Entrepreneur Assignment
Content
Entrepreneur
Someone who exercises initiative initiative by by organizing organizing a a venture to take benefit take benefit of of an opportunity and, as the decision maker , decides what, how, and how much of a good or service will be produced.. produced An entrepreneur supplies risk capital as capital as a risk taker , and monitors monitors and and controls controls the the business business activities.. The entrepreneur is usually a sole proprietor , a partner activities a partner , or the one who owns the majority of majority of shares shares in in an incorporated incorporated venture. venture. According to economist oseph Alois Schumpeter !"##$%"&'(), entrepreneurs are not necessarily motivated by profit by profit but but regard it as a standard standard for for measuring achievement or success.. success Classification of entrepreneur
Based on the Type of Business: 1. Trading Entrepreneur: As the name itself suggests, the trading entrepreneur undertake the trading activities. They procure the finished products from the manufacturers and sell these to the customers directly or through a retailer. These serve as the middlemen as wholesalers, dealers, and retailers between the manufacturers and customers.
2. Manufacturing Entrepreneur: The manufacturing entrepreneurs manufacture products. They identify the needs of the customers and, then, explore the resources and technology to be used to manufacture the products to satisfy the customers* needs. +n other words, the manufacturing entrepreneurs convert raw materials into finished products.
3. Agricultural Entrepreneur: The entrepreneurs who undertake agricultural pursuits are called agricultural entrepreneurs. They cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization, mechaniza tion, and technology.
Based on the Use of Technology: 1. Technical Entrepreneur: The entrepreneurs who establish and run science and technology%based industries are called technical entrepreneurs.* Speaking alternatively, these are the entrepreneurs who make use of science and technology in their enterprises. -xpectedly, they use new and innovative methods of production in their enterprises.
2. Non-Technical Entrepreneur: ased on the use of technology, the entrepreneurs who are not technical entrepreneurs are non%technical entrepreneurs. The forte of their enterprises is not science and technology. They
are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market.
Based on !nership: 1. Private Entrepreneur:
A private entrepreneur is one who as an individual sets up a business enterprise. /e 0 she it*s the sole owner of the enterprise and bears the entire risk involved in it. 2. State Entrepreneur:
1hen the trading or industrial venture is undertaken by the State or the 2overnment, it is called state entrepreneur.* 3. Joint Entrepreneurs:
1hen a private entrepreneur and the 2overnment jointly run a business enterprise, it is called joint entrepreneurs.*
Based on "ender: 1. Men Entrepreneurs: 1hen business enterprises are owned, managed, and controlled by men, these are called men entrepreneurs.*
2. #o$en Entrepreneurs: 1omen entrepreneurs are defined as the enterprises owned and controlled by a woman or women having a minimum financial interest of '" per cent of the capital and giving at least '" per cent of employment generated in the enterprises to women.
Based on the %i&e of Enterprise: 1. %$all-%cale Entrepreneur: An entrepreneur who has made investment in plant and machinery up to 3s ".(( crore is called small%scale entrepreneur.*
2. Mediu$-%cale Entrepreneur: The entrepreneur who has made investment in plant and machinery above 3s ".(( crore but below 3s '.(( crore is called medium%scale entrepreneur.*
3. 'arge-%cale entrepreneur: The entrepreneur who has made investment in plant and machinery more than 3s '.(( crore is called large%scale entrepreneur.*
Based on (larence )anhof (lassi*cation: 4larence 5anhof !"&6&), on the basis of his study of the American Agriculture, classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs
have less initiative and drive and as economic development proceeds, they become more innovating and enthusiastic. Based on this, he classified entrepreneurs into four types: These are discussed in seriati:
1. +nno,ating Entrepreneurs: +nnovating entrepreneurs are one who introduce new goods, inaugurate new method of production, discover new market and reorganise the enterprise. +t is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to change and improvement.
2. +$itati,e Entrepreneurs: These are characterised by readiness to adopt successful innovations inaugurated by innovating entrepreneurs. +mitative entrepreneurs do not innovate the changes themselves, they only imitate techni7ues and technology innovated by others. Such types of entrepreneurs are particularly suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed regions.
3. aian Entrepreneurs: 8abian entrepreneurs are characterised by very great caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise.
/. )rone Entrepreneurs: These are characterised by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods. !ollo"in# are soe ore types of entrepreneurs listed $y soe other $ehavioural scientists: 1. Solo %perators:
These are the entrepreneurs who essentially work alone and, if needed at all, employ a few employees. +n the beginning, most of the entrepreneurs start their enterprises like them. 2. &ctive Partners:
Active partners are those entrepreneurs who start0 carry on an enterprise as a joint venture. +t is important that all of them actively participate in the operations of the business.
