1.2 Types of Entrepreneurship
Entrepreneurship comes in many forms depending on the goals and fields involved:
Technology entrepreneurship: These entrepreneurs build new products or services in tech fields (software, biotechnology, electronics, etc.). Tech startups often target global markets and high growth (examples include Google or local tech firms). They use cutting-edge technology to solve problems, like creating a new app or launching a robotics company. Tech entrepreneurs often aim to scale up quickly.
Social entrepreneurship: Social entrepreneurs use business models to address social or environmental problems. They start ventures that earn profit but put a social mission first – for example, a company that sells affordable water filters in villages or creates jobs for disadvantaged communities. In essence, social entrepreneurship “involves a business model designed to address a particular social issue”. The goal is to do good while sustaining the venture (e.g. sell products that help education, health, poverty, or the environment).
Lifestyle entrepreneurship: These entrepreneurs build businesses to support their desired way of life. They first decide the kind of life they want (flexibility, travel, work-life balance) and then create a business around that lifestyle. For example, someone may start an online travel blog or consultancy because they want the freedom to work anywhere. Lifestyle entrepreneurs “decide on the kind of lifestyle they want to enjoy and then build their business in a way that supports it”. They emphasize freedom and passion, may not seek rapid growth, and often value personal goals (like travel or family time) as much as income.
Intrapreneurship: Intrapreneurs are not independent founders but employees within larger organizations who act like entrepreneurs. They create new projects, products, or improvements inside a company. For example, a tech company engineer who develops a new business idea and turns it into a product for the company is an intrapreneur. Intrapreneurship is “the practice of working with an entrepreneurial mindset within an established organization”. Intrapreneurs take initiative and risks, but their venture is funded by the company rather than outside investors.
Each type of entrepreneurship plays a role in the economy. Tech and social entrepreneurs often launch innovative startups or nonprofits, lifestyle entrepreneurs build sustainable personal businesses, and intrapreneurs help existing companies stay innovative.