,
similarly if we begin discussing its types, that covers as much space as the definitions itself.
Different source of information classifies entrepreneurship and entrepreneurs into different
categories. One point to be noted is that entrepreneurship is a process and entrepreneurs is a
person handling that process. Hence, these two terms may be used interchangeably in this text.
There are nine types of entrepreneurship:
Administrative Entrepreneurship
This category includes handling the entrepreneurial activity based on administrative techniques
and function. This technique gives new ways to handle current and future scenarios in a more
efficient and effective way, that shows good results.
Few examples of administrative entrepreneurship that enhances the efficiency of an
organization and makes it stand successfully in the competitive market environment hence
includes Total Quality Management, Reshaping Job, achieving results in a new way,
participative management.
Opportunistic Entrepreneurship
New opportunities are born every day with the changing environment, but not everybody
possesses that ability to identify that change and taking advantage of the opportunity they see.
Hence, the entrepreneurship that takes maximum benefit from the changing environment,
spots new opportunities arising from that change and avails it in the very first place is known as
the Opportunistic Entrepreneurship.

Acquisitive Entrepreneurship
As the name implies this kind is very grasping, money oriented and greedy to learn from others
accomplishments. They learn to compete in the market, and develop the technical skills of the
competitors and is sustainable in the challenging environment.
Failure never demotivates them, rather it gives them more courage to grasp the capabilities of
the successful new entries in the current market environment.

Incubative Entrepreneurship
This category of entrepreneurship provides an optimal environment for growth and
development. This kind creates and takes in new ideas and implements it sequentially and
benefits the organization.
Nokia and Microsoft are the examples of this kind. These companies always promote creation
and innovation of new types of products and are always successful in developing a distinct
image in the market.
Imitative Entrepreneurship
This kind is also called that copycat where it copies the exact same idea and service of an
existing attractive, successful and operating plan. And makes a few changes if needed to match
the appropriate market.
Private Entrepreneurship
The private sector helps this kind to take a start. And the government also gives incentives and
encourages to initiate private plans. Because, for the fast and balanced economic development
of a country, having a mutual relationship between a private and public sector is very
important.
Public Entrepreneurship
The type of entrepreneurship which is initiated or supported by the government and its
agencies for development is known as public entrepreneurship.
As only private entrepreneurs alone cannot achieve a fast and balanced economic
development. Hence, to fulfill the areas where the private entrepreneurs are lacking, every
developed and underdeveloped country takes a public head start to initiate a business for the
economic development, and benefit its people to the maximum.

Individual Entrepreneurship
The initiative is taken by a single person or by a family.

Mass Entrepreneurship
This type takes place in that economic environment where there is favorable economic
condition which gives rise to motivation and encourages and develops wide range of
entrepreneurship opportunities to general mass.

Eventually on the basis of the psychological differences, entrepreneurs are divided into
subcategories as well. This includes

Skeptical Entrepreneur
Skeptical basically means having doubts or reservations, and as the meaning implies these kind
of entrepreneurs do not take risks at all and stay in one place forever because of the doubts
they hold regarding their success, they can’t believe success is possible and they never get to
the level to take action to prosper. This is believed to be the scariest kind of entrepreneurs.

Copycat Entrepreneur (follower)

The copycat/ imitate entrepreneur, could also be called the followers. They share traits with
cats and monkeys as they see and copy. Similarly, copy entrepreneurs copy the trend setters
and successful entrepreneurs as-it-is. Because , they already have the successful results, and
they find it quite easy to copy and be successful as their leaders, then to start something
different whose result might not be as good as the existing one already proven.
Justin Hall is known as the first web blogger in the world, after his blogs, people started copying
exactly and became blogger like him in almost no time. Hence, these new bloggers following
the trend of blogging are example of copycat entrepreneurs.

Research Entrepreneur
These kind of entrepreneurs spend most of their time learning about strategies to take an
initiative and make a business successful. But only research is of no use, when one is not able to
implement those ideas in real life.
Hence, sometimes the entrepreneurs who fall in this category do great researches, they know
more than they think, and may become a victim of overload they are unable to execute those
ideas and everything ends up in vain. However on has to remember that in the world of
entrepreneurship implementing a creative idea is the key to success.

