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Summary Types of Entrepreneurs
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Entrepreneurs can be classified into various types based on different criteria such as their motivations, approaches, and industries they operate in.
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Types of EntrepreneursSocial Enterpreneurship Social Enterpreneurship Types of Entrepreneurs
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Types of Entrepreneurs: The various types of entrepreneurs are
classified as under:
According to the Type of Business
1. Business Entrepreneur: Business entrepreneurs are individuals who
conceive an idea to introduce a new product or service in the market
and then start a business to materialize their idea into reality. They tap
various resources to produce and market their product in order to
develop a new business opportunity. They may set up a big
establishment or a small business unit.
2. Trading Entrepreneur: Trading entrepreneur is one who undertakes
trading activities and is not concerned with the manufacturing work of
goods. He targets the potential markets, explores the opportunities,
stimulates demand for his product line and creates a desire and interest
among buyers for his product.
3. Industrial Entrepreneur: An entrepreneur, who sets up his own
industrial unit, is called Industrial Entrepreneur. He explores the
opportunities to set up his business, completes the necessary
formalities of getting statutory permissions, power connection, pollution
control clearance (if the need be), arrange capital, making payment of
wages and supply necessary technical know-how. Such type of an
entrepreneur knows how to make the optimum use of resources and
converts them into a profitable venture.
4. Corporate Entrepreneur: The Entrepreneur who shows his innovative
skill in organizing and managing the activities of corporate undertaking
, is termed as Corporate Entrepreneur. He manages the affairs of his
corporate body and develops it with his innovative skills. He complies
with all formalities to get his corporate body registered under the
requisite Act which gives his company the status of separate legal entity.
5. Agricultural Entrepreneur: These entrepreneurs raise the productivity
of agriculture through mechanization, irrigation and application of
technologies for their agriculture land. They undertake such agricultural
activities as raising of money, marketing of crops, managing fertilizers
etc.
According to the Use of Technology
1. Technical Entrepreneur: A technical entrepreneur is essentially an
entrepreneur of “craftsman type.” These entrepreneurs focus on
production rather than marketing. Technical entrepreneur possesses
craftsman skill in himself which he applies to develop and improve the
technical aspect of the product.
2. Non-Technical Entrepreneur: An entrepreneur who is not concerned
with the technical aspect of the product is called non-technical
entrepreneur. He develops alternative strategies of the marketing and
promotes his business. The objective of such entrepreneur is not to
change the production techniques but he stimulates the demand of the
product.
3. Professional Entrepreneur: An entrepreneur who is interested in
floating a business but does not want to manage or operate it. Once the
business is established, he sells it out and catches on to float a new
business.
According to Motivation
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