types of entrepreneurship
1.4 Types of Entrepreneurship (Easy Research Points)
Entrepreneurship can be classified on different bases.All types are important for economic development.
1.4.1 Based on Risk
(a) Innovative Entrepreneurship
Introduces new ideas, products, or methods.
Creates new markets or new demand.
Involves high risk and high innovation.
Examples: Steve Jobs, Bill Gates.
(b) Imitative Entrepreneurship
Copies existing ideas and improves them.
Uses technology developed by others.
Aims to gain market advantage.
Common in developing economies.
Examples: Small shopping complexes, small car manufacturers.
(c) Fabian Entrepreneurship
Very cautious and conservative.
Avoids innovation and risk.
Follows customs, traditions, and past practices.
Changes only when necessary.
(d) Drone Entrepreneurship
Resistant to change.
Continues old methods even when losses occur.
Shows no interest in growth or leadership.
Least dynamic type of entrepreneurship.
1.4.2 Based on Type of Business
(a) Agricultural Entrepreneurship
Related to farming and agriculture.
Includes cultivation, irrigation, marketing, and farm technology.
(b) Manufacturing Entrepreneurship
Converts raw materials into finished goods.
Uses technology and resources to meet customer needs.
(c) Trading Entrepreneurship
Buys finished goods and sells them to customers.
Includes wholesalers, retailers, and dealers.
Acts as a link between producer and consumer.