Essay About Basic Types Of Entrepreneurship And Successful Entrepreneur

Bus 313 Case – Successful Entrepreneurship
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The purpose of this paper is to explain the best case entrepreneurial scenario. While there
are three basic types of entrepreneurship there are five stages that help ensure successful
entrepreneurship. According to Wikipedia “An entrepreneur is an enterprising individual who
builds capital through risk and innovation.” A lot goes into becoming a successful entrepreneur.
It is the process of planning, organizing, operating, and assuming risk of a business. (Kaplan,
J.,& Warren, A.(2010). Patterns of entrepreneurship management (3rd ed.) Hoboken, NJ Wiley
& Sons.) It takes a special person that possesses talent, boldness, and assurance. An
entrepreneur must possess a vision, most likely in something that they are skilled at. Being
skilled in the area of that vision is not always a must, but it does help when determining what
your dream business will be. The vision must be a passion. Making it a passion helps promote
the business by gaining investors, employees as well as customers.
There are three basic types of entrepreneurs; aspiring entrepreneurs, lifestyle
entrepreneurs, and growth entrepreneurs. An aspiring entrepreneur is one that only dreams of
owning a business but has not taken it to the next level. Lifestyle entrepreneur have the intention
of building a business for the hopes of only earning enough income to support themselves and
their family. Growth entrepreneurs are ones that think bigger. They want to build fast and as
large as possible. Serial entrepreneurs can be listed under this type, they tend to build and sell
several large businesses throughout their career.
The first stage is conducting opportunity analysis. This stage usually takes up to a year to
complete. Taking the idea and turning it into a vision. Recognizing sales pricing, sales strategies,
and opportunities threw lots of research.
Stage two is developing a plan and setting up the company. A plan is developed setting
goals, objectives, price development, marketing and distribution. In this stage it is also important
to make the decision