Different Types of Entrepreneurs

Entrepreneurs Types

1. Based on Functional Characteristics

  1. Innovative Entrepreneurs: These entrepreneurs have the ability to think newer, better and more economical ideas of business organisation and management. They are the business leaders and contributors to the economic development of a country.
  2. Initiative or Adoptive Entrepreneur: Such entrepreneurs do not innovative themselves, but imitate techniques and technology innovated by others. Entrepreneurs in this group are characterised by an aggressive assemblage of information for trying out a novel combination of factor. Such entrepreneurs are particularly suitable for underdeveloped economics as adoption saves cost of trial and error.
  3. Fabian entrepreneurs: Such entrepreneurs display great caution and scepticism in experimenting with any change in their enterprise. They change only when there is an imminent threat ot the very existence of their enterprise.
  4. Drone entrepreneurs: Such entrepreneurs are characterised by a die-hard conservation and may even be prepared to suffer the loss of business.

2. According to the types of Business

  1. Business Entrepreneurs: They are individuals who conceive an idea for a new product or service and then create a business to materialise their idea into reality.
  2. Trading Entrepreneur: These are concerned with trading activities and not manufacturing. Trading means buying the finished product from the producer and selling off to the customer directly or through a retailer.
  3. Industrial Entrepreneur: Industrial entrepreneur is essentially a manufacturer who identifies the potential needs of customers and tailors product or service to meet the marketing needs.
  4. Corporate Entrepreneur: Corporate entrepreneur is a person who demonstrates his innovative skill in organizing and manufacturing a corporate undertaking.
  5. Agricultural Entrepreneur: Those are entrepreneurs who undertake such agricultural activities as raising and meeting of crops, fertilisers find other input of agriculture.
  6. Retail Entrepreneurs: They never do manufacturing activities. Retail serve the retail and individual customers. In India retail entrepreneurs are spread across the country. Ex: Medical shops, Vegetable stalls, etc.
  7. Service Entrepreneurs: These people work in the service sector area and provide services to customers. Ex: Beauty parlors, airlines, Dry-cleaning, etc

3. According to Area

  1. Urban Entrepreneur: An urban entrepreneur is one who belongs to urban area. Due to location benefits he establishes an enterprise in the urban areas. Generally urban entrepreneur is either industrial entrepreneur or corporate entrepreneur.
  2. Rural Entrepreneur: A rural entrepreneur is one who belongs to rural area. Due to location benefits in rural area, he establishes an enterprise in rural area. Government provides more financial assistance and other additional benefits in rural area to entrepreneurs in order to develop rural areas along with urban areas.