Entrepreneurship is an innovative process that involves multifaceted and diversified activities for providing new things to society and civilization.
The orientation makes it different and therefore.
It may be classified as individual and mass entrepreneurship or private and public; entrepreneurship.
Entrepreneurship classified into 9 types that involve multifaceted and diversified activities for providing new things to society.
Entrepreneurship is classified in Nine Types;
- Administrative Entrepreneurship.
- Opportunistic Entrepreneurship.
- Acquisitive Entrepreneurship.
- Incubative Entrepreneurship.
- Imitative Entrepreneurship.
- Private Entrepreneurship.
- Public Entrepreneurship.
- Individual Entrepreneurship.
- Mass Entrepreneurship.
They are discussed in a nutshell below:
1. Administrative Entrepreneurship
The entrepreneurial activity under this category is centered around administrative techniques and functions.
It gives a new option to handle prevailing or future situations in a more effective way that provides advantages and a competitive edge.
Total Quality Management, job redesigning, new techniques of doing things, participative management or management by consensus are a few of the examples of administrative entrepreneurship that increase overall organizational efficiency and that nukes the firm successful and sustainable in the competitive market environment.
The old-age pension scheme is such administrative entrepreneurship of the government.
2. Opportunistic entrepreneurship
There is a proverb “Hit! while the iron is hot”. It is the best exhibit of the characteristic of this category of entrepreneurship.
Environmental changes always offer new opportunities. But everybody is not equally capable of identifying and to utilize that opportunity on time.
The entrepreneurship that identifies, exploits and executes the opportunity in the first hand regarded as opportunistic entrepreneurship.
3. Acquisitive entrepreneurship
The entrepreneurship that learns from other competencies is called acquisitive entrepreneurship.
It acquires something new of value front, the competitive environment or achieves the competitors’ technical capacities. It keeps entrepreneurship sustainable in a competitive environment.
The failure never restraints them from acquisition but motivates them further to discover such a thing with a new visitor.
4. Incubative entrepreneurship
This category of entrepreneurship generates and nurses new ideas and ventures within the organization.
It productively executes them and ensures material gain for the organization.
They pursue and help to get differentiated technologies to promote creations and innovations Microsoft, Nokia, etc. always incubates new varieties types of product and creates product differentiation in the market.
5. Imitative entrepreneurship
The entrepreneurship that imitates a good or service operating in the market under a franchise agreement is the imitative entrepreneurship. It is the medium that spread technology over the world.
It adopts an existing technology in countries over the world. It also adopts an existing technology with minor modifications appropriate to the local condition.
6. Private Entrepreneurship
The entrepreneurship that is initiated under the private sector is private entrepreneurship.
The government gives various support services through private and public concerns that encourage private initiative in taking entrepreneurial ventures.
A layer and mutual relationship between private and public sectors would make economic development speedy and balanced.
7. Public entrepreneurship
The entrepreneurship that is undertaken by the government through its various development agencies is defined as public entrepreneurship.
All countries, developed or underdeveloped, take a public initiative in venture ideas to fulfill the initial deficiency of private entrepreneurs.
8. Individual entrepreneurship
The entrepreneurship that is undertaken by an individual or a family with his initiative is called individual entrepreneurship.
9. Mass Entrepreneurship
This type of entrepreneurship emerges in an economy where a favorable climate of motivation and encouragement exists for developing a wide range of entrepreneurship among general mass is mass entrepreneurship.
It increases small and medium enterprises in a country.
Hans Schollhammer (1980) has classified entrepreneurship into five categories such as administrative, opportunistic, acquisitive, incubative and imitative entrepreneurship.
But with the change of time Entrepreneurship definition has changed and classification has increased.