TYPES OF ENTREPRENEURS:

INNOVATIVE ENTREPRENEURS:

INITIATIVE ENTREPRENEURS

FABIAN ENTREPRENEURS

DRONE ENTREPRENEURS

Innovative Entrepreneurs:
Adventurous entrepreneurs who attempt to put attractive possibilities in to practice are included under this type. y They utilize a chance to introduce a new technique or a new product. y They mobilize sufficient capital to start an enterprise befitting to this possibility. y This type of Entrepreneurs introduce new product and new production techniques and find out the new markets for their product.
y y

Initiative Entrepreneurs.:
This type of Entrepreneurs attempts to imitate innovative entrepreneur. y They imitate the techniques and activities of others y The Entrepreneur of the developing countries belong to this type.
y

FABIAN ENTREPRENURE:
Entrepreneur who attribute preference to y Customs, y religion tradition y past habit come in this categories. y Being shy and lazy this type of entrepreneur are very cautious to accepts changes and they view changes with suspicion. y Being Reluctant to face risk, they continuously follow the foot steps of their predecessors.

Drone Entrepreneur :
These entrepreneur are unwilling to make any change in the production system, even if the system causes losses repeatedly. y They never try to rise in accordance with the opportunities or to accepts the warning given by times. y Even if their products have lost marketability and the activities of the enterprise have been proved to be uneconomical and the enterprise has been thrown out of the market.
y

INHERITED ENTREPRENEUR:
y

Sometimes people become entrepreneur when they inherit family business. Entrepreneur of large scale business concern like TATA, RELIANCE, BIRLA, KHAITAN

Individual Entrepreneur and Institutional Entrepreneur:

y y y y y

Majority of Entrepreneur belonging to the small scale industry sector are individual entrepreneur. Entrepreneur of this type are found in plenty in any country. They enjoy the benefits of flexibility, Quick decision making . Individual Enterprise are not able to grow or develop beyond a limit. So its become necessary to institutionalize enterprises when entrepreneurial skills are to be co- ordianted , it becomes necessary for a team of entrepreneur to work united and the enterprise gains an institutions nature.

TECHNOLOGICAL ENTREPRENEUR:
y

Educated young men and youth self employment began to pour into business sector at a time when the problem of unemployment began to threat to the society and technical and scientific advancements started creating changes in the economic structure of the nation

Instigated Entrepreneurs:
Person who have become entrepreneur due to the pressure exerted on them by circumstances are termed as instigated entrepreneurs. y For example Traditional handicraft products and business men are forced to enter into business on account of the decline of usages of Handicraft goods.
y

Entrepreneur in Business:
Business Entrepreneur: are individuals who conceive an idea for a new product and then created a business to materialize their idea into reality. y They tap both the production and marketing resources Example: Printing Press, Advertising agency, Textile shops.
y

Entrepreneur in Business:
Trading Entrepreneur y Industrial Entrepreneur y Corporate Entrepreneur y Agriculture Entrepreneur
y

According to Use of Technology :

y

Technical Entrepreneur Professional Entrepreneur

An entrepreneur is the owner of the enterprise which he established himself Profit: the Reward of the Entrepreneur is profit which is highly uncertain Full Risk Bearing : As a Owner, the Entrepreneur has to bear all risks and uncertainties involved in the business All Functions : an Entrepreneur has to perform many functions in order to run the enterprise successfully Entrepreneur Manager OWNER : Innovator : An Entrepreneur mainly acts an Innovator and prepare plans for execution

ENTREPRENEUR VS.MANAGER: A manager is SERVENT:

y y

acting in the Capacity of a servant in the enterprise The reward for a manager is salary and his salary is certain and fixed. No Risk Bearing ; As a servant the managers need not bear any risk involved in the enterprise. Managerial Function : A manager is responsible for managerial activity only

Entrepreneur VS. Intrapreneur: Intrapreneur :

A new brand of Corporate entrepreneurs called Intrapreneur . y In Big Organization, the top executives with Entrepreneurial talents are encouraged to generate new ideas and then convert then into products through research and development carried out within the organization. y This concept of Intrapreneurship has gained popularity in Developed countries like America. y Is the managements are not receptive to their ideas they, they tend to leave their parent organisation and start Ventures of their own.
y

ENTREPRENEUR
y y y y y y y

/ INTRAPRENEUR
y y y y y y

Independent Need not to be Highly Educated Fund Raising Risk Bearing Routine Work Operation From Outside Strong Authorities

Dependent Highly Educated No Fund Raising No Risk Bearing Specialist Operation from Inside Strong Authorities

Characteristics of Intrepreneur: Intrepreneur :

Understand the Environment y Visionary y Flexible and Create Management option. y Encourage Team work y Encourage Open Discussion y Build a Coalition of Supporters
y

Entrepreneur VS. Copreneur: Copreneur :

When a Married Couple share ownership, Commitment and Responsibility for a business they are called Copreneur . y The concepts of married couple working together in a business is as old as the family itself.
y

ONTREPRENEUR / NETPRENEUR:
In these day of information technology one can become an entrepreneur very easily by launching online business. y The Internet has changed the concepts of everything including the business. y With a small investment, any person can set up a website and look for potential customers in the line of business that he offers. y An Individual who launches a new business or an innovation through the internet has been called Ontrepreneur and also know as Netpreneur .
y

ENTREPRENEURIAL COMPETENCIES:
Competencies is the combination of Knowledge Skill and appropriate motives or traits that an individual must possess to perform a given task. y All the below given characteristic put together is known as competence. y Knowledge y Skill y Motives and traits
y

Kinds of Competencies:
Kinds of Competencies Hard Skill Competencies: are those skills that are acquired through education or through work experiences. y Soft Skill Competencies.: generally inherent in an individual or developed by him consciously. Example: Communication Skill
y

Soft Skill:
y y y y y y y y y y

Initiative Persistence Information Seeking Concern For High Quality of work Commitment Efficiency Orientation Systematic Orientation Problem Solving Seek Confidence Assertiveness Use of Influence Strategies.

Entrepreneur and Economic Development:

y

The crucial role being played by entrepreneurs in the economic development are: Coordinating Role; Agent Role Role of Innovation Risk Assumption Role Imitating Role Capital Formation role Balancing Role Status transformation role Employment Generation Role Export promotion role.

Economic development implies development of agriculture and Industry resulting in an increase in the per capita income of the country. The Economic development of any country largely depends on Human Resources, agriculture development, Industry development.

The crucial role being played by entrepreneurs in the economic development are: Coordinating Role; Agent Role Role of Innovation Risk Assumption Role Imitating Role Capital Formation role Balancing Role Status transformation role Employment Generation Role Export promotion role.

Coordinating Role:
y

y y y y

Essential Function of an Entrepreneur, is to Coordinate various factors of production. Coordination Involves: Selection of right type of factors, Employment of each type factor in the right quantity. Use of the best technology Division of labor So it very much important for the economic growth by coordinating and integrating the resources available in the country.

Agent Role:
Entrepreneurs are called as Agent of Change. They Perceive opportunities and putting them into action. Setting up of Business Undertaking and Industries and Thereby make economic transform Role of Innovation Risk Assumption Role Imitating Role Capital Formation Role Status Transformation Role Employment Generation Role Export Promotion Role

y y y y y y y