18.12.13

CLASSIFICATION AND TYPES OF ENTREPRENEURS.



The entrepreneurs have been broadly classified according to the type of business, use of professional skill, motivation, growth and stages of development. The various type of entrepreneur is as follows
Entrepreneurs according to the type of business.
Entrepreneurs are found in various types of business occupations of varying size, we may broadly classify them as follows:

Business entrepreneur: Business entrepreneurs are individuals who conceive an idea for a new product or service and then create a business to materialize their idea into reality. They may set up a big establishment or a small business unit. They are called small business entrepreneurs when found in small business units such as printing press, textile processing house, advertising agency, readymade garments or confectionery.
Trading Entrepreneur: The trading entrepreneur is one who undertakes trading activities and is not concerned with the manufacturing work. He identifies potential markets, stimulates demand for his product line and creates a desire and interest among buyers to go in for his product line and creates a desire and interests among buyers to go in for his product line and creates a desire and interests and buyers to go in for his product. He is engaged in both domestic and overseas trade.             Britain, due to geographical limitations has developed trade through trading entrepreneurs.
Industrial Entrepreneurs: Industrial entrepreneur is essentially a manufacturer who identifies the potential needs of customers and tailors a product or service to meet the marketing needs. He is product- oriented man who starts in an industrial unit because of the possibility of some new product.
Corporate Entrepreneur: Corporate entrepreneur is a person who demonstrates his innovative skill in organizing and managing corporate undertaking. A corporate undertaking is is a form of business organization which is registered under some statue or act which gives it a separate legal entity. A trust registered under Trust act or company registered under the companies act is examples of corporate undertakings. A corporate entrepreneur is thus an individual who plans, develops and manages a corporate body.
Agricultural Entrepreneur: Agricultural entrepreneur are those entrepreneurs who undertake agricultural activities as raising and marketing of crops, fertilizers and other inputs of agriculture. They are motivated to raise agricultural through mechanization, irrigation and application of technologies for dry land agriculture products.


Entrepreneurs in technology
We may broadly classify these entrepreneurs on the basis of use of technology as follows:
Technical entrepreneur: A technical entrepreneur is essentially compared to a crafts man. He develops improved quality of goods because of the craftsmanship. He concentrates more on production than marketing.
Non technical entrepreneur: These are people who are not concerned with the technical aspects of the product in which they deal. They are concerned only with developing alternative marketing and distribution strategies to promote their business.
Professional entrepreneurs: Professional entrepreneurs are a person who is interested in establishing a business but does not have interest in managing or operating it once it is established. A professional entrepreneur is a person who is interested in establishing a business but does not have interest in managing or operating it once it is established. A professional entrepreneur sells out the running business and starts another venture with the sales proceeds.
Entrepreneurs and motivation
Pure entrepreneur: A pure entrepreneur is an individual who is motivated by psychological and economic rewards. He undertakes an entrepreneurial activity for his personal satisfaction in work, ego, and status.
Induced Entrepreneur: He is the person who is induced to take up an entrepreneurial task due to the policy measures of the government that provides assistance, incentives, concessions, and necessary overhead facilities to start the venture. Most of the induced entrepreneurs enter entrepreneurship due to financial, technical and several other facilities provided to them by the state agencies to promote entrepreneurship.
Motivated entrepreneur: New entrepreneurs are motivated by the desire for fulfillment. They come into being because of the possibility of making and marketing some new product for the use of customers. If the product is developed to saleable stage, the entrepreneur is further motivated by reward in terms of profit.
Spontaneous Entrepreneur: These entrepreneurs start their business because of their natural talents. They are persons with initiative, boldness and confidence in their ability which motivate them to undertake entrepreneurial activity. Such entrepreneurs have a strong conviction and confidence in their inborn ability.
Growth and Entrepreneurs
Growth Entrepreneur: Growth entrepreneurs are those who necessarily take up high growth industry which has substantial growth prospects.
Super Growth Entrepreneurs: Super growth entrepreneurs are those who have shown enormous growth of performance in their venture. The growth performance is identified by the liquidity of funds, profitability and gearing.


Entrepreneurs and stages of Development:
Entrepreneurs may also be classified as the first generation entrepreneur, modern entrepreneur and classical entrepreneur depending upon the stage of development. They are explained below:
First-generation entrepreneur: A first generation entrepreneur is one who starts an industrial unit by innovative skills. He is essentially an innovator, combining different technologies to produce a marketable product or service.
Modern entrepreneur: A modern entrepreneur is one who undertakes those ventures which go well along with the changing demand in the market. They undertake those ventures which suit the current marketing needs.
Classical entrepreneur: A classical entrepreneur is one who is concerned with the customers and marketing needs through the development of the self supporting venture. He is a stereotype entrepreneur whose aim is to maximize his economic returns at a level consistent with the survival of the firm with or without an element of growth.
Others
 Innovating Entrepreneurs: Men and women in this group are generally aggressive in experimentation who exhibit cleverness in putting attractive possibilities into practice. One need not invent but convert even old established products or services by changing their utility, their value, and their economic characteristics into something new, attractive and utilitarian. This is the secret of these people.
Imitative entrepreneurs: These people are characterized by readiness to adopt successful innovations by entrepreneurs. They imitate techniques and technology innovated by others. They are adoptive and more flexible.
By western standards, an imitative entrepreneur may be a pedestrian figure, an adopter an imitator rather than a true innovator. He is more an organizer of factors of production than a creator. But in a poor country attempting to industrialize, he is nevertheless a potent change producing figure. He can set in motion the chain reaction which leads to cumulative progress.

Chapter II CORPORATE STRATEGY

Our principles: We recognize that we must integrate our business values and operations to meet the expectations of our stakeholders. They ...