Entrepreneurship is about attempting to assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods. The most obvious form of entrepreneurship is that of starting a new business; however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. Lately more holistic conceptualizations of entrepreneurship in the form of social entrepreneurship, political entrepreneurship, or knowledge entrepreneurship have emerged.
1. Social entrepreneurship- This type of entrepreneurship deals with how entrepreneurship helps in dealing with social problems. Social entrepreneurs are individuals with innovative solutions to society’s most pressing social problems. They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change.
2. Women entrepreneurship- Women mainly cover one-third of the number of entrepreneurs worldwide. However, this number is expected to rise. Women’s entrepreneurship can make a particularly strong contribution to the economic well-being of the family and communities, poverty reduction and women’s empowerment. Thus, governments across the world as well as various developmental organizations are actively undertaking the promotion of women entrepreneurs through various schemes, incentives and promotional measures.
3. Corporate entrepreneurship- Corporate entrepreneurship is the act of initiating new ventures or creating value with an already established organization or social entity. The corporate entrepreneur exists within an organization to generate products and process ideas that will create value for the organization, its stakeholders and its consumers.
4. Political entrepreneurship- A political entrepreneur refers to someone usually in the field of either politics or business who founds a new political project or a businessman who seeks to gain profit through subsidies, protectionism, government contracts or other such favourable arrangements.