Classification of Entrepreneurs and its importance

Classification of Entrepreneurs

1. According to Functional Characteristics
According to Type of Business
According to use of Technology
According to stage of Development
According to Area
According to Gender and Age

2. Based on Functional Characteristics
•InnovatingEntrepreneur:Onewhointroducesnewgoods,inaugurates
newmethodsofproduction,discoversnewmarketandreorganizesthe
enterprise.
•ImitativeEntrepreneur:Onewhoisreadytoadoptsuccessfulinnovations
inauguratedbyinnovatingentrepreneurs.
•FabianEntrepreneur:Onewhoisverycautiousandskepticalabout
experimentinganychangeintheenterprise.
•DroneEntrepreneur:Onewhorefusestoadoptopportunitiestomake
changesinproductionevenatthecostofseverelyreducedreturns.

3. Business Entrepreneur
Trading Entrepreneur
Industrial Entrepreneur
Corporate Entrepreneur
Agricultural Entrepreneur
Retail Entrepreneur
Service Entrepreneur

4. Businessentrepreneursareindividualswhoconceiveanidea
foranewproductorserviceandthencreatesabusinessto
materializetheirideaintoreality.Theytapbothproduction
andmarketing’resourcesintheirsearchtodevelopanew
businessopportunity.Theymaysetupabigestablishment
orasmallbusinessunit.
Tradingentrepreneurisonewhoundertakestradingactivities
andisnotconcernedwiththemanufacturingwork.Heidentifies
potentialmarkets,stimulatesdemandforhisproductlineand
createsadesireandinterestamongbuyerstogoinforhis
product.Heisengagedinbothdomesticandoverseastrade.
Trading Entrepreneur

5. Industrialentrepreneurisessentiallyamanufacturer,who
identifiesthepotentialneedsofcustomersandtailorsa
productorservicetomeetthemarketingneeds.Heisa
product-orientedmanwhostartsinanindustrialunit
becauseofthepossibilityofmakingsomenewproduct.
Corporateentrepreneurisapersonwhodemonstrateshis
innovativeskillinorganizingandmanagingcorporate
undertaking.Acorporateundertakingisaformofbusiness’
organization,whichisregisteredundersomestatuteorAct,
whichgivesitaseparatelegalentity.
Corporate Entrepreneur

6. Agricultural entrepreneurs are those entrepreneurs who
undertake agricultural activities as raising and marketing of
crops, fertilizers and other inputs of agriculture.
Theymaybeinvolvedintosinglebrandretailormultibrandretail
format
Service Entrepreneur
Retail Entrepreneur
Theyareinvolvedintoprovidingaparticulartypeofservice

7. •Technical entrepreneur: Production oriented,
possesses innovative skills in manufacturing,
quality control etc.
•Non technical entrepreneur: Develops
marketing, distribution facilities and
strategies
•Professional entrepreneur: Uses the proceeds
from sale of one business to start another
one. Brimming with ideas to start new
ventures

8. •Pure entrepreneur: Psychological and economic
rewards motivate him.
•Induced entrepreneur: Incentives, concessions,
benefits offered by government for entrepreneurs
motivates him.
•Motivated entrepreneur: Sense of achievement
and fulfillment motivate him.
•Spontaneous entrepreneur: Born entrepreneurs
with inborn traits of confidence, vision, initiative.

9. First generation Entrepreneur: Innovator, risk
taker, among the firsts in family to enter
business
Modern entrepreneur: Who considers
feasibility of business, which can adapt to
change and dynamic market
Classical entrepreneur: One who gives more
importance to consistent returns than to
growth; concerned about customer and
marketing needs

10. Urban Entrepreneur
Rural Entrepreneur

11. Women Entrepreneur
Men Entrepreneur
Young Entrepreneur
Old age Entrepreneur
Middle age Entrepreneur