Types of Entrepreneurship

Types of Entrepreneurship

by Ms Lett

​Lifestyle Entrepreneurship

​This type of entrepreneurship is where the firm is set up based on the passion of the entrepreneur

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​The focus of the business is to earn income and maintaining a way of life

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​Owners work for long hours and do not maximise the use of resources

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​Examples of this type include mini marts and mom and pop stores.

Multiple Choice

Example of Lifestyle Entrepreneurship 

• A multi-national company

• An NGO

• A minimart 

• A government institution

​Survival Entrepreneurship

1. ​To survive as an owner and meet the venture's financial obligations

2. ​The mindset is preservation and cutting costs

3. ​Maintaining the status quo

4. ​Examples of this would include barber shops and hairdressers

​Dynamic Growth

• ​There is high initial investment and reinvestment with the goal of growth

• ​Ventures are continuously expanding and there is a general culture of growth with the motive to increase profits

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Poll

Dynamic Growth entrepreneurship causes the entrepreneur

• To continuously invest to maximise growth

• To continuously use cash from the business for personal use

• To ensure personal survival

• To ensure the needs of others are met

​Speculative Model

​The aim of the venture is to show its potential for profits so that it can be sold at a profit

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​The venture is used as an asset/investment by the owner to be sold in the short/medium term for a profit.

Multiple Choice

This image best describes

• Speculative Model 

• Survival Entrepreneurship

• Dynamic Growth

• Lifestyle Entrepreneurship