♦ Innovation – It is an automatic, spontaneous and creative response to changes in the environment. ♦ Organizing function – It brings together various factors of production for economic use. ♦ Creation of an enterprise – It involves creation and operation of an enterprise. ♦ Small scale entrepreneur – Small scale entrepreneurs do not have the necessary funds and technology to initiate large scale production and introduce revolutionary ideas. These entrepreneurs introduce revolutionary ideas and are able to sustain high profits and develop new technologies as they possess the financial capacity and necessary resources to do so. ♦ Large scale entrepreneur – Large scale entrepreneurs are usually found in developed countries. ♦ Private entrepreneurship – These entrepreneurs are profit oriented and do not enter market which have low monetary rewards associated with it. ♦ Public entrepreneurship – These are individuals who partner with the government to create enterprises which serve the public in innovative ways. ♦ Cognitive entrepreneur – An entrepreneur that seeks advice and services of experts to make changes which are revolutionary and reflect a complete shift from its existing structure. ♦ Rational entrepreneur – An rational entrepreneur is one who keeps himself updated with his business, the market and economic conditions, and introduces revolutionary ideas.
♦ Empirical entrepreneur – An entrepreneur who does not innovate and follows the rule of thumb. ♦ Drone entrepreneur – A drone entrepreneur is one who refuses to adopt new innovations even at the cost of reduced returns. Such an entrepreneur adopts innovations in his business only when he fears that not innovating may damage his business. ♦ Fabian entrepreneur – The one who is timid and cautious in making bold decisions. ♦ Immitative/Adoptive entrepreneur – The one who simply adopts a successful innovation introduced by other entrepreneurs. ♦ Aggressive/Innovative entrepreneur – The one who uses various combinations of information and factors of production to assemble and engineer new and innovative products. Good human relations – He is a good leader, motivator and team builder.Ĭommunication skills – He has the ability to persuade others. Problem solver – He is creative in problem solving. Initiative – He takes the initiative to make an action plan from limited resources.
Value addition – He does not follow the conventional rule of thumb, they have a desire to create, innovate and add value.
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Optimism – He knows how to exploit opportunities. Independence – He is independent in work and decision making Knowledge – He has sound conceptual knowledge about all the technicalities of his business.ĭesire to succeed – He has multiple goals and a seeks opportunities to be productive. Vision – He is able to visualize market demand, socio-economic environment and the future of business venture.
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