Entrepreneurship Development and Communication Skills (1+1)

4.1.5 Kinds of entrepreneurs

We can classify entrepreneurs into the following categories:

(i) Innovating Entrepreneur . He is one who introduces something new into the economy or employs a new technique of production, opens a new market, exploits a new source of raw material and reorganizes the whole enterprise. Generally, such entrepreneurs are found in developed economies because of open competition and less government controls.

(ii) Imitating Entrepreneur . They lap up the innovations brought by innovating entrepreneurs. They are suited to developing countries which are constrained to take up expensive research.

(iii) Fabian Entrepreneurs . Such entrepreneurs are very cautious and skeptical in adopting and implementing any change. They are lazy and shy and lack the will to adopt new methods.

(iv) Drone Entrepreneurs . Drone entrepreneurship is characterized by a refusal to adopt and use opportunities to make changes in production. They are laggards as they continue to operate in their traditional way and resist changes.