Determined Entrepreneur
These entrepreneurs have made a firm decision and are highly motivated not to change it. They
believe that initiating and growing a new business can be hard, they don’t believe in copying
others for success. They have their own definition of success and determined to achieve it
eventually.

Accomplished Entrepreneur
As the name suggests, these entrepreneurs have gone through all the stages of
entrepreneurship and have succeeded in becoming a successful entrepreneur. These people
have figured out the path to reach success.
Now their center of interest in this world is leave a legacy for the new generations and that
expands even after their lifetime.

Entrepreneurs are very interesting people, we can’t say at any point that they are all the same
because every individual has their own distinct idea, strength, weakness, taste and motivation.
However, let us discuss some of the very famous and intersting entrepreneurs:

Oprah Winfrey, founder of Harpo, Inc.

The famous media tycoon Oprah Winfrey is a talk show host, actress, producer and a
philanthropist. She is the founder of the US based multimedia production company Harpo, Inc.
Oprah is the producer and host of her own shows, motivating people and helping them to
overcome their adversity to become a benefactor to others. And through many assessment
rankings she is believed to be the most influential woman in the world. Oprah is till striving to
make the world a better place.

Ted Turner, founder of CNN

At the age of 24 Turner took over the company Turner Advertising Co. after the death of his
father, and later on founded CNN the world’s first 24 hour cable news channel. He said that a
constant broadcasting of the news seemed obvious to him, but others have no imagination
otherwise they would have coined this idea first.

Larry Page and Sergey Brin, co-founders of Google

Page and Brin were students at the Stanford University. They became friends and started to
work on creating a search engine. At first this search engine named Google was only available
to the school, but after many years of hard work they succeeded and changed the world. Now
Google has become the basic need of everybody in this world.

Jeff Bezos, founder of Amazon

Amazon is the world’s leading online shopping store with a large variety of things available.
Bezos says that this idea of online store came to his mind, when he read that the use of internet
is increasing 2300 percent per year. He saw the changing environment around himself and
availed the opportunity.

J.K. Rowling Pottermore

J.K Rowling is the writer of the very famous book series called the Harry Potter. Her books have
sold 450 million copies worldwide and have been translated into 78 different languages. She
remained in the billionaires list for many years and eventually dropped out of that list in 2012
after donated a large amount of money to charities. Her imaginations were strong and
interesting, hence she poured those imaginations into story books and became a billionaire.
Hence, she used her creativity to become a competent and successful entrepreneur.

However, after a thorough understanding of entrepreneurship, it also becomes necessary to

figure out the factors influencing entrepreneurship in one way or another, because
entrepreneurs are bound to work in the limitations of their political or economic environment.
These factors i.e. creativity, risk, responsiveness, leadership and right, are said to be the key to
entrepreneurial success.
Creativity is one of the many things that makes one’s life and work interesting, and in the case
of entrepreneurship this ability play a great role in making a business successful, because this
attracts customers. Everybody is creative in their own way, but only those individuals who are
able to filter the great creative ideas from the good ones get the reward.
The second factor is Risk Tolerance and not every entrepreneur has the strength to take risk in
his business. And the tolerance for risk defines the degree to which an entrepreneur can benefit
from an opportunity. Thus, as the initiator of startup the investors expect you to share a
considerable interest in your business, because if you as a founder are afraid to bet on your
idea, then why would anybody else do that? If one is not capable of tolerating the financial and
emotional risks, then his/her decisions might be too perfunctory to be successful. Hence, to
achieve the goal one should be self-efficient and have the strong believe that rewards always
come with risk.
Responsiveness to opportunities also plays a part in influencing an entrepreneurship model.
With the availability of internet all around the world, the flow of information has increased a
thousand times, and this has led to faster competition to be the first mover. Thus, the ability to
respond to an opportunity quickly can make a distinction between a successful entrepreneur
and a failed business model. Consequently, a flexible mind and availability of resources can
make an individual responsive to opportunities.
An entrepreneur is also the leader. He takes the idea and molds it into an actions and products
and exploits the opportunity. One has to take the responsibility of his idea and bring it to
fruition.
Lastly, the ability of an entrepreneur to take advantage from the rights given to him can
influence his business. Ideas are copied very cheaply when one fails to protect it. And once
those ideas are out in the public, one cannot benefit from it. However, societies encourage the
sharing of ideas and in return the government provides finite monopolies that allows one to
benefit from it for a reasonable amount of time.