Four Primary Domains of Entrepreneurship
Starting a New Business
This is the traditional form of entrepreneurship normally taught in most universities. These new business entities stimulate the economy and account for virtually 100% of all new job growth in modern economies. This is the form of entrepreneurship mostly assumed by the media and popular press.
Creating entrepreneurial value within an existing venture. Also termed Innovation or Corporate Entrepreneurship. Although a new corporate entity is not created and risk to the entrepreneur may be lower with no ownership, the entrepreneurial processes, skills and attitudes are virtually identical.
Creating primarily social or other forms of non-economic values. Also termed social innovation or changemaking. This can involve starting a new entity (for-profit or non-profit) or creating change within an existing venture or institution.
Creating new values through personal growth and transformation – by looking at yourself in an entrepreneurial way to create the best possible you. Often this form of entrepreneurship must take place prior to the other forms – to change the world you first have to change yourself.