What are the 6 Types of Entrepreneurial Businesses?
Here we will overlook the various. What are the 6 types of entrepreneurial businesses? And cater to the requirements and knowledge required in each type:
Manufacturing entrepreneurial businesses
With the advancement of consumer service industries like retail, education, health, social, leisure, and hospitality services with the use of media and e-commerce. However, in the upcoming years, there is a parallel race of manufacturing entrepreneurial business that is making its place. Small scale ideas are converting into sustainable and profitable entrepreneurial businesses. The manufacturing entrepreneurial production is generally categorized into three types :
- (MTS)Make to stock
- (MTO)Make to order
- (MTA)Make to assemble
All three manufacturing businesses have certain risks involved along with them which include financial losses and competition to meet up the current demand. To reduce the risks any type of manufacturing entrepreneurial business should keep the production cost low with increased efficiency, maintaining good quality control with hygienic environmental conditions, and also a constant check on management skills. This is one of the Types of Entrepreneurial Businesses.
Wholesaling entrepreneurial businesses
A wholesaler is known as the link between the manufacturer and the retailer of a product or a service. Wholesaling entrepreneurial business is a very competitive business currently but the scope seems to be growing brighter in the near future. To set up your entrepreneurial business you should follow some prescribed notions which include which industry to choose your products from. Choosing the right industry is a crucial step towards expanding your business. Next comes the services offered by you which wholly depends on the types of clients you are dealing with. The physical location also matters, whether you need a warehouse or not. Operational skills play a major role in the growth and enhancement of your business. Wholesaling is capital intensive so ensuring employer’s liability insurance particularly for the staff and members working in high-risk conditions in the warehouses.
Retailing entrepreneurial businesses
Retailing entrepreneurial business is one of the fastest-growing segments of the economy. The ventures include risking their capital, investment, and productivity of time serving customers according to their wants. The charges of the products and services cover the retailer’s expenses and a wholesome profit. Most retailing entrepreneurial businesses began from a single concept grew to various proportions of popularity , efficiency, continuous efforts, and perseverance.
The few types of recognized entrepreneurial businesses are :
- Store retailing
- Non store retailing
- Speciality retailing
- Mail order
- Vending machines
By enduring to the market’s wants and needs ,you can ensure that you new retail entrepreneurial business would be indeed successful.
Service entrepreneurial businesses
People who are qualified knowledgeable experienced are willing to provide you services by teaching you specific skills and enhancing your knowledge. There are certain advantages associated with service entrepreneur businesses.The most important one is that you are your own boss , self made ,self regulatory , master of your own work and future.Intervening in your own self service entrepreneurial business gives you an upper hand potential of earning more. Capitalizing your skills ,time management , negotiating , bookkeeping and advertising your skills that you have learnt and master makes you a potential candidate. It also offers you financial compatibility and will increase according to your ambition and passion.
Agricultural entrepreneurial businesses
Agricultural entrepreneurial business is in which farmers consider there farms as an asset .They try new and innovative methods and techniques along with their risk taking capability so that they can further maximize their profit with minimized effort.Even a small scale farmer can become a farmer entrepreneur by adapting to the new modern technologies.
Farmers need to follow some basic steps to be successful in their agricultural entrepreneurial businesses:
- Firstly you need to intimate yourself with the concept of agricultural entrepreneurial business.
- Adapt with the new machines and technologies and utilize new pesticides and fertilizers.
- Create a strong partnership
- Strategize a solid business plan
If you truly want to be successful in the agricultural entrepreneurial business you need to follow these basic steps and you are good to go. It is one of the Types of Entrepreneurial Businesses.
Mining and extraction entrepreneurial businesses
Mining and extraction entrepreneurial business is a capital extensive business but will bore great results at the end of the day. Extensive research should be done before starting a mining business which includes right guidance, information and business operations . Mining industry includes small to medium scale services which have profitable functioning, some of them are:
- Equipment based services
- Equipment sales
- Leasing services
- Equipment repairing services
- Transportation services
- Logistic services
- Labor transportation services
- Drilling services
- Borehole drilling services
- Mineral exploration services
Starting a mineral entrepreneurial business is challenging as well as interesting at the same time. This is one of the Types of Entrepreneurial Businesses.
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