When a person or a group of people starts a business in the private sector, embraces the risks, and innovates, it is called private entrepreneurship.
The main purpose of this entrepreneurial type is to make profits. The development of such entrepreneurship is feasible through private investment. Private entrepreneurship is so popular in countries such as England, the USA, Germany, Japan, and France.
Government or public entrepreneurship
When the government starts investing in governmental and public business sectors to improve the public welfare, and accept the related risks, so it is considered public or government entrepreneurship.
This type of entrepreneurship is more common in socialist and communist countries such as Russia, China, and Yugoslavia. Public entrepreneurship has developed very quickly in India after independence.
When both government and the private sector invest in economic plans or business, it is called joint entrepreneurship.
If the production in economic organizations is based on traditional methods, the evolution rate is low, and the activities related to research and development are ignored, then the entrepreneurship in that country is known as conventional entrepreneurship.
Modern or revolutionary entrepreneurship
Contrary to conventional entrepreneurship, if entrepreneurs embrace serious risks in their career, make brave decisions, utilize modern techniques, and develop businesses very quickly, it is called revolutionary entrepreneurship.
If many economic organizations are established on one site or area due to the availability of infrastructural facilities such as water, electricity, roads, vehicles, communications, desired workplace, and relevant units’ establishment, it is called concentrated entrepreneurship.
In Routine entrepreneurship, the management performances such as planning, organizing, orienting, motivating, and controlling are utilized, performances that constitute important parts of daily activities.