-ntrepreneurs who only contribute funds to the enterprise but do not actively participate in business activity are called simply partners*. 3. 'nventors:
Such entrepreneurs with their competence and inventiveness invent new products. Their basic interest lies in research and innovative activities. (. Challen#ers:
These are the entrepreneurs who plunge into industry because of the challenges it presents. 1hen one challenge seems to be met, they begin to look for new challenges. ). Buyers:
These are those entrepreneurs who do not like to bear much risk. /ence, in order to reduce risk involved in setting up a new enterprise, they like to buy the ongoing one. *. +ifeTiers:
These entrepreneurs take business as an integral part to their life. 9sually, the family enterprise and businesses which mainly depend on exercise of personal skill fall in this type0category of entrepreneurs.
Entrepreneurship
-ntrepreneurship is an innovative process that involves with multifaceted and diversified activities for providing new things to the society and the civilization. The orientation makes it different and therefore. /ans Schollhammer !"&#() has classified entrepreneurship into five categories such as administrative, opportunistic, ac7uisitive, incubative and imitative entrepreneurship. +t may be classified as individual and mass entrepreneurship or private and public: entrepreneurship. They are discussed in a nutshell below;
1. &dinistrative Entrepreneurship The entrepreneurial activity under this category is centered around administrative techni7ues and functions. +t gives new option to handle prevailing or future situations in more effective way that provides advantages and competitive edge. Total <uality =anagement, job redesigning, new techni7ues of doing things, part icipative management or management by consensus is a few of the examples of administrative entrepreneurship that increases overall organizational efficiency and that nukes the firm successful and sustainable in the competitive market environment.
The old age pension scheme is such an administrative entrepreneurship of the government of angladesh.
2. %pportunistic entrepreneurship There is a proverb >/it? while iron is hot@. +t is the best exhibit of the characteristic of this category of entrepreneurship. -nvironmental changes always offer new opportunities. ut everybody is not e7ually capable to identify and to utilize that opportunity on time. The entrepreneurship that identifies, exploits and executes the opportunity in the first hand regarded as opportunistic entrepreneurship.
3. &c-uisitive entrepreneurship The entrepreneurship that learns from others competences is ac7uisitive entrepreneurship. +t ac7uires something new of value front, the competitive environment or achieves the competitors* technical capacities. +t keeps the entrepreneurship sustainable in the competitive environment. The failure never restraints them from ac7uisition but motivates them further to discover such a thing with new visitor.
(. 'ncu$ative entrepreneurship
This category of entrepreneurship generates and nurses new ideas and ventures within the organization. +t executes them in the productive manner and ensures material gain for the organization. They pursue and help getting differentiated technologies to promote creations and innovations =icrosoft, okia etc. always incubates new varieties types of product and creates product differentiation in the market.
). 'itative entrepreneurship The entrepreneurship that imitates a good or service operating in the market under a franchise agreement is the imitative entrepreneurship. +t is the medium that spread technology over the world. +t adopts an existing technology in countries over the world. +t also adopts an existing technology with minor modification appropriate to the local condition.
*. Private Entrepreneurship The entrepreneurship that is initiated under private sector is private entrepreneurship. 2overnment gives various support services through private and public concerns that encourage private initiative in taking entrepreneurial ventures. A lair and mutual relationship between private and public sectors would make economic development speedy and balanced
. Pu$lic entrepreneurship The entrepreneurship that is undertaken by the government through its various development agencies is public entrepreneurship. All countries, developed or under developed, take public initiative in venture ideas to fulfill the initial deficiency of private entrepreneurs.
/. 'ndividual entrepreneurship The entrepreneurship that is undertaken by an individual or a family with personal initiative is individual entrepreneurship.
0. ass Entrepreneurship This type of entrepreneurship emerges in an economy where a favorable climate of motivation and encouragement exist for developing wide range of entrepreneurship among general mass is mass entrepreneurship.B +t increases small and medium enterprises in a country.
Someone who exercises initiative initiative by by organizing organizing a a venture to take benefit take benefit of of an opportunity and, as the decision maker , decides what, how, and how much of a good or service will be produced.. produced An entrepreneur supplies risk capital as capital as a risk taker , and monitors monitors and and controls controls the the business business activities.. The entrepreneur is usually a sole proprietor , a partner activities a partner , or the one who owns the majority of majority of shares shares in in an incorporated incorporated venture. venture. According to economist oseph Alois Schumpeter !"##$%"&'(), entrepreneurs are not necessarily motivated by profit by profit but but regard it as a standard standard for for measuring achievement or success.. success Classification of entrepreneur
Based on the Type of Business: 1. Trading Entrepreneur: As the name itself suggests, the trading entrepreneur undertake the trading activities. They procure the finished products from the manufacturers and sell these to the customers directly or through a retailer. These serve as the middlemen as wholesalers, dealers, and retailers between the manufacturers and customers.
2. Manufacturing Entrepreneur: The manufacturing entrepreneurs manufacture products. They identify the needs of the customers and, then, explore the resources and technology to be used to manufacture the products to satisfy the customers* needs. +n other words, the manufacturing entrepreneurs convert raw materials into finished products.
