What are the Types of Entrepreneurs?

Types of Entrepreneurs

Definitions:

An entrepreneur is a person who holds the role of an entrepreneur and creates an organization for commercial purposes. He is his agent of change that converts demand into supply by anticipating the needs of society.

Entrepreneur Types

Innovative Entrepreneurs:

These are people who invent new ideas, new products, and new production methods or processes, discover potential markets, and reorganize the structure of companies. They are industry leaders and contribute significantly to the country’s economic development. Innovative entrepreneurs have the extraordinary foresight to recognize the demand for their goods and services. They enjoy the excitement of a challenge and are always willing to take risks, as all challenges come with some degree of risk. For example, Ratan Tata remains said to be an innovative entrepreneur who launched the Tata Nano car at a significantly lower price.

Imitator Entrepreneurs:

Imitator entrepreneurs are those who readily copy the new inventions of innovative entrepreneurs. They don’t innovate on their own. Instead, they mimic techniques, processes, and methods developed by others. These entrepreneurs can remain where the resources and industrial infrastructure to create innovations are scarce. They are therefore suitable for underdeveloped regions and can mimic already established combinations of inventions in developed areas to create a boom in the industry.

Fabian Entrepreneur:

This type of entrepreneur is skeptical of organizational change. They don’t start inventing but follow only after they are satisfied with the success rate. They wait a while until the innovation has been Types of Entrepreneurs

Drone Entrepreneurs:

These entrepreneurs are reluctant to change because they are very conservative and do not want to change their organization.

They are happy with how they do business and don’t want to change at the expense of it.

This classification remains therefore based on an entrepreneur’s willingness to develop and adopt innovative ideas.

Characteristics of Entrepreneurship

Economic Activity:

Entrepreneurship is an economic activity that includes designing, starting, and operating new businesses to maximize the use of resources and generate profits.

Creativity and Innovation:

They are discovering new ideas and implementing them in business. Entrepreneurs continuously evaluate current types of business management and identify new ways and techniques to run their companies more efficiently and effectively.

Profit:

Entrepreneurial activities remain undertaken with the sole purpose of making a profit. It is also a reward for entrepreneurial effort and risk.

Risk-taking:

“The willingness to take risks” is the essence of entrepreneurship, without which you cannot succeed. It arises from the creation and execution of new ideas. Such ideas are often uncertain, so the results may or may not be positive and immediate.

Skills Required for Entrepreneurship

Technical Skills:

Oral Communication, Organizational Skills, Productivity, Technical Business Management, Coaching, Networking, Environmental Monitoring, Ability to Spot New Trends, Active Listening, Writing, and interpersonal skills.

Business Management Skills:

Forecasting, Planning, Budgeting, Decision Making, Negotiating, Goal Setting, Interpersonal Relationships, Marketing, Finance, etc. Thoroughly tested by others and don’t lose much money for their failure.

Drone Entrepreneurs:

These entrepreneurs are reluctant to change because they are very conservative and do not want to change their organization.

They are happy with how they do business and don’t want to change at the expense of it.

This classification remains therefore based on an entrepreneur’s willingness to develop and adopt innovative ideas.

Conclusion:

Entrepreneurship operates under an ecosystem called an entrepreneurship ecosystem. The ecosystem comprises government programs and schemes that encourage entrepreneurship, non-governmental organisations that provide advisory services to entrepreneurs, and other organizations that directly or indirectly promote and support entrepreneurship directly or indirectly.

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