An entrepreneur is a person who creates something new and assumes the risks and rewards associated with that innovation. An entrepreneur performs all the required functions from the genesis of an idea up to the establishment of an enterprise.
There are various types of entrepreneurs. These are discussed below:
Innovating entrepreneurs: An innovating entrepreneur is one who introduces new goods, inaugurates new method of production, discovers new market and reorganizes the enterprise.
Imitative entrepreneur: Imitative entrepreneurs do not innovate anything. They only imitate the successful innovations inaugurated by innovating entrepreneurs.
Fabian entrepreneurs: Fabian entrepreneurs do not like to change their current position. They are characterized by very great caution and skepticism in testing any change in their enterprise.
Drone entrepreneurs: Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods.
Solo entrepreneurs: Solo entrepreneurs work alone and, if needed, employ a few employees. In the beginning, most of the entrepreneurs start their enterprises like them.
Active partners: Active partners actively participate in the operations of the business. Those who only contribute funds but do not actively participate are called simply ‘Partners’.
Challengers: These entrepreneurs like to take challenges. When one challenge seems to be met, they began to look for another new challenge.
Buyers: Buyers do not like to bear much risk. Hence, they like to buy an ongoing one instead of setting up a new enterprise.
Life timers: These entrepreneurs take business as an integral part of their life. Such entrepreneurs do such businesses which depend upon their personal skill.
So, these are the various major types of entrepreneurs.