TYPES OF ENTREPRENEURS AND ENTREPRENEURIAL MOTIVATIONS

Based on their working relationship with the business environment they are functioning in, various types of entrepreneurs can be found. The chief categories are these four types of entrepreneurs, i.e.

●      Innovative entrepreneurs,
●      Imitating Entrepreneurs,
●      Fabian Entrepreneurs, and
●      Drone Entrepreneurs.
Let us now discuss each of them in detail.

Innovative Entrepreneurs

This type of an entrepreneur is more interested in introducing some new ideas into the market, organization or in the nation. They are drawn towards innovations and invest a lot of time and wealth in doing research and development.

Imitating Entrepreneurs

These are often disparagingly referred to as ‘copy cats’. They observe an existing successful system and replicate it in a manner where all the deficiencies of the original business model are addressed and all its efficiencies are retained.

These entrepreneurs help to improve an existing product or production process and can offer suggestions to enhance the use of better technology.

Fabian Entrepreneurs

These are entrepreneurs that are very careful in their approaches and cautious in adopting any changes. They are not prone to sudden decisions and try to shy away from any innovations or change that doesn’t fit their narrative.

Drone Entrepreneurs

These are entrepreneurs who do not like a change. They are considered as ‘old school’. They want to do business in their own traditional or orthodox methods of production and systems. Such people attach pride and tradition to even outdated methods of doing business

   ENTREPRENEURIAL MOTIVATIONS

Motivation is the driving force within people that get them to act in the ways they do. Entrepreneurial motivations are necessary steps of getting individuals to become entrepreneurs. Scholars have conducted various researches on entrepreneurial motivations and have come up with several factors that motivate people to become entrepreneurs.

The standard issue with the concept of “Entrepreneurial Motivation” is that many scholars do not agree on the all the special characteristics that the entrepreneurs are supposed to possess to function as entrepreneurs. In fact, there have been noted cases where successful entrepreneurs haven’t been found possessing many or all the special characteristics identified by experts to become successful entrepreneurs.

Hence, scholars now identify a set of several human motivations that influence the entrepreneurial process and have concluded that that entrepreneurial spirits are not solely the result of human action. External factors, such as the economy, the availability of business capital, competitors and government regulations are also important factors in entrepreneurship.