Entrepreneurship is about making the most of a business opportunity, and it can be found almost anywhere. It doesn’t just exist in global organisations and tech startups. Entrepreneurship can help launch side hustles and small businesses too. Understanding the different types of entrepreneurship is essential for anyone considering a career in business. Below we look at some of the most common types of entrepreneurship and the key skills different types of entrepreneurs have.
Written by Grant Longstaff. Published 7 May 2026.
What is entrepreneurship?
Entrepreneurship involves identifying a business opportunity and commercialising the product or service to make a profit. It might be their own idea or an investment in someone else’s and isn’t limited to new businesses. Established organisations hire individuals to think like entrepreneurs too. Known as intrapreneurship, these are individuals who look for opportunities and innovation whilst working for an organisation.
What are the different types of entrepreneurship?
There are different types of entrepreneurship and different types of entrepreneurs as a result.
What is small business entrepreneurship?
The small businesses made up 99.2% of the total business population. Small business entrepreneurship involves either an individual, or small group of people, running a small business. Those involved in small businesses will usually play a big part in the day to day running of the venture and may even be the only person involved.
Examples of small business entrepreneurship include:
- Independent cafés, restaurants and shops
- Small online businesses
- Local service providers.
What is social entrepreneurship?
Social entrepreneurs are focused on solving a social issue, such as climate change or improving education. Profit might be important, but it often isn’t the main focus for this kind of work. They’re likely more committed to making a meaningful change and may even be a non-profit or charity organisation.
What is lifestyle entrepreneurship?
Lifestyle entrepreneurs build a business which supports their lifestyle. Whilst similar in some regards to owning a small business, lifestyle entrepreneurs generally look for more freedom in their work and prioritise their work life balance over profits. Lifestyle entrepreneurs often want to work remotely and flexibly, without the commitment to a typical nine to five, and might include freelancers, consultants, artists, content creators and influencers.
What is corporate entrepreneurship?
Corporate entrepreneurship, or intrapreneurship, takes place within large organisations. This involves employees acting like entrepreneurs by developing new products, services or processes and pushing innovation within an existing organisation.
What is technology entrepreneurship?
Technology entrepreneurship involves building a business based on innovative technology. This could include developing apps, computer programs and software or AI business solutions. This kind of enterprise will often look for rapid growth and scalability and may seek external investment.
What is green entrepreneurship?
Green entrepreneurs focus on sustainability and environmental impact, and their business will aim to reduce the effect of climate change or promote more sustainable solutions. Examples include renewable energy, sustainable fashion and zero-waste businesses.
What is growth entrepreneurship?
Growth entrepreneurs focus on growing quickly and building large, high-value businesses, aiming for national or global expansion. This kind of entrepreneurial approach will often seek external investment and focus on growing their customer base as quickly as possible.
What are the benefits of being an entrepreneur?
People who start out on their own do so for a number of different reasons. Some of the most common benefits for entrepreneurs include:
- Independence – Being your own boss appeals to lots of people. You’re in control of business decisions.
- Flexibility – Another significant benefit for many is the ability to choose the kind of work you do and even when and where you work.
- Financial gain – For many entrepreneurs a driving force is the prospect of making more money if the venture is successful.
- Making a change – For some, the desire to make a change is the main reason. Some entrepreneurs start out on their own to drive the change they want to see in the world.
What are the qualities of a good entrepreneur?
- Communication skills – Essential in most careers, but even more so if you’re selling a new idea or product, leading a new team and building a business from scratch.
- Creativity – From recognising the business potential of an idea to finding solutions to problems, you’ll need to think creatively.
- Resilience – Setbacks and challenges are a part of any business. How you respond to them is key.
- Adaptability – Business happens fast. You’ll need to react to changes swiftly.
The skills we highlighted above are useful to have in the business world, whether you’re hoping to become a successful entrepreneur or not. Take a look at some advice from our faculty on starting your own business.
What challenges do entrepreneurs face?
It’s worth noting however that entrepreneurship isn’t for everyone. Entrepreneurs aren’t guaranteed success. Financial stability isn’t a given and the hours required working might significantly outweigh those of a typical job. Being responsible for every aspect of a business can also become stressful, especially when you’re faced with challenges or business instability. Understanding these challenges and the risks involved is just as important as understanding what makes a good entrepreneur.
Entrepreneurs have a wide range of goals and motivations and, if you're considering a career in business, developing an understanding of entrepreneurship can give you a strong knowledge base to build on, whether you’re looking to start out on your own or not.
If you’re looking to learn more about the business world, take a look at our range of undergraduate business courses and enrol today.
