“Being innovative means to be open to change and not just open to change but proactively seeking change so it is always asking the question of what is next, what can we do better, what can we do differently and not just for the sake of doing it differently but to create more value than it’s currently created.”An entrepreneur from UK
Entrepreneur: An Entrepreneur is a person who bears a risk, ready to face uncertain risk Create a new business with innovative ideas. He is an innovator who introduces a new combination and creates something new something different. They play a vital role in the economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas to market.
Types of Entrepreneur
Innovative Entrepreneur: This type of entrepreneur introduces or invent new ideas, new products, new production methods or processes, discover potential markets and reorganize the company’s structure. The innovative entrepreneurs have unusual prudence to identify the demand for goods and services. They are always ready to take a risk because they enjoy the excitement of a challenge, and every challenge has some risk associated with it. Such type of Entrepreneur is very much helpful and looks forward to changing and improve for their country they bring about a transformation in lifestyle. Ratan Tata is said to be an innovative entrepreneur, who launched the Tata Nano car at a considerably low cost.
Imitating Entrepreneurs: Imitating entrepreneurs follow the path shown by innovative entrepreneurs. An innovative entrepreneur is creative; while the imitative entrepreneur is adaptive. They do not do themselves they copy the technology, processes, methods pioneered by others. They do some modification in the product and launch in the market and they try to penetrate the market and develop a quick and usable product through a shortcut. These entrepreneurs are few risk takers. Mostly this type of entrepreneurs is found in where there is a lack of resources of new technology and they are not well educated and there is lack of awareness.
Fabian Entrepreneurs: Fabian entrepreneurs are characterized by very great caution and skepticism to experiment any change in their enterprises These types of entrepreneurs do not initiate any inventions they watch others and check that innovation done by other’s is success they are not ready to take any type of risk and new challenge they mostly follow the traditional method and do not prefer to do change. Such entrepreneurs are shy, lazy and lethargic.
Drone Entrepreneurs:‘Drone’ is ‘a person who lives on the labor of others’. These type of entrepreneur are conservative they want to stay in old business they do not want to change their business they feel comfortable in their traditional way. They are stubborn about the changes, even if they have to bear a certain amount of decrease in the profits. They prefer to run the enterprise the way it is regardless of the change in demand and the trend in the market.
Prof. Dr. Rashmi Gujrati,
Principal – Professor (KCSMCA)
Regulatory Board Member In traders Academic Platform
Member ICA, IAA, AICP, FSSER, AASE, IBIMA
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