Types of Entrepreneurs
Though, there are many thoughts about the classification of entrepreneurs, yet few of them are classified on the basis of business they are into, use of technology, and others. Again, being an entrepreneur is not a clearly defined thing. In fact, some day one is a manager and other day he/she is a motivator to inspire. Thus, being an entrepreneur means doing different kinds of things at different moments. Some of them are:
- Business entrepreneurs convert ideas into reality; deal with both manufacturing and trading aspect of business. Generally, they are small trading and manufacturing business.
- Social entrepreneurs are motivated by a desire to help, improve and transform social, environmental, educational and economic conditions of the society/country.
- Trading entrepreneurs undertake trading activities; more concerned with marketing at domestic and international level.
- Industrial entrepreneurs generally undertake manufacturing activities only. They are into new product development e.g. textile, electronics, etc.
- Corporate entrepreneurs are mainly interested in the managerial aspect of organisation. They possess exceptional organising, coordinating skills to manage a corporate undertaking.
- Agricultural entrepreneurs are into production and marketing of agricultural inputs and outputs e.g. dairy, horticulture, etc.
- Technical entrepreneurs are production oriented; possess exceptionally innovative skills in manufacturing, quality control etc.
- Non technical entrepreneurs are those who focus on developing marketing, distribution facilities and strategies for the smooth operation.
- Area- Rural and Urban entrepreneur
- Gender/Age- Men and Women entrepreneur
- Scale- Small and Large scale entrepreneur
Relation Between Economy and Entrepreneurship
The idea that entrepreneurship and economic growth are very closely and positively linked together has undoubtedly made its way since long. To quote Adam Smith, when the division of labour increases, so will economic development. An increase in the number of entrepreneurs leads to an increase in economic growth. This effect is a result of the concrete expression of their skills, and more precisely, their propensity to innovate.
Entrepreneurship is a key indicator of economic development of any country. As more and more of the population becomes involved in opportunity entrepreneurship and as more and more people leave necessity entrepreneurship (self-employment) the more we see rising levels of economic development.
In other terms, the entrepreneurs are known as an economic agent - the "driving force of the market". Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify competition, and may even increase productivity through technological change. High measured levels of entrepreneurship will thus translate directly into high levels of economic growth.