Types of Entrepreneurs

Entrepreneur: Entrepreneur is the word which comes from the French word ‘entreprendre’ which refers “to undertake”. i.e. individual who undertake the risk of new enterprise or new business.

Entrepreneur is who create their own business who organised, operates and share the risk of business.

Types of Entrepreneurs

The entrepreneur is a person who perceive an idea and then bring together the power, material and arrange necessary capital needed for their business.

The term “entrepreneur” is used in various way and various views. The views are broadly classified into three groups :-

• risk bearing

• organiser

• innovator

So we can say that an entrepreneur is a person who tries to create something new and organize production and undertaker risk and handle economic uncertainty involved in business or enterprise.

An entrepreneur is one who :

• Starts a business (old and new).

• Undertaker riskin the business.

• Perform managerial function of decision making and coordination.

• Organised and analyse the business system.

• Put the new process based on technological research into their business.

• Sometimes Imitate any technique of production.

Types of Entrepreneurs

There are many different types of entrepreneurs but there are four main types

1. Innovative Entrepreneur

2. Imitative Entrepreneur

3. Fabian Entrepreneur

4. Drone Entrepreneur

1. Innovative Entrepreneur

They are the Entrepreneur who invent and think the new ideas, new products, new technology, new products, new technique, new process, discover potential market and organises the company’s structure.

The innovative entrepreneur have the unusual target to recognise the demand for product and service by the customer. These entrepreneur are the industry leader and they contribute significantly towards the economy growth of the country.Types of entrepreneurs

They are always ready to take risk with their new innovative ideas and products, it is because they enjoy the challenges and excitement. The best example of innovative entrepreneur is Ratan Tata who launched the Tata Nano at the very low cost.

Characteristics of the Innovative Entrepreneur :

1. They always think something new.

2. They are obsessive notetakers.

3. They always look for patterns.

4. Their main aim is perfection.

5. They always ready to take risk.

2. Imitative Entrepreneur

Imitative Entrepreneur are the Entrepreneur who immediately copy the new invention. These types of entrepreneurs always copy to the other’s new invention, they don’t invent themselves.

For example if an Innovitive Entrepreneur invent and launch something new to the public then they will copy the invention and little bit modify it by themselves.

Imitative Entrepreneur are just imitate the technology, method and process by others.
Imitative Entrepreneur are found in the place where there is lack of resources due to which they don’t invent something new.

They are suitable for undeveloped areas where they can imitate the invention that already established in the developed areas. Imitative Entrepreneur are try to copy a successful invention or the invention which are going to success in future after the copying they just modify it and make it more appealing in the market.

They have always an advantage that they don’t have to take any risk because they just copy a successful invention and they know we’ll the opportunity of the business and have proven a business to work on.

Characteristics of Imitative Entrepreneur :

1. They are good researcher.

2. They have the ability to build a successful business model.

3. They are adamant about what they are doing.

4. They don’t take risk.

5. They have good opportunity to be a successful entrepreneur.

For example Walton BD who introduced its motorcycle, refrigerator, television and many other electronic devices in Bangladesh not being the original inventor of those electronic devices.

3. Fabian Entrepreneur

Fabian Entrepreneur are the skeptical about the changes to be made in the organisation. They do not invent but they follow only after they are satisfied with its success rate.

Types of entrepreneurs

The Fabian Entrepreneur are those who unaware of the changes in the area of the product they are involved in the business with, but their market leadership goes down and they understand the change.

Simply we can say that a Fabian Entrepreneur is the one who is very calculative in taking the decision and very skeptical, they always take calculative steps.

For example ‘Kodak‘ a successful company in a particular time, that happened to be the market leader in producing and analog cameras but after they realise the change and the introduction of the digicam, which is the innovative idea of some innovative entrepreneur, for what Kodak lost their leadership and having lost their leadership they have realise about it and diversified the business in producing the digicam in the place of producing analog cameras.

Characteristics of Fabian Entrepreneur :

1. They don’t prefer to change.

2. They mostly follow the traditional method.

3. They do not take risk.

4. They are very rigid.

5. They are fundamental in their thinking.

Fabian are more applicable in our Indian ruler agriculture sector where traditional acquired land is passed down and the landlord are trying to run the business of agriculture in a pre-historic method with their traditional manner.

4. Drone Entrepreneur

At last, types of entrepreneurs  are drone entrepreneurs. The Drone entrepreneur are stubborn to change even if they have to bear a certain amount of decrease in their profit. Since they are very conservative and they don’t want any change in their organisation or in their business.

When competition increases in the market, they are pushed out from the market because it become uneconomical to exist for them in the market.

They are comfortable with their present organisation or business model and they do not change it even if there are some losses in their business.

For example, ‘Citycell Telecom Bangladesh’ they have the knowledge about it that their market fall they have not yet changed their business policies.

Characteristics of Drone Entrepreneur :

1. They run the business or Enterprises the way it is.

2. They do not change their business policies.

3. They always remain with same thing.

4. They refuse to make any modification.

5. They do not like to get change with their traditional business system.

Drone entrepreneur are ready for loss but they are not ready to make change in their business system.

Read Related : Agriculture business plan of neem cultivation for generate extra income

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