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Business Jargons

A Business Encyclopedia

Types of Entrepreneurs

Definition: An Entrepreneur is a person who has a role of an industrialist and forms an organization for the commercial use. He is a change agent who transforms the demand into supply by forecasting the needs of the society.

Types of Entrepreneurs

Types of Entrepreneur

  1. Innovative Entrepreneur: These are the ones who invent the new ideas, new products, new production methods or processes, discover potential markets and reorganize the company’s structure. These are the industry leaders and contributes significantly towards the economic development of the country.The innovative entrepreneurs have an unusual foresight to recognize the demand for goods and services. They are always ready to take a risk because they enjoy the excitement of a challenge, and every challenge has some risk associated with it. Ratan Tata is said to be an innovative entrepreneur, who launched the Tata Nano car at a considerably low cost.
  2. Imitating Entrepreneurs: The imitating entrepreneurs are those who immediately copy the new inventions made by the innovative entrepreneurs. These do not make any innovations by themselves; they just imitate the technology, processes, methods pioneered by others.These entrepreneurs are found in the places where there is a lack of resources or industrial base due to which no new innovations could be made. Thus, they are suitable for the underdeveloped regions where they can imitate the combinations of inventions already well established in the developed regions, in order to bring a boom in their industry.
  3. Fabian Entrepreneurs: These types of entrepreneurs are skeptical about the changes to be made in the organization. They do not initiate any inventions but follow only after they are satisfied with its success rate.They wait for some time before the innovation becomes well tested by others and do not result in a huge loss due to its failure.
  4. Drone Entrepreneurs: These entrepreneurs are reluctant to change since they are very conservative and do not want to make any changes in the organization. They are happy with their present mode of business and do not want to change even if they are suffering the losses.

Thus, this classification is done on the basis of the willingness of an entrepreneur to create and accept the innovative ideas.

Related terms:

  1. Entrepreneurial Process
  2. Intrapreneurship
  3. Types of Employee Engagement
  4. Types of Training
  5. Types of Correlation

Reader Interactions

Comments

  1. Vinita kumari says

    December 6, 2017 at 7:20 pm

    Very helpful and easy to understandable sentences

    Reply
  2. Ike King says

    September 4, 2018 at 9:27 pm

    Thanks for sharing! Great post, From your explanation, I think I fall into the category of the Innovative entrepreneur.

    Reply
  3. Sidharth Sankar Behera says

    February 27, 2019 at 8:18 pm

    Ya it’s very satisfied answer. I really thank you.

    Reply
  4. Sadeeq sahil says

    March 6, 2019 at 12:14 am

    NOKIA is the good example of drone entrepreneur

    Reply
  5. David Buhril says

    April 8, 2019 at 4:28 pm

    Thank You so much. Simple and Easy to understand. ❤

    Reply
  6. Amruth raj says

    April 8, 2019 at 8:34 pm

    Informative answers

    Reply
  7. Dhanvantari says

    May 4, 2019 at 3:53 pm

    Easy to understand

    Reply
    • Sandeep Kaur says

      October 28, 2021 at 3:57 pm

      Easy to understand. Thanks sir

      Reply
  8. Priyanka says

    August 24, 2019 at 8:24 pm

    Thanks for the answer.

    Reply
  9. VIVEK S says

    December 14, 2019 at 7:53 pm

    Super sir thank you

    Reply
  10. yugal joshi says

    January 4, 2020 at 9:02 pm

    very nice article. i love it

    Reply
  11. Nandila Ashim says

    February 4, 2020 at 11:34 am

    It’s useful to we learner’s of MUBS in Uganda and thanks alot to those who are in charge for doing all that

    Reply
  12. Sharaban Tahura says

    February 29, 2020 at 12:29 pm

    So helpful & easy to understand.Thanks

    Reply
  13. Katushabe Eve says

    October 12, 2020 at 6:03 pm

    helpful

    Reply
  14. Juliah Thibelang says

    October 24, 2020 at 5:32 pm

    Very helpful and easy to understandable

    Reply
  15. bryo says

    January 10, 2021 at 12:13 am

    Thank you so much, we have learnt new things

    Reply
  16. Tanu yadav says

    March 25, 2021 at 4:05 pm

    It is helpful.

    Reply
    • Sivapathra says

      March 14, 2022 at 7:59 pm

      Thank You google It’s very understandable

      Reply

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