The Different Types of Entrepreneurs Entrepreneurs make the startup world go ’round and they usually are pretty interesting people. Commentary: This group represents the entrepreneur most adored by venture capitalists. A successful entrepreneur knows how to motivate his/her employees and knows how to source for new ideas and opportunities and as a result, his/her business becomes more successful and keeps growing. Most of the adaptive entrepreneurs tend to imitate the technologies and techniques used by the market leaders. 4. Entrepreneurship refers to the process of conceptualizing, launching and running a new business entity with the aim of fulfilling a need in society. Entrepreneurship exists in different forms and the following are the different types of entrepreneurship. They are mostly found in growing economies and they imitate and customize different product designs and technologies to fit in their target markets. That’s R&D. It enables decision-makers to easily plan for short-term and long-term goals in order to remain sustainable and competitive. Spice of Lifers (Tagline: Play for Synergy) They keep learning from their competitors and other market leaders as a way of staying relevant and sustainable. Other types of classifications include : 11) Innovating entrepreneur. They identify consumers’ needs and then use the available resources and technology to manufacture products so as to satisfy the needs of the consumers. Professional entrepreneurs capitalize on their innovative skills and they make profits by selling their businesses to other business owners. Private entrepreneurs are self-employed and they can make any business decision without consulting. Search for: Types of Entrepreneurs. Most retail entrepreneurs operate business enterprises such as a book store, mini-supermarket, or a departmental store. Most of the imitative entrepreneurship businesses exist in developing countries under a franchise agreement. These owners represented a wide range of types of business, from manufacturing to financial services, mechanical/technical production to consulting. A drone entrepreneur is an old school type of an entrepreneur who sticks to his traditional style of doing things even when there is imminent market disruption. Read Culture By: Tim Berry. Serious Competitor (Tagline: Play to Win) They can come up with a new product or service with the aim of filling a gap that exists in a market. Zara Mission Statement & Vision Statement, What is the Cintas Mission, Vision, and Strategy, PetSmart: Mission, Vision, Values, and Strategies, Pfizer Mission, Vision, Values, and Strategies Explained. This type of entrepreneur may stumble as they’re bringing a new product to market, but once they do, they are off to the races. 10 Ways to Argue and Win and Argument. A technical entrepreneur is a business person who has got adequate technical knowledge on a certain field and focuses mainly on production activities. A modern entrepreneur is someone who is dynamic and he is ready to change in order to adapt to the current market demands. What Does Unilever’s Mission And Vision Statement Say? Incubative entrepreneurship is popular in large organizations and it involves nurturing new ideas and products. Retail entrepreneurs are small scale and customer-oriented. Tim Berry is the founder and chairman of Palo Alto Software and Bplans.com. Oftentimes they need to fill big business gaps like defining a clear value proposition, a go-to-market strategy or a business model. I couldn’t find my exact type–escaping boredom and needing the money–in the list, but I suspect that’s a mix of passion maven, expert idea generator and freedom builder. 6. What Factors Should You Consider When Comparing Franchise Opportunities? Learning Outcomes. 4. They are motivated by the fact that they want to see a positive change in their personal life or society. An innovating entrepreneur can only work best when change and improvement are desired. They offer professional services to either improve the system of governance, human resource capacity building or system upgrades. A non-technical entrepreneur focuses more on the marketing aspects of finished products rather than actual manufacturing. Examples of administrative entrepreneurship include; total quality management, pension fund management, job redesign, and management by consensus. I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. Ritz-Carlton: Analysis of Mission & Vision Statement 2020, Explanation of Instagram Mission & Vision Statement, Kellogg Mission Statement & Vision Statement Analysis 2020, Analysis of SpaceX Mission Statement & Vision Statement 2020, Analysis of Volkswagen Mission Statement & Vision Statement 2020, Business entrepreneurs are business-minded individuals who are skilled and have the ability to conceive an idea, growth in their enterprises since their main focus is just business. They focus on what their customers want and they bring those particular products to their customers. Government intervention policies such as financial support and technical assistance are the main driving factors that motivate these types of entrepreneurs to start new businesses. This type of entrepreneur is the one who makes uses science and technology in his/her business venture. Commentary: Often approaching a new venture with a been-there, done-that attitude about business, this entrepreneur brings business acumen but sometimes encounters a culture clash as he or she moves from more traditional business settings to the fast-paced technology world. Examples include; Industrial-chemicals, consumables, and automobiles accessories. Do you own a business? This type of entrepreneur is concerned with the manufacturing of products. The moment you understand what motivates you into entrepreneurship, you will have unwavering zeal to grow your business to higher levels. Joint entrepreneurship is common in government projects and intervention initiatives in areas of transport, manufacturing, healthcare and mining. He/she controls and monitors the business venture while supplying capital to the business. Commentary: The true inventors of the world are driven to create: create to improve, improve to help, help to be remembered. An entrepreneur can be a sole proprietor, one who holds the majority of the shares in a venture or a partner. Even though they all share some basic characteristics, like the ability to take punches or the desire for true independence, it would too simplistic to say that entrepreneurs … What type of an entrepreneur are you? March 27, 2019 By Hitesh Bhasin Tagged With: Marketing articles. They are charged with crucial responsibility of managing their businesses right from production to marketing their finished products. Enter the sales entrepreneur. These characteristics make them stand out from the rest of the pack, outlined and discussed below are some of the characteristics: There are different classifications of entrepreneurs depending on a number of factors as outlined and discussed below: This type of entrepreneur concerns himself with trading activities. 2. Write your business plan with the #1 online business planning tool. Modern entrepreneurs are also referred to as innovative entrepreneurs. Individuals who create and run these entities are known as entrepreneurs. 7. In a sole- proprietorship, all the business decisions and management are done by the owner. Corporate entrepreneurs are those entrepreneurs who specialize in offering high-quality innovative skills and strategies that help in effective operation and management of other corporate entities. 8. So I liked reading how they break entrepreneurs into eight different types in The Cheap Revolution post “Entrepreneurial types: quick descriptions and poll.”. This BusinessZeal article has compiled a list of 8 different types of entrepreneurs. 8 Alternative Funding Options for Small Businesses, 3 Steps to Figure Out How Much Money You Need to Start a Business, See more articles in Funding a Business ». Expert Idea Generator (Tagline: Immortality through Ideas) Often bound by existing time constraints, they usually realize the need for, and seek out, a team that can help them reach their goal. A company is given the authority to imitate certain products and services and customize them to suit the need of their target market. Should You Start a Business? This type of entrepreneur does not rely on science and technology to advance his/her business. Successful entrepreneurs have characteristics that guide them in their day to day operations. Once, they establish a demand they act as a link between the manufacturers and consumers. Starting or Growing a Business? I’ve posted here on this blog about how different startups can be. An entrepreneur is a decision maker and as such he/she makes decisions on what will be produced, how it will be produced and what quantity will be produced. This is How to Build Remote Work into Your Startup Business Plan, How to Write a Business Plan for a SaaS Company, How to Create an Accurate Restaurant Sales Forecast in 2020, See more articles in Writing a Business Plan », How to Make Your Business Plan Standout for Investors, How to Successfully Pitch Your Business Idea to Investors, The 11 Slides You Need to Have in Your Pitch Deck for 2020, See more articles in Pitching a Business ». They also have different centres of command and well-outlined procedures.