Entrepreneurs are passionate innovators with a desire to change the world. However, they can be found in any industry and their visions and aspirations vary from one person to the next. Indeed, some entrepreneurs are motivated by the lure of money while others are motivated by social good. Some entrepreneurs start small companies and believe in sustained hard work to achieve success while others are a part of corporations that use capital to reach their goals.
- Social entrepreneurship
- Innovation entrepreneurship
- Small business entrepreneurship
- Hustler entrepreneurship
- Imitator entrepreneurship
- Researcher entrepreneurship
- Key takeaways:
- Business Model Frameworks for Entrepreneurs
The main goal of social entrepreneurship is to improve society in some shape or form. While some of these companies exist to make money, there are also non-profits and B Corps that balance social purpose with profit.
Innovation entrepreneurship is the transformation of an invention or idea into a business venture. This entrepreneurship type seeks to change the way people live in a manner that no other company has managed to do.
Small business entrepreneurship
Small business entrepreneurship describes modest innovation that tends to be the result of adding a new twist to an existing product or service. Profits from these innovations are used to meet payroll or support basic living expenses. In other words, they are not reinvested to expand the business.
Hustlers are those who believe in the power of hard work sustained over a long period. They have grand visions to grow the company into something more substantial and are not afraid to take risks.
One example of hustler entrepreneurship is Mary Kay Ash, founder of the beauty company Mary Kay Cosmetics. Ash used a combination of confidence, conscientiousness, extroversion, and superior networking skills to make her dream a reality.
In a similar way to small business entrepreneurs, imitators consider what is already working and then develop a product, service, or business model that is innovative or iterative. They can spot the mistakes others have made and improve on them with self-confidence and conviction.
Many believe imitator entrepreneurship to be a blend of innovators and hustlers. Facebook CEO Mark Zuckerberg is one such example.
Researcher entrepreneurs favor practicality over innovation and will spend vast amounts of time analyzing data to reduce the chances of a venture failing. Researchers possess exemplary critical thinking and problem-solving skills and have a strong desire for order. They make sure they understand every aspect of a business and a driven by logic rather than emotion.
Larry Ellison, a businessman, and co-founder of Oracle Corporation is a good example of researcher entrepreneurship.
- Entrepreneurs are passionate innovators with a desire to change the world. They can be found in almost any industry and the visions and aspirations vary from one entrepreneur to the next.
- Social entrepreneurship seeks to improve society in some way, while innovation entrepreneurship takes a new idea and makes it viable.
- Small business entrepreneurship is commonly found in mom-and-pop stores where the primary goal is to support a basic but comfortable existence. Hustler entrepreneurs believe success is down to sustained hard work, while researcher entrepreneurship is practical, analytical, and driven by logic instead of emotion.
Business Model Frameworks for Entrepreneurs
FourWeekMBA Business Model Framework
VTDF Tech Business Model Framework
Lean Startup Canvas
Business Model Wheel
Business Model Innovation Framework
3C Business Model Analysis
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