Types of Entrepreneurs & Entrepreneurship as a career choice

-Nethra Udayakumar 312312631068

Types of Entrepreneur
Different types of Entrepreneurs are classified by different academicians and behavioral scientists. Classified based on the differentiation in the behaviour and attitudes, roles, functions, industry and many more relevant characterisations.

Schumpeter
The entrepreneur is the adventurous innovator who acting on his own account, introduces changes that others do not dare to experiment with.

Arthur H. Cole
Distinguishes between empirical, rational and cognitive entrepreneurs. The empirical entrepreneur
hardly introduces anything revolutionary and follows the principle of rule of thumb.

The rational entrepreneur

is well informed about the general economic conditions and introduces changes that look more revolutionary.

The cognitive entrepreneur

is well informed, draws upon the advice and services of experts and introduces changes that reflect complete break from the existing scheme of things.

Clarence Danhof
The innovating entrepreneur
Innovators are the people who introduce new product or service or initiate a new system in the economy or the environment.

The imitative entrepreneur

is also known as the adoptive entrepreneur. He simply adopts successful innovations introduced by other innovators.

The Fabians entrepreneurs

are timid and cautious. He will imitate other innovations only if he is certain that failure to do so may damage his business.

The drone entrepreneur s

entrepreneurial activity may be restricted to just one or two innovations. He refuses to adopt changes in production even at the risk of reduced returns

Focus
An economy which is making a lot of technical advancement.
large number of innovating and adoptive entrepreneurs less number of Fabians and drones.

Technological advancement may not take place even.

Fabians or drones.

Characteristics
Innovating entrepreneurs
Aggressive assemblage of information Analysis of results derived from sound combination of factors Sees opportunity for introducing a new technique. Raises funds Face high risk Fabian entrepreneurs

Adoptive or imitative entrepreneurs

readiness to adopt successful innovations revolutionary entrepreneursimitate the technology transform the system Face less risk

Drone entrepreneurs

very cautious and sceptical shy and lazy Dealings are determined by custom, religion, tradition and past practices. Follow their predecessors

Resist changes. Laggards operate in traditional way

Other Types
Solo Operators
Work alone, if needed employ a few employees.

Active partners
Joint venture-actively participate Partners only provide funds

Inventors
Invent products

Challengers
Look for challenges

Buyers
Buy on going company

Life timers
Integral part of life-family enterprise.