Types of Entrepreneurs Based on Business
These are the types of entrepreneurs based on business:
- Business Entrepreneur
- Trading Entrepreneur
- Industrial Entrepreneur
- Corporate Entrepreneur
- Agricultural Entrepreneur
Business entrepreneurs are those entrepreneurs who conceive the idea of a new product or service and then translate their ideas into reality. Entrepreneur examines the various possibilities of sources of finance, supply of labor, raw-materials, or finished product as the case may be.
Business entrepreneurs may be undertaking the trading business or manufacturing business but initially, the size of the business is very small. As the entrepreneur flourishes, he tends to expand his business.
As the very name indicates trading entrepreneur is concerned with trading activities and not manufacturing. Trading means buying finished products from the producer and selling them to the customers directly or through a retailer. A trading entrepreneur has to be creative enough as he has to identify the market.
He has to identify potential markets, create demand through extensive advertisement of his product, and thus inspire people to buy his product. For this is inevitable for him to find out the desires, tastes, and choices of his customers in domestic as well as international markets.
As the very name indicates, an industrial entrepreneur is one who sets up an industrial unit i.e. large scale, medium scale, small scale, and tiny business. He perceives the opportunity to set up his unit, complies with the necessary formalities of getting a license, power connection, pollution control clearance (if the need be) arranging initial capital, providing securities and guarantees to the financial institutions, making payment of wages, and supply necessary technical know-how.
An industrial entrepreneur has the ability to convert economic resources and technology into a considerably profitable venture. Manufacturers of products, textiles, electronics, food items and the like are industrial entrepreneurs.
A corporate entrepreneur is one who plans, develops, and manages a corporate body. He is a promoter, an essential part of the board of directors, an owner as well as an entrepreneur. He gets his corporate body registered under the requisite Act which gives his company the status of a separate legal entity.
An agricultural entrepreneur is one who is engaged in agricultural activities like plantation crops, exotic flower production, cash crops, horticultural, floricultur, animal husbandry dairy, poultry, etc. He uses the latest technology to increase the productivity of agriculture and also adopts mechanization.
FAQs Section Types of Entrepreneurs Based on Business
Which entrepreneurs are based on type of business?
The following are the types of entrepreneurs based on business: 1. Business Entrepreneur 2. Trading Entrepreneur 3. Industrial Entrepreneur 4. Corporate Entrepreneur 5. Agricultural Entrepreneur.