3. Agricultural Entrepreneur: The entrepreneurs who undertake agricultural pursuits are called agricultural entrepreneurs. They cover a wide spectrum of agricultural activities like cultivation, marketing of agricultural produce, irrigation, mechanization, mechaniza tion, and technology.
Based on the Use of Technology: 1. Technical Entrepreneur: The entrepreneurs who establish and run science and technology%based industries are called technical entrepreneurs.* Speaking alternatively, these are the entrepreneurs who make use of science and technology in their enterprises. -xpectedly, they use new and innovative methods of production in their enterprises.
2. Non-Technical Entrepreneur: ased on the use of technology, the entrepreneurs who are not technical entrepreneurs are non%technical entrepreneurs. The forte of their enterprises is not science and technology. They
are concerned with the use of alternative and imitative methods of marketing and distribution strategies to make their business survive and thrive in the competitive market.
Based on !nership: 1. Private Entrepreneur:
A private entrepreneur is one who as an individual sets up a business enterprise. /e 0 she it*s the sole owner of the enterprise and bears the entire risk involved in it. 2. State Entrepreneur:
1hen the trading or industrial venture is undertaken by the State or the 2overnment, it is called state entrepreneur.* 3. Joint Entrepreneurs:
1hen a private entrepreneur and the 2overnment jointly run a business enterprise, it is called joint entrepreneurs.*
Based on "ender: 1. Men Entrepreneurs: 1hen business enterprises are owned, managed, and controlled by men, these are called men entrepreneurs.*
2. #o$en Entrepreneurs: 1omen entrepreneurs are defined as the enterprises owned and controlled by a woman or women having a minimum financial interest of '" per cent of the capital and giving at least '" per cent of employment generated in the enterprises to women.
Based on the %i&e of Enterprise: 1. %$all-%cale Entrepreneur: An entrepreneur who has made investment in plant and machinery up to 3s ".(( crore is called small%scale entrepreneur.*
2. Mediu$-%cale Entrepreneur: The entrepreneur who has made investment in plant and machinery above 3s ".(( crore but below 3s '.(( crore is called medium%scale entrepreneur.*
3. 'arge-%cale entrepreneur: The entrepreneur who has made investment in plant and machinery more than 3s '.(( crore is called large%scale entrepreneur.*
Based on (larence )anhof (lassi*cation: 4larence 5anhof !"&6&), on the basis of his study of the American Agriculture, classified entrepreneurs in the manner that at the initial stage of economic development, entrepreneurs
have less initiative and drive and as economic development proceeds, they become more innovating and enthusiastic. Based on this, he classified entrepreneurs into four types: These are discussed in seriati:
1. +nno,ating Entrepreneurs: +nnovating entrepreneurs are one who introduce new goods, inaugurate new method of production, discover new market and reorganise the enterprise. +t is important to note that such entrepreneurs can work only when a certain level of development is already achieved, and people look forward to change and improvement.
2. +$itati,e Entrepreneurs: These are characterised by readiness to adopt successful innovations inaugurated by innovating entrepreneurs. +mitative entrepreneurs do not innovate the changes themselves, they only imitate techni7ues and technology innovated by others. Such types of entrepreneurs are particularly suitable for the underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed regions.
3. aian Entrepreneurs: 8abian entrepreneurs are characterised by very great caution and skepticism in experimenting any change in their enterprises. They imitate only when it becomes perfectly clear that failure to do so would result in a loss of the relative position in the enterprise.
/. )rone Entrepreneurs: These are characterised by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. Such entrepreneurs may even suffer from losses but they are not ready to make changes in their existing production methods. !ollo"in# are soe ore types of entrepreneurs listed $y soe other $ehavioural scientists: 1. Solo %perators:
These are the entrepreneurs who essentially work alone and, if needed at all, employ a few employees. +n the beginning, most of the entrepreneurs start their enterprises like them. 2. &ctive Partners:
Active partners are those entrepreneurs who start0 carry on an enterprise as a joint venture. +t is important that all of them actively participate in the operations of the business.
-ntrepreneurs who only contribute funds to the enterprise but do not actively participate in business activity are called simply partners*. 3. 'nventors:
Such entrepreneurs with their competence and inventiveness invent new products. Their basic interest lies in research and innovative activities. (. Challen#ers:
These are the entrepreneurs who plunge into industry because of the challenges it presents. 1hen one challenge seems to be met, they begin to look for new challenges. ). Buyers:
These are those entrepreneurs who do not like to bear much risk. /ence, in order to reduce risk involved in setting up a new enterprise, they like to buy the ongoing one. *. +ifeTiers:
These entrepreneurs take business as an integral part to their life. 9sually, the family enterprise and businesses which mainly depend on exercise of personal skill fall in this type0category of entrepreneurs.
Entrepreneurship
-ntrepreneurship is an innovative process that involves with multifaceted and diversified activities for providing new things to the society and the civilization. The orientation makes it different and therefore. /ans Schollhammer !"&#() has classified entrepreneurship into five categories such as administrative, opