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Unit 2: Classifications and Models of Entrepreneurship

2.1.5 Other Classifications Notes

Innovative Entrepreneurs: Innovative entrepreneurs are the forbearers of change in the business.
They are full of creative ideas and offer innovate products to the society. It is because of these
innovative entrepreneurs that many important changes occur in our society. They experiment
and conduct permutations and combinations of ideas to yield new products and services. Thanks
to these innovative entrepreneurs, our society is more networked now; we started off networking
by transfer of letters through a messenger (stories even speak of pigeons as messengers), then
came formal postage system, then communication evolved to telephonic conversation, mobile,
internet, email, and video conferencing. The innovations in networking have been tremendous
and are still happening which is bringing the world closer every day. One need not invent but
add incremental values (like ringtones, camera, mobile television, mobile radio in mobiles), or
change the utility of the same thing (like using mobile for net surfing).
Imitative Entrepreneurs: Imitative entrepreneurs adapt a successful innovation. They are risk-
aversive and so they do not try out new ideas or products, but if a new idea is accepted by the
market, they imitate the new idea and hence join in the competition.
Fabian Entrepreneurs: Fabian entrepreneurs are highly cautious and sceptic in their approach.
They are not readily interested in introducing any change in their organization and when they
do so it is because unless they the change they would be out of the market.
Drone Entrepreneurs: Drone entrepreneurs are not open to creativity and change. They do not
like changing the working of organizations with the changing times. They prefer facing losses
to introducing changes in their present processes, equipments and policies. In the present
competitive world, these entrepreneurs are simply kicked out of the business for not being able
to adapt themselves to the changing dynamics of business.

Task Who has been awarded with the title of ‘the third richest Man in the world’?
Find out more about his life and success story.

Women Entrepreneurs: In 1988, for the first time, the definition of Women Entrepreneurs’
Enterprise was evolved that termed an SSI unit/industry-related service or business enterprise,
managed by one or more women entrepreneurs in propriety concerns, or in which she/they
individually or jointly have a share capital of not less than 51 per cent as company/ members of
a cooperative society, as a Women’s Enterprise.
Copreneurs: When both husband and wife together start and run a business venture then they
are called copreneurs. Emergence of copreneurs in the present times is a reflection of the fact that
women’s role in business is increasing.

Self Assessment

Fill in the blanks:
1. When a person buys a business from the founder and then invests his ……..... and
……………… in it he is called the owner-manager.
2. …………………… can rightly be called go-getters.
3. Idea generators are highly creative people who are always in search of …………….. ideas
for setting up new business ventures.
4. Industrial entrepreneur is an entrepreneur who is into ………………….. of a product.
5. Trading entrepreneur is one who undertakes …………….. activities and is not concerned
with the ……………………….. of products.
6. ………………….. entrepreneur is a person who demonstrates his innovative skill in
organizing and managing a corporate undertaking.

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