An entrepreneur is a person who starts a new business who bears all the risk and also enjoy the profit of the business.
In general term, an entrepreneur is one who takes risks, creates ideas, and innovates. He plays the main role in the economy by creating new ideas and bringing them into the market. A successful entrepreneur takes all kinds of risks and earns profits, fame, opportunities, and growth in business.
Moving on further let us know more about the entrepreneur. Below are a few types of entrepreneurs classified on a different basis.
Let us roll down to know them in detail.
1. Business line
Some of the entrepreneurs are classified based on the type of business they do.
- Trade making entrepreneur
An entrepreneur who deals with trading activities and acts as a middleman called trade making entrepreneurs. They serve middlemen activities between manufacturers and customers to deliver the finished products.
Example – Wholesaler
- Agriculture supportive entrepreneur
These types of entrepreneurs are mainly involved in agricultural activities. They undertake cultivation, marketing activities of agricultural products, irrigation, technology, and mechanization.
Example – Dynamic and educated farmers
- Manufacture (Demand satisfier) entrepreneur
The one who manufactures products is termed as manufacturer entrepreneur. They look into the demands of customers and use all necessary resources to manufacture products and satisfy customer needs. They convert raw material into finished goods.
Example – Almost Every manufacturer
2. Size oriented entrepreneur
Some of the entrepreneurs are categorized based on the size of the business. Let’s see who belongs here.
- Small investment entrepreneur
An entrepreneur who has made small investments amounting to 1 crore for plant, machinery and other resources in the organization is called a small investment entrepreneur.
Example – Micro
- Medium investment entrepreneur
An entrepreneur who invests between 1 crore to 5 crores in the organization for smooth running is called a medium investment entrepreneur.
Example – Mini
- Large investment entrepreneur
An entrepreneur who has invested more than 5 crores for plant and machinery in his business is termed a large investment entrepreneur.
Example – Remaining
3. Technology-driven entrepreneur
This group of the entrepreneur is based on technology.
- Technical bug entrepreneur
Entrepreneurs who start and grow science and technology-based industries are called technical bugs. They use most of the new and innovative methods to run their establishment. They are technology-driven.
Example – Digital marketer
- Non-technical bug entrepreneur
Entrepreneurs who are away from technology and doesn’t make any use of science and technology in their business are termed non-technical bug. Instead, they use different methods and marketing strategies to stay rooted in the market.
Example – Traditional mode
4. Ownership related entrepreneur
These entrepreneurs are ones who are classified based on their ownership.
- Private line entrepreneur
An entrepreneur who individually sets up the business by managing his own funds, bearing all the risk alone, and enjoying all the profits and rewards alone is called a private line entrepreneur. He doesn’t let too many people involved in his business.
Example – Deals with the same line of private entrepreneur
- State line entrepreneur
State line entrepreneur is something when all the trade-related activities or the venture itself is undertaken by the state or government.
Example – Tender based
- Joint line entrepreneur
This is the mixture of both private entrepreneurs and government. Here both jointly run and grow the business. They are called joint line entrepreneurs.
Example – Deals with the same line as well as government tenders.
5. Other types
Let’s see these common entrepreneurs
- Innovative entrepreneur
These entrepreneurs are mainly related to innovative activities. They innovate new ideas, new products, new marketing strategies, new methods, and techniques in the business. They can work only where there is scope for change and development. They seem to be passionate and goal-oriented. They make strategies to stand out in the market.
- Hustler entrepreneur
These entrepreneurs are hard workers. Hustlers usually start anything with small and try harder to grow. They are goal-oriented and work to any extent to achieve their goals. They always stay focused and away from distractions.
- Imitative entrepreneur
These types of Entrepreneurs try to copy some business ideas and try to improve them for betterment. They always find opportunities to make a product better and step their foot in the market. The imitator is a mixture of hustlers and innovators and filled with self-confidence.
- Research line entrepreneur
No matter how many ideas they gather, they still take time to do research and gather the information that is relevant. They remain far off from failures as they analyze every idea carefully.
Research line entrepreneurs usually take a lot of time to launch anything new as they believe in facts and data.
- Buying mindset entrepreneur
This group of entrepreneurs does not look forward to bearing any risk. To reduce the chances of risk they buy the ongoing enterprise. They find a suitable and efficient person to run and develop it.
These were a few main categories of entrepreneurs. Some more part from the list is solo entrepreneur, active entrepreneur, challenging entrepreneur.
Throughout this article, we have gone through various types of entrepreneurs. Learned about their classification, nature, and their working.
If you want to be an entrepreneur, know the entrepreneurship first.Ankit S. Maharishi