ENTREPRENUERS 1. HARD WORK WILLINGNESS TO WORK HARD DISTINGUISHES A SUCCESSFUL ENTREPRENEUR FROM UNSUCCESSFUL ONE. 2. DESIRE FOR HIGH ACHIEVEMENT
• They have a strong desire to
achieve high goals in business. This high achievement motive strengthens them to surmount the obstacles, suppress anxieties, repair misfortunes and run a successful business. 3. HIGHLY OPTIMISTIC • They have positive approach towards things. They do not get disturbed by the present problems faced by them. They become optimistic for future that the situations will become favourable to business in future. 4. INDEPENDENCE
• They do not like to be guided by
others and to follow their rules. They resist to be pigeonhold. They like to be independent in the matters of their business. 5. FORESIGHT • The entrepreneurs have a good foresight to know about the future business environment. They well visualize the likely changes to take place in the market, consumer attitude and taste, technological developments etc. and take necessary and timely actions accordingly. 6. GOOD ORGANISER
• Various resources required for
production are owned by different owners. Then it is the ability of the entrepreneur who brings together all required resources for setting up an enterprise and then produces goods. 7. INNOVATIVE • Production is meant to meet the customers requirements. In view of changing requirements of the customers from time to time the entrepreneurs initiate research and innovative activities to produce goods to satisfy the customers changing requirements and demands. 8. PRESERVANCE
• They do not give up their effort
even if they fail. They undergo lots and lots of failures but do not become disheartened. Instead they take failure as learning experience and make more dedicated and serious effort on the next time. 9. TEAM SPIRIT
• The word TEAM refers to:
T for Together, E for Everyone, A for Achieves and M for More. Successful entrepreneurs build teams and work with teammates. WHAT IS THE NEED OF ENTRPERENEUR? • Promote Capital Formation • Create employment • Promote balanced regional development • Reduce concentration of economic power • Promote equitable redistribution of wealth and income and political power • Encourage resource mobilization of capital and skill • Stimulate economic development • Promote country’s export business TYPES OF ENTREPRENEURS
1. Based on the type of
Business 2. Based on the use of Technology 3. Based on Ownership 4. Based on Gender 5. Based on Size of Enterprise 6. Based on Clarence Danhof classification BASED ON THE TYPE OF BUSINESS
1. Trading Entrepreneur: They undertake trading activities i.e. they take
finished goods from the manufacturers and sell these to the customers directly or through a retailer. 2. Manufacturing Entrepreneur: They manufacture products. They identify the needs of the customers and with use of technology and other resources to manufacture products so as to satisfy the needs of the customers. 3. Agricultural Entrepreneur: They undertake agricultural pursuits. They cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization and technology. BASED ON TYPE OF TECHNOLOGY
1. Technical Entrepreneur: Who establish and run science and technology
based industries. They use new and innovative methods of production in their enterprise. 2. Non – Technical Enterprise: They are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market. BASED ON OWNERSHIP
1. Private Entrepreneur: A private entrepreneur is one who as an individual
sets up a business enterprise. He/ she is the sole owner of the enterprise and bears all the risk in it. 2. State Entrepreneur: When the venture is undertaken by the state government it is called state entrepreneur. 3. Joint Entrepreneur: When a private entrepreneur and the government jointly run a business enterprise. BASED ON GENDER
1. Men Entrepreneur: when business enterprises are owned, managed and
controlled by men, these are called men enterprises. 2. Women Entrepreneur: when a woman or women has a minimum financial interest of 51 percent of the capital and giving at least 51 percent of employment generated in the enterprises to the women, it is called women enterprise. BASED ON THE SIZE OF ENTERPRISE
1. Small - Scale entrepreneur: An entrepreneur who has made investment in
plant and machinery upto 1 crore is called small scale entrepreneur. 2. Medium – Scale Entrepreneur: the entrepreneur who has made investment in plant and machinery above 1 crore but below 5 crore is called mediun scale entrepreneur. 3. Large – Scale Entrepreneur: the entrepreneur who has made investment in plant and machinery more than 5 crore is called large scale entrepreneur. BASED ON CLARENCE DANHOF CLASSIFICATION
1. Innovating Entrepreneurs: Who introduce new goods, inaugurate new method of
production, discover new market and reorganize. 2. Imitative Entrepreneurs: Readiness to adopt successful innovations of innovating entrepreneurs. 3. Fabian Entrepreneurs: Characterized by very caution and skepticism in experimenting any change in the organization. 4. Drone Entrepreneurs: Characterized by the refusal to adopt opportunities to make changes in production methodology even at the cost of reduced returns.