In this article, we will discuss the different types of entrepreneurs that is available in the corporate sector. Also, we are going to mention all the entrepreneurs based on category. Lets start with meaning of entrepreneur and basic concept of entrepreneur.
Who is an Entrepreneur?
An entrepreneur is someone who starts and runs their own business. Entrepreneurs are often seen as risk-takers, as they are willing to invest their own time and money into a new business venture. Many successful entrepreneurs have innovative ideas and are able to create and launch new products or services. In order to be successful, entrepreneurs must be able to identify and solve problems. They must also be able to market their products or services and build a loyal customer base. Entrepreneurship requires a lot of hard work and dedication and there are multiple types of Entrepreneurs, but it can be a very rewarding experience. Those who are successful in entrepreneurship often enjoy a great deal of autonomy and satisfaction from being their own boss.
There are many different ways to become an entrepreneur. However, some tips on how to become an entrepreneur include studying business and marketing in an MBA course, networking with other entrepreneurs, and having a strong work ethic. Additionally, it is important to have a clear vision for what you want to achieve and be passionate about your business idea.
Different Types of Entrepreneurs [Baesd on Categories]
Entrepreneurs may be classified in the following ways:
1. On the basis of Type of Business
On the basis of types of business, entrepreneurs can be classified in the following categories:
i. Business Entrepreneur
Business is an economic activity that is related to the production & distribution of goods and services to earn profit. Any Individual who generates an idea to start a business and then builds a business comes in the category of a business entrepreneur.
ii. Trading Entrepreneur
Trade refers to buying and selling manufactured goods to get a profit. Any Individual who undertakes trading activity comes in the category of trading entrepreneur.
iii. Industrial Entrepreneur
Industry includes all those activities through which raw material is converted into finished products. Any Individual who undertakes manufacturing activities comes in the category of industrial entrepreneur.
iv. Corporate Entrepreneur
A corporate undertaking refers to a business organisation registered under some statute or Act, such as a company registered under the Companies Act. Any Individual who uses their skill in organising and managing a corporate undertaking comes in the category of corporate entrepreneur.
v. Agricultural Entrepreneur
Agricultural activities include raising and marketing crops, fertilisers, and other agricultural inputs. Any Individual who undertakes agricultural activities comes in the category of agricultural entrepreneur. The names are also known as agricultural entrepreneurs or agripreneurs.
2. On the Basis of Use of Technology
On the basis of the use of technology, types of entrepreneurs are as follows:
i. Technical Entrepreneur
Technical entrepreneurs are concerned with the technical aspects of the product. These entrepreneurs are technical experts and task-oriented. They concentrate more on production aspects than on marketing. These entrepreneurs may enter the business to develop new and improved quality goods through their inventions and discoveries.
ii. Non-Technical Entrepreneur
Non-technical entrepreneurs, as the name suggests, are not concerned with the technical aspects of the product. They concentrate more on marketing aspects. These entrepreneurs develop marketing techniques and distribution strategies to promote business.
iii. Professional Entrepreneur
A professional entrepreneur is an entrepreneur who starts a business unit but does not have an interest in managing it after its establishment. These types of entrepreneurs sell out the running business and start another venture with new ideas.
3. On the Basis of Motivation
On the basis of motivation, entrepreneurs are of the following types:
i. Pure Entrepreneur
Any individual motivated by psychological, economic (profit motive), or ethical considerations comes in the category of pure entrepreneur. These types of entrepreneurs undertake business ventures for their satisfaction, status, and ego. For example, Dhirubhai Ambani of Reliance Group.
ii. Induced Entrepreneur
Any person induced to take up an entrepreneurial activity with a view to avail of some benefits from the government comes in the category of induced entrepreneur. The government can induce people to pursue entrepreneurial activities by providing assistance, incentives, subsidies, concessions, and infrastructure.
iii. Motivated Entrepreneur
An individual motivated by the desire for self-fulfillment comes in the category of a motivated entrepreneur. These types of entrepreneurs start business ventures using their technical and professional expertise and skills to exploit the possibility of making and marketing new products.
4. On the Basis of Stages of Development
On the basis of stages of development, types of entrepreneurs are as follows:
i. First Generation Entrepreneur
Any Individual who starts an industrial unit with his innovative ideas and skills comes in the category of first generation entrepreneur. First Generation Entrepreneur is also known as an innovator or new entrepreneur.
ii. Modern Entrepreneur
Any Individual who starts those ventures which suit modern marketing needs comes into the category of the modern entrepreneur.
iii. Classical Entrepreneur
Any Individual who develops a self-supporting venture to satisfy customers’ needs comes in the category of the modern entrepreneur.
5. On the Basis of Entrepreneurial Activity
On the basis of entrepreneurial activity, the types of entrepreneurs are as follows:
i. Novice Entrepreneur
Any Individual who has no prior business ownership experience and has started their first entrepreneurial venture comes in the category of novice entrepreneur.
ii. Serial Entrepreneur
Any individual devoted to one venture at a time but ultimately starting many ventures comes in the category of the serial entrepreneur. This type of entrepreneur repeatedly starts a business, grows that, and once the business is established, then sells that off.
iii. Portfolio Entrepreneurs
Any Individual who starts and runs several businesses simultaneously comes in the portfolio entrepreneur category. These types of entrepreneurs retain original businesses and build a portfolio of different businesses by establishing or purchasing them.
6. On the Basis of Nature
You can classify types of entrepreneurs on the basis of nature into four categories.
i. Innovative Entrepreneurs
An innovative entrepreneur introduces new goods and inaugurates new production methods. These types of entrepreneurs are generally creative, aggressive, and interested in introducing innovations.
ii. Imitative Entrepreneurs
These are not interested in innovations. They imitate or copy techniques and technology innovated by innovating entrepreneurs.
iii. Fabian Entrepreneurs
They take great caution to experiment with any change in their enterprise. These types of entrepreneurs are traditionally bounded, shy, and lazy. They usually do not take on any new challenges.
iv. Drone Entrepreneurs
These are those entrepreneurs who refuse to change the method of production already introduced. They may even suffer losses but are not ready to change their existing production methods.
7. On the Basis of Goal of Activity
On the basis of the goal of the activity, entrepreneurs are of the following types.
i. Commercial Entrepreneurs
Commercial Entrepreneurs are entrepreneurs who start businesses to generate sales and profits or for personal gain. In the present scenario, most entrepreneurs belong to this category.
ii. Social Entrepreneurs
Social entrepreneurs start ventures not to profit but to provide social welfare.