Entrepreneurs are those who take risks and responsibilities to commence a new venture. Every business person’s qualities, abilities, and attitudes differ from each other. By addressing such attributes, the business person starts various types of new ventures. Different types of entrepreneurs can be described as follows.
Read more: Concept of Entrepreneurs
Read more: Concept of Entrepreneurship
Types of Entrepreneurs
1. Innovating Entrepreneurs
This kind of business person is known for their new products, new services, new techniques, and new market influencers. They initiate unique goods and services to overcome the market competition. They accept customer feedback about the business nature. Customers all desires and needs are fulfilled by the quality products and services.
Inventions create new designs that have not been seen before. They search for modern and globalized products and services at an economic price. They provide quality products at affordable prices as prescribed by the customers.
2. Solo Entrepreneurs
This type of business person works alone. They perform all the tasks to start a business lonely. To grow the venture, they plan, perform, and put that idea appropriately. If they need some support, they employ minimum employees.
Such a business person commences a venture taking all responsibilities alone. Maximum businesses are small size, which can be run by minimum employees.
3. Challenger Entrepreneurs
They are challenge seeker. They search for new issues in the business and market. Use those issues as opportunities and avoid unresolvable issues. They solve the affordable challenges and if one challenge is met, they seek new challenges. Challenges help to increase business status through feedback or market information.
They love to take risks in their businesses and also enjoy resolving those risks. Risks arrive every day unknowingly, which could not be avoided. Hence, such a business person manages those challenges appropriately.
4. Women Entrepreneurs
The women who independently start a business are recognized as such business persons. Nowadays, the education system, literacy, globalization, and the consciousness of people help women commence a business. Maximum businesses are started by women as people desire and market conditions.
They bring diverse perspectives to problem-solving, innovation, and creativity in the business sector. They are flexible to balance professional and personal responsibilities. As of the nature of globalization, women business persons are increasing day by day.
5. Part-time Entrepreneurs
People who begin a business while still having a salaried job are known as part-time entrepreneurs. Such kind of business person starts small business. They correctly manage both tasks to fulfill family needs. They start such a business if they cannot meet the family’s economic problems. Their main target is to earn more money.
6. Imitating Entrepreneurs
Imitating business people are those who do not innovate, but copy others’ methods and systems. A business person saves costs and errors about the innovation. They accept famous or successful production systems and techniques. Such kinds of entrepreneurs have low risk-taking natures.
7. Social Entrepreneurs
This kind of entrepreneur does business by addressing social issues. Their main motive is how to solve social problems. For to remove those problems they innovate new goods and services. Such a business person collects information and feedback from the market environment. Their primary goal is to create social change by fulfilling social needs and desires. They do not focus on how to maximize profit from the business.
8. Tech Entrepreneurs
They are involved in technology-based businesses. They create and develop new and modern technologies. Such kinds of business persons affiliated with an organization as software development, hardware manufacturing, and digital services. They innovate unique technologies for an industry.
They create company-based technologies to reduce wastage and make quality products as a market demand. Customer desires are changeable, so the company wants to make customers demand goods and services at an economic price. That can be provided by the new and modern systems and technologies.