types of entrepreneurship
Innovative Entrepreneurship – Points for Notes
Innovative entrepreneurship means starting a business with new ideas.
The entrepreneur creates something different, not a copy.
They turn ideas into a successful business.
They introduce new products or services.
They use creative marketing methods.
Their business stands out from competitors.
Sometimes, they create a new market.
They are risk-takers and problem-solvers.
They focus on innovation and improvement.
b) Imitative Entrepreneurship – Simple Points
Imitative entrepreneurship means copying existing business ideas.
Entrepreneurs do not create new ideas, but improve existing ones.
They adopt already successful techniques.
They make small changes or improvements to gain advantage.
The aim is to compete better in the market.
It uses technologies developed by others.
It helps in faster business growth with less risk.
Fabian entrepreneurship avoids new ideas and innovation.
The owner does not take initiative to change.
Business is run based on customs, religion, and traditions.
Decisions depend on past practices.
Entrepreneurs are not interested in taking risks.
They prefer old and traditional methods.
They follow the path of their predecessors.
Change is accepted very slowly or not at all.
Drone Entrepreneurship – Simple Points for Notes
Drone entrepreneurship follows old and existing ways of doing business.
Owners are satisfied with the current method and speed of business.
They do not aim to lead the market.
They refuse to change or improve production methods.
Even when the business faces losses, they do not modify their approach.
They resist innovation and growth.
Such businesses remain stagnant over time