In recent years, we have seen growth in entrepreneurs because more people want to own their own businesses and work their way. They also don’t want to rely on traditional business practices but want an innovative and contemporary approach toward the corporate sector.
Creating, developing, and running a new business is what entrepreneurship is about; however, many risks come with owning your own business. For example, Launching a business venture often involves significant financial risk, the risk of losing money with the potential rewards that a successful business model can gain.
Entrepreneurs are risk-taking innovators whose way of seeking opportunity can change the world by introducing new products or ideas. First-world countries rely on entrepreneurs as a source of economic growth and development.
Though you can define entrepreneurship in many ways, there are a few different types of entrepreneurship that you must have in your mind before starting your business.
- Small Business Startups (Entrepreneurship).Small businesses can be taken in many ways and vary by industry; it could mean having 50 and 1500 employees. It could mean sales from $900,000 to $40 million. Owning a small business startup means having numerous stages of struggle at the beginning. One of the many reasons a small business is hard to operate at the desired scale of interest venture capital is that you must have third-party funding and various small business loans to fund your business development.
- Large Company Entrepreneurship. Large company entrepreneurship operates within the confines of established, successful, often publicly-traded businesses. Yet even businesses with stable market shares and customer bases require entrepreneurial spirit and fresh business ideas to account for shifts in consumer tastes. Large companies must constantly seek new markets and innovative products to ensure sustained economic growth.
- Scalable Startup Entrepreneurship. Scalable startups are typical among successful entrepreneurs in Silicon Valley. Their business plan involves developing new ideas or new products that are innovative enough to change the world, hoping to attract venture capitalists and angel investors to fund their innovative products. Scalable startup entrepreneurs are often significant risk-takers who believe so strongly in their business ideas that they are willing to leverage large amounts of capital to eventually gain an even more significant financial return.
- Social Entrepreneurship. Social entrepreneurs share a desire to make products and services that solve problems and produce positive social change. Social entrepreneurs are concerned with achieving a positive, real-world impact and the company’s bottom line. Nonprofits and B-Corps are a result of social entrepreneurship.
To learn more about owning a business, be it small or big, there are many people you can follow and learn from their experience when starting your entrepreneurship. One such name would be Satpreet Singh.
Satpreet Singh
Satpreet Singh is a 40-year-old Indian-American living n California. He is an author, entrepreneur, businessman, researcher, professor, IRS EA, CTEC, SRTP, California Immigration Consultant, insurance broker, and insurance agent of Punjabi-Indian-American origin. He is also the CEO of Ardass Corporation. He has 16 years of experience in the field of business, making him a successful entrepreneur and businessman.
He has a Bachelor of Science degree in Mathematics, Economics, and Computer Applications from Guru Nanak Dev University, Amritsar. Following his dream, he founded his business around this principle and now works for humankind and himself. He is among the Indians who are not making significant internationally but domestically.