Entrepreneur: An entrepreneur is a person who creates and manages any business by

identifying a need and benefiting from the opportunity. This usually comes with considerable
risk, personal sacrifice, and initiative. We usually see the entrepreneur as an individual who
innovates and produces new ideas, goods, or services. They are also at risk of losing their
capital. They run that risk because like any other business in the world, there is a chance of
failure. An entrepreneur can be the owner, a partner, or in some cases the majority shareholder
in the venture. They usually assume all roles that involve managing the business activities.
(Entrepreneur - Definition and Examples - Market Business News, n.d.)
Types of Entrepreneurs

A. Innovative Entrepreneur: These are the ones who invent the new ideas, new products, new
production methods or processes, discover potential markets and reorganize the company’s
structure. These are the industry leaders and contributes significantly towards the economic
development of the country.
B. Imitating Entrepreneurs: The imitating entrepreneurs are those who immediately copy the
new inventions made by the innovative entrepreneurs. These do not make any innovations by
themselves; they just imitate the technology, processes, methods pioneered by others.
C. Fabian Entrepreneurs: These types of entrepreneurs are skeptical about the changes to be
made in the organization. They do not initiate any inventions but follow only after they are
satisfied with its success rate. They wait for some time before the innovation becomes well tested
by others and do not result in a huge loss due to its failure.
D. Drone Entrepreneurs: These entrepreneurs are reluctant to change since they are very
conservative and do not want to make any changes in the organization. They are happy with their
present mode of business and do not want to change even if they are suffering the losses.

(What Are the Types of Entrepreneurs? Business Jargons, n.d.)

Some examples are shown in below:

➢ Bill Gates, founder of Microsoft. There are probably not many people that have not
been touched by one of his products, such as Microsoft Windows, Microsoft Office
and Internet Explorer.
➢ Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and
iPhones, as well as Apple TV.
➢ Mark Zuckerberg, the founder of Facebook. Pierre Omidyar, founder of eBay.
➢ Arianna Huffington, founder of the Huffington Post, a well-known online news
site.
➢ Caterina Fake, co-founder of Flikr, which hosts images and videos on the Internet.
(What Is an Entrepreneur? - Definition, Characteristics & Examples - Video & Lesson
Transcript | Study.Com, n.d.)
Entrepreneurship: Entrepreneurship refers to the process of creating a new enterprise and
bearing any of its risks, with the view of making the profit. The conceptual model of
entrepreneurship is given below:

Person

Organization Entrepreneurship Task

Environment

Fig. 01. Conceptual model of entrepreneurship

It is an act of seeking investment and production opportunity, developing and managing a
business venture, so as to undertake production function, arranging inputs like land, labor,
material and capital, introducing new techniques and products, identifying new sources for the
enterprise. The person who creates a new enterprise and embraces every challenge for its
development and operation is known as an entrepreneur. And the undertaking or organization,
typically a startup company, set up by the entrepreneur is called enterprise.

(What Is Entrepreneurship? Definition, Characteristics and Skills - Business Jargons, n.d.)

Examples of entrepreneurship are shown in below:

➢ Uber Technologies revolutionized transportation by giving a new direction to the taxi
industry. By using the existing driver pool as independent contractors, they grabbed a
massive market share and attracted good investment.
➢ Tesla is known for its electric cars. Although the target customers are limited, the
enterprise enjoys a large market share and high profit margins.
➢ In 2006, Disney purchased Pixar instead of creating its own studio to compete with it.
It was a lucrative arrangement as plenty of Pixar movies were global blockbusters and
Disney maximized its profits.
(What Is Entrepreneurship - Meaning, Examples, Role, Need & Features - Harappa, n.d.)

Name: Sadia Sultana

ID: BG213071503
Email: sadiasultana641793@gmail.com