Classifications of Entrepreneurs
1. Innovative Entrepreneurs:
Innovative entrepreneurs are one who introduce new goods, inaugurate new method of
production, discover new market and reorganize the enterprise. It is important to note that such
entrepreneurs can work only when a certain level of development is already achieved, and people
look forward to change and improvement.
2. Imitative Entrepreneurs:
These are characterized by readiness to adopt successful innovations inaugurated by innovative
entrepreneurs. Imitative entrepreneurs do not innovate the changes themselves, they only imitate
techniques and technology innovated by others. Such types of entrepreneurs are particularly
suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new
combinations of factors of production already available in developed regions.
3. Fabian Entrepreneurs:
Fabian entrepreneurs are characterized by very great caution and skepticism in experimenting
any change in their enterprises. They imitate only when it becomes perfectly clear that failure to
do so would result in a loss of the relative position in the enterprise.
4. Drone Entrepreneurs:
These are characterized by a refusal to adopt opportunities to make changes in production
formulae even at the cost of severely reduced returns relative to other like producers. Such
entrepreneurs may even suffer from losses but they are not ready to make changes in their
existing production methods.
5. Technical Entrepreneur:
A technical entrepreneur is essentially compared to a crafts man. He develops improved quality
of goods because of the craftsmanship. He concentrates more on production than marketing.
6. Classical Entrepreneur:
A Classical Entrepreneur is one who is concerned with the customer and marketing needs
through the development of self -supporting venture. He is a stereo type entrepreneur whose aim
is to maximize the economic returns at a level constant of the firm or without growth.
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6. Social Entrepreneur:
A social entrepreneur is somebody who takes up a pressing social problem and meets it with an
innovative or path breaking solution. Since profit making is a secondary objective, therefore they
are people who are passionate and determined about what they do. They possess a very high
level of motivation and are visionaries who aim at bringing about a change in the way things
are.Social entrepreneurs operate with an aim of changing the face of society. Be it health,
sanitation, education, they are present everywhere.
7. Opportunistic Entrepreneur:
One who recognizes an opportunity and moves quickly to capitalize on it. A store owner who has
a supplier for umbrellas may quickly order many just as the rainy season begins in some region.
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