Types and Functions of an Entrepreneur

I. On the basis of Stages of Economic Development 1. Innovative ( new products, methods of production, new technology, new markets, new source of supply of raw materials, etc.) 2. Imitative or Adoptive: imitates technology innovated by others 3. Fabian: lack of will to adopt new methods, 4. Drone: follows traditional methods of production, suffer losses, laggards

II. On the basis of Attitude and knowledge 1. Empirical: hardly introduces anything revolutionary, rule of thumb 2. Rational: well- informed about general economic conditions 3. Cognitive: has complete knowledge about market conditions.

III. On the Basis of Type of Business Occupations 1. Business Entrepreneur: tap new opportunities 2. Trading Entrepreneurs: buying and selling activities, not concerned with manufacturing work 3. Industrial Entrepreneurs: conveys resources into economic utilities. 4. Corporate Entrepreneurs: has vision and imaginative skill to organize and manage corporate undertaking 5. Agricultural Entrepreneurs: undertake agricultural activities

IV. On the Basis of Use of Technology 1. Technical: possess technical expertise and know- how, develops improved quality and designs of goods. 2. Non-Technical: simply deals with developing alternative marketing and distribution strategies to promote business 3. Professional: He conceives new ideas to develop projects.

V. On the Basis of Ownership 1. Private: Motivated by profit 2. Public: Govenment acts an entrepreneur 3. Joint: partnership 4. Co-operative: association of persons who have voluntarily joined together to achieve common ends.

VI. On the Basis of Scale of Entrepreneurs 1. Small Scale Entrepreneur: posses small capital resources, small capital investment 2. Large Scale of Entrepreneur: large capital resources, huge capital investment

VII. Other Types 1. Pure Entrepreneur: motivated by psychological and economic needs 2. Induced Entrepreneur: due to policy measures of the Government 3. Motivated Entrepreneur: desire for self-fulfillment 4. Growth Entrepreneur: choose and industry of high economic growth 5. Super-Growth Entrepreneur: individual who has shown enormous growth performance in his venture 6. First Generation: starts an industrial unit by means of an innovative skill. 7. Modern Entrepreneur: cares for current marketing needs 8. Intrapreneurship:

9. Copreneurs: couples working together 10. Serial Entrepreneur: founds and operates multiple companies during a career 11. Super Serial Entrepreneur: Net Buliders 12. Young Entrepreneurs: generation X 13. Women Entrepreneurs: 14. Part-time Entrepreneurs: 15. Institutional Entrepreneurs: to handle firms complex task 16. Rural Entrepreneurs: make use of rural based industrial opportunity in either khadi or village industry 17. Entrepreneurs by Inheritance: Tata’s,Birla’s Ambani’s …. 18.Forced Entrepreneurs: unemployed persons 19. Minority Entrepreneurs.

Functions 1.Planning 2. Risk Management 3. Organization building 4. Managing 5. Decision Making 6. Innovation (Factor, Product and Market) 7. Leading 8. Managing Growth

Entrepreneurs vs. Managers PointsEntrepreneurManager 1. AimTo run businessTo Manage task 2. RiskHighLow 3.Level of ResponsibilityLotLittle 4. RewardProfitSalary Plus incentives 5.ScopeBigSmall 6. Education/ Technical abilities Not necessaryrequired