TYPES OF ENTREPRENEURS

They are classified according to motivation to engage, Levels of Creativity and Innovation,
level of organisation and consultation, technology business type and others.

MOTIVATION TO ENGAGE IN ENTREPRENEURIAL ACTIVITY:

Motivation is the force that influences the efforts of the entrepreneur to achieve his objectives.
Induced Entrepreneur: Induced entrepreneur is one 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 a venture.

Spontaneous Entrepreneur: They are persons with initiative, boldness and confidence in
their_- ability, which activate, them, underage entrepreneurial activity. Such entrepreneurs have
a strong conviction and confidence in their inborn ability.

‘Push’ (Forced) entrepreneurs. ‘Push’ entrepreneurs are those whose dissatisfaction with their
current position for reasons unrelated to their entrepreneurial characteristics, pushes them to start
a venture. E.g. Dissatisfaction with current job, unemployment, lack of marketable job skills,
loss of a bread earner, forced migration, premature retirement etc…

'Pull" (Motivated) entrepreneurs are those who are lured by their new venture idea and initiate
venture activity because of the attractiveness of the business idea and its personal implications.
These include a promise of high profits, prestige, conforming to group pressures, a need for
independence, and a chance to put their ideas in practice.

"Push' and 'pull' Entrepreneurs are a combination of the above two. They are normally more
motivated and thus outperform other types of entrepreneurs. However, "push" entrepreneurs
were found to be more successful than "pull" entrepreneurs. They are more determined and
persistent because they normally have nothing to fall back to.

LEVELS OF CREATIVITY AND INNOVATION

Innovative entrepreneurs assemble a large variety of information and combine a range of

factors experimentally to produce new possibilities in terms of markets, techniques, or products.

Imitative (Adoptive) entrepreneur imitate and adopt the technology and techniques innovated
by others. They are particularly important in underdeveloped countries although not highly
regarded in more developed economies. Business Ownership and Entrepreneurial Orientation
Opportunistic (Portfolio) Entrepreneurs start and have ownership of their enterprises, and
constantly look for and exploit serial opportunities because of their wide skills and knowledge
accumulated from a wider educational background, experience or exposure.

Visionary Entrepreneurs have almost similar characteristics to the opportunistic entrepreneurs

however, while “opportunistic” entrepreneurs pursue, serial business opportunities, the
“visionary” entrepreneurs concentrate on the unwavering pursuit of a single, powerful
opportunity.

Drone Entrepreneurs: At some instant in their business, craftsman-entrepreneurs are so

comfortable with their achievements that they decide not to tamper with what they consider a
winning formula.

Fabian Entrepreneurs are also reluctant to change, but are sometimes forced by circumstances
to change. They respond very slowly to changes in the market, and this affects their growth and
competitiveness.

LEVEL OF ORGANIZATION AND CONSULTATION

Differences between entrepreneurs who developed their business ideas on their own (solo
entrepreneurs) vs. those who got their ideas from their social networks, and develop them using
the networks (network entrepreneurs) are found.

Individual and Institutional entrepreneurs most start-up firms are dominated by entrepreneurs
acting individually, or coming together individually. However, as the business grows and
becomes more complex, it becomes imperative to develop the entrepreneurial skills through a
corporate body.

Copreneurs: are entrepreneurial couples that work together as co-owners of an enterprise.

Although some scholars consider business co-ownership a recipe for divorce, some researchers
have described it as an exciting proposition that involves nurturing and growing a business with
someone you love – much like raising a child. It is important, however, to first build a successful
relationship before launching the enterprise.

ENTREPRENEURS IN TECHNOLOGY

Entrepreneurs can be broadly classified on the basis of their use of technology as follows:

Technical Entrepreneurs are essentially compared to “craftsmen.” They develop improved

quality of goods because of their craftsmanship. They tend to concentrate more on production
than marketing, sales generation and promotional techniques. They demonstrate their innovative
capabilities in matters of production of goods and rendering of services using their technical
skills in production.

Non-technical Entrepreneurs are those 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 are 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. Such an entrepreneur is
dynamic and he conceives new ideas to develop alternative projects.

ENTREPRENEURS ACCORDING TO THE TYPE OF BUSINESS

Business Entrepreneurs are individuals who conceive an idea for a new product or service and-
then creates a business to materialize their idea into reality.

Trading Entrepreneur is one who undertakes trading activities and is not concerned with the
manufacturing work.

Industrial Entrepreneur is essentially a manufacturer, who identifies the potential needs of

customers and tailors a product or service to meet the marketing needs.

Corporate Entrepreneur: Corporate entrepreneur is a person who demonstrates his innovative

skill in organizing and managing corporate undertaking.

Agricultural Entrepreneur: Agricultural entrepreneurs are those entrepreneurs who undertake

agricultural activities as raising and marketing of crops, fertilizers and other inputs of agriculture.

OTHERS TYPES

Social entrepreneurs are individuals with innovative solutions to society's most pressing social
problems.
Novice entrepreneurs- Individuals with no prior minority or majority business ownership
experience either as a business founder or as a purchaser of an independent business who
currently own a majority or minority equity stake in an independent business that is either now or
purchased
Habitual entrepreneur- individuals who hold or have had a minority or minority ownership
stake in two or more businesses at least one of which was established or purchased.
Portfolio entrepreneurs –individuals who currently have minority or majority ownership stakes
in two or more independent businesses
Serial entrepreneurs - An entrepreneur who continuously comes up with new ideas and starts
new businesses.
Cooperate entrepreneurs -Development of new ideas and opportunities within large or
established businesses directly leading to improvement or organizational profitability
Nascent entrepreneur-these business at initial stage of either idea generation or have just
started.
Intrapreneurs –these are entrepreneurs with in an established business
Social entrepreneurs-these are individuals who start business to solve a societal need.