An Exploration of Entrepreneurship: Types and Perspectives

This essay delves into the multifaceted world of entrepreneurship, differentiating between social, profit-driven, and lifestyle models. The author, drawing on research and personal perspectives, argues for the merits of social entrepreneurship, highlighting its focus on addressing social and environmental issues. The essay contrasts social entrepreneurship with for-profit ventures, discussing potential conflicts between profit maximization and social objectives. It then examines high-growth entrepreneurship, emphasizing its role in job creation and market competition, while also acknowledging the associated risks. Finally, the essay explores lifestyle entrepreneurship, emphasizing its focus on personal fulfillment and alignment with one's values. The author expresses a preference for lifestyle entrepreneurship, viewing it as a means to integrate personal talents and contribute to society. The analysis includes references to academic research and provides a critical assessment of each approach.

Running head: ENTREPRENEURSHIP AND STUDY
Entrepreneurship and Study
Name of the Student:
Name of the University:
Author Note:

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Social entrepreneurship though lacks a coherent or rigorous definition has attracted
the attention of social theorists, researchers and policy makers due to the inter-relation of
social mission and business-like discipline that it involves (Chell et al. 2016). In social
entrepreneurship, one addresses his/her social goals, the immediate social, cultural and
environmental issues are addressed. In these organizations the economic activities are
optimized for securing the best for the society. Often these organizations are partially
depended on private sectors so that as a consequence both the parties are in an advantageous
position. Any student with a keen interest in sociology will know that social entrepreneurship
requires intense research which would be fundamental for the entrepreneurs to address the
areas of distress. Social entrepreneurship is far more desirable than for-profit
entrepreneurship, in my opinion, as it involves a thorough identification, critical analysis,
evaluation and adequate usage of opportunities that will result in social development. An
active social entrepreneur therefore in the first place, needs to adequately identify the
opportunities to advance with the measures to meet the adequacies and requirements,
eradication of social problems and creation of social values (Chell et al. 2016). The basic
difference between social entrepreneurship and profit entrepreneurship according to my
opinion is the methodological planning so as to spend minimum of resources to address the
social problems by government, nonprofit and private business sectors. There has a major
sprawling up of for-profit organizations with the aim of catering to social needs. It involves a
rather subtle blend of profit and social objective. It is not much favorable in my opinion since
for-profit entrepreneurship has very often resulted in conflicts regarding the amassment of
profit and acquiring power within the social structure. The organizations which are created in
legal manner for serving social objectives apart from making an iota of profit for themselves
sometimes result in profiting a single group of individuals at the cost of many. These
ventures often measure their success in the light of impact that has been created rather than

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measuring it against a quantity of work. This is more than often due to a lapse in their
decision making process and lack of inherent moral consciousness. One of the positive
perspectives that I have gained in the area of entrepreneurship is that social entrepreneurship
requires dedication and hard work. The mere usage of shrewdness can result in an absolute
failure in the entire functioning of the organization. It is precisely due to this reason that a
number of organization needed to go through a thorough scrutiny of financial records by a
strict auditor. Whereas, in the sector of social entrepreneurship have held a record of
functioning successfully with an adequate usage of data collection and storage creating a
reputation for itself in the market. After studying in-depth the theories on
entrepreneurship, I have realized that social entrepreneurship is more valuable in a
society gripped with problems like starvation and death. I would definitely like to adhere
by the principles of social entrepreneurship, honesty and integrity in the field of
entrepreneurship. With the help of innovation, social entrepreneurs can both be considerable
help to the society and invest practical solution within the social framework. My recent study
on social entrepreneurship has made me realize that for the best implementation of societal
change, social entrepreneurship is more desirable as for-profit entrepreneurship tends to get
corrupted due to factors like money and ownership and liability (Chowdhury2017).
In the domain of entrepreneurship high growth entrepreneurship aims for dominating
the market and incurring profits. One of the many advantages of high growth
entrepreneurship is that it creates employment opportunities in the given industrial sector
(Phillips et al. 2015). As per data and records most of these high growth firms are young or
start-ups and therefore require a careful marketing strategy to develop and function. High
growth entrepreneurship has been stimulating the growth of new jobs and a strong
competition in the market for survival, law and legislation and bankruptcy. As per data, a
number of high-growth entrepreneurship has collapsed due to their inability to survive in the

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competitive market (KritiKoS 2014). However, it goes without saying that high growth
entrepreneurs also face a high risk of failure and the challenge of surviving amidst difficult
requirements of the market. Lifestyle entrepreneurship involves the entrepreneur is not as
much as about making profit as it revolves around changing one’s lifestyle and patterns
through the medium of business. It revolves around the personal perspective and outlook of
the individual which remains at the heart of decision making (Gomez-Breysse 2016). As far
as my choices are concerned I would comply with lifestyle entrepreneurship over high-profit
entrepreneurship. My new learning on the subject of entrepreneurship has helped me to
understand that lifestyle entrepreneurship requires a far greater involvement of one’s talents
and involvement with the society which can be advantageous while addressing or eradicating
social issues. As Baumeister claim, one can only address social problems when one truly sees
himself/herself in relation to the other people, when the individual integrates himself within
the surrounding culture, he/she can work for the society (KritiKoS 2014). As it is, lifestyle
entrepreneurship is more passion driven which is a fundamental aspect of entrepreneurship as
I have learnt during my study. High growth entrepreneurship can furthermore witness
in restructuring and therefore deviating away from their true purpose, since they are
more profit-oriented.

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Reference List:
Chell, E., Spence, L.J., Perrini, F. and Harris, J.D., 2016. Social entrepreneurship and
business ethics: Does social equal ethical?. Journal of business ethics, 133(4), pp.619-625.
Chowdhury, F.N., 2017. A Study of Entrepreneurship Development in Bangladesh: Pros and
Cons. Journal of Asian Scientific Research, 7(1), p.1.
Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social
Entrepreneurship and Sustainability (pp. 34-42). Routledge.
Dentchev, N., Baumgartner, R., Dieleman, H., Jóhannsdóttir, L., Jonker, J., Nyberg, T.,
Rauter, R., Rosano, M., Snihur, Y., Tang, X. and van Hoof, B., 2016. Embracing the variety
of sustainable business models: social entrepreneurship, corporate intrapreneurship,
creativity, innovation, and other approaches to sustainability challenges. Journal of Cleaner
Production.
Gomez-Breysse, M., 2016. The “Lifestyle” Entrepreneur. Revue de l’Entrepreneuriat, 15(3),
pp.231-256.
KritiKoS, A.S., 2014. Entrepreneurs and their impact on jobs and economic growth. IZA
world of labor.
Masurel, E. and Snellenberg, R., 2017. Does the lifestyle entrepreneur exists? An analysis of
lifestyle entrepreneurs compared with other entrepreneurs on the basis of the development of
entrepreneurial competences. Research Memorandum, p.1.

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Phillips, W., Lee, H., Ghobadian, A., O’Regan, N. and James, P., 2015. Social innovation and
social entrepreneurship: A systematic review. Group & Organization Management, 40(3),
pp.428-461.