It is imperative that business owners know the type of business they are running. This knowledge will help you know what is obtainable at that level so that your growth can be steady.

Basically, there are four types of entrepreneurial ventures according to Steve Blank. Steve Blank has written some of the most thought-provoking books on entrepreneurship. You should read The Four Steps to the Epiphany and The Startup Owner’s Manual.

1. Small Business Owner

Actually, many business owners fall into this category. The practice is usually a small operation delivering a specific or limited range of products or services. You don't necessarily have to be the one running the business. Hence, you can be a full-time employee and still run it by the side.

You can have a group of employees or teams who you will distribute duties to accordingly and they'll deliver to you as agreed. The goal actually is to build a secondary source of income. The beautiful thing about small businesses is that it can grow into a big business if well sustained.

2. Scalable Start-up

This is a kind of business that has high growth potential. They usually have high adoption rates, high engagement rates, high revenue rates, etc. There’s something about the product or service that sticks and causes it to go viral. While you can start this business while on your 9-5, you can’t sustain its momentum or fulfill its growth potential without committing full-time to it.

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