The entrepreneurs have been broadly classified according to
- Types of business
- Use of professional skill
- Stages of development
ENTREPRENEURS ACCORDING TO TYPES OF BUSINESS
- Business entrepreneurs are those individuals for a new product or service and then translate the same into business reality. Tap both production and marketing resources to develop a new business opportunity. Setup big establishment or small unit such as printing press, textile processing house, advertising agency, readymade garments or confectionery. In majority of cases, entrepreneurs are found in small trading and manufacturing business. Entrepreneurship flourishes when the size of business is small.
- Industrial entrepreneurs are essentially a manufacturer who identifies potential needs of customers and products or service to meet the marketing needs. He should have the ability to convert economic resources and technology into a profitable venture.
- Corporate entrepreneur is an individual who demonstrates his innovative skill in organizing and managing corporate undertaking. He plans, develop and manage a corporate body.
- Agricultural entrepreneur are the ones who undertake agricultural activities such as raising and marketing of crops, fertilizers and other inputs of agriculture. They are motivated to improve agriculture through mechanization, irrigation, and application of technologies for dry land agricultural products.
ENTREPRENEURS IN TECHNOLOGY
- Technical entrepreneur is the one who is essentially a craftsman. He develops improved quality of goods because of his craftsmanship. He concentrates more on production than on marketing. He demonstrates his innovative capabilities in matter of production of goods and rendering of services.
- Non- technical entrepreneur are those who are not concerned with the technical aspects of the product in which they deal. They are concerned only with developing alternative marketing and distribution strategies to promote their business.
- Professional entrepreneur is interested in establishing a business but does not have interest in managing or operating it once it is established. He sells out the running business and starts another venture with the sales proceeds.
ENTREPRENEUR AND MOTIVATION
An entrepreneur is motivated to achieve or prove his excellence in job performance. He influences others by demonstrating his business acumen.
- Pure entrepreneur is an individual who is motivated by psychological and economic rewards. He undertakes entrepreneurial activity for his personal satisfaction in work, ego and status.
- Induced entrepreneur is one who is induced to take up an entrepreneurial task due to policy measures of the government that provides assistance, incentives, and concessions and other facilities to start a venture. Enter business due to financial, technical and other facilities provided to them by the state agencies to promote entrepreneurship.
- Motivated entrepreneur: they come into being because of the challenge involved in developing and marketing a new product for the satisfaction of consumers. If the product succeeds, the entrepreneur is further motivated for launching of newer products.
- Growth and entrepreneur are those who take up a high growth industry which has substantial growth prospects. Super growth entrepreneurs are those who show enormous growth or performance in their venture.
ENTREPRENEUR AND STAGES OF DEVELOPMENT
- First generation entrepreneur is the one who starts an industrial unit by his innovative skill. He is the one who combines different technologies to produce a marketable product or services.
- Modern entrepreneur is one who undertakes those ventures which go well with the changing demand in the market. He undertakes those ventures that suit the current market needs.
- Classic entrepreneur is one who is concerned with maximizing the economic returns at consistent level. He is concerned more about the survival of the firm with or without an element of growth. Apart from the above, there are entrepreneurs who can be classified into innovative and imitative categories.
- Innovating entrepreneurs are generally aggressive in collecting information, analyzing and experimenting attractive possibilities into practice. They are quick to convert old established products or services by changing their utility, their value, their economic characteristics into something new, attractive and utilitarian. They can see the opportunity for introducing a new technique of production process or a new commodity or a new service or even the reorganization of an existing enterprise. They are very commonly found in developed countries while there is dearth of such entrepreneurs in underdeveloped countries. They are always creative and bringing in innovation in their work.
- Imitative entrepreneurs are ready to adopt and are more flexible in imitating techniques developed by others. They exploit opportunities as they come and are mostly on a small scale. He is more of an organizer of factors of production than a creator. In the context of a poor country, he is definitely a change agent and hence he is important in underdeveloped countries.