Kinds Of Entrepreneurs
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Kinds of Entrepreneurs
Danhof has classified entrepreneurs into the following categories:
(i) Innovating Entrepreneurs: An innovating entrepreneurs is one who introduces something new into the economy or employs a new technique of production, opens a new market, exploits a new source of raw material and reorganizes the whole enterprise.
Generally, such entrepreneurs are found in developed economies because of open competition and less government control. Innovating entrepreneurs have played a key role in the rise of modern capitalism in some advanced countries. However, there is dearth of innovating entrepreneurs in the underdeveloped economies due to a very low rate of development. Because of lack of resources’ in experimental they are typical of developed countries.
(ii) Imitating Entrepreneurs: They lap up the innovations brought by innovating entrepreneurs. They are suited to developing countries which are constrained to take up expensive research. Benefits enjoyed by them are, however, the same as those by innovators. Developing countries can imitate the technology, skills, etc. already available in the advanced countries through the imitative entrepreneurs. Such entrepreneurs face lesser risks than the innovative entrepreneurs.
(iii) Fabian Entrepreneurs: Such entrepreneurs are very cautious and skeptical in adopting any change. They are lazy and shy and lack the will to adopt new techniques and methods. Their dealings are determined by custom, religion, tradition and past practices. They avoid risks and tend to follow their predecessors. They initiate change only when it becomes clear that they cannot survive without doing so.
(iv) Drone Entrepreneurs: Drone entrepreneurship is characterized by a refusal to adopt and use opportunities to make changes in production. They stick to conventional ideas and products. Such entrepreneurs may even suffer losses but they do not change. They are laggards as they continue to operate in their traditional way and resist changes. When their product loses marketability and their operations become uneconomical, they are pushed out of the market.
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(i) Innovating Entrepreneurs: An innovating entrepreneurs is one who introduces something new into the economy or employs a new technique of production, opens a new market, exploits a new source of raw material and reorganizes the whole enterprise.
Generally, such entrepreneurs are found in developed economies because of open competition and less government control. Innovating entrepreneurs have played a key role in the rise of modern capitalism in some advanced countries. However, there is dearth of innovating entrepreneurs in the underdeveloped economies due to a very low rate of development. Because of lack of resources’ in experimental they are typical of developed countries.
(ii) Imitating Entrepreneurs: They lap up the innovations brought by innovating entrepreneurs. They are suited to developing countries which are constrained to take up expensive research. Benefits enjoyed by them are, however, the same as those by innovators. Developing countries can imitate the technology, skills, etc. already available in the advanced countries through the imitative entrepreneurs. Such entrepreneurs face lesser risks than the innovative entrepreneurs.
(iii) Fabian Entrepreneurs: Such entrepreneurs are very cautious and skeptical in adopting any change. They are lazy and shy and lack the will to adopt new techniques and methods. Their dealings are determined by custom, religion, tradition and past practices. They avoid risks and tend to follow their predecessors. They initiate change only when it becomes clear that they cannot survive without doing so.
(iv) Drone Entrepreneurs: Drone entrepreneurship is characterized by a refusal to adopt and use opportunities to make changes in production. They stick to conventional ideas and products. Such entrepreneurs may even suffer losses but they do not change. They are laggards as they continue to operate in their traditional way and resist changes. When their product loses marketability and their operations become uneconomical, they are pushed out of the market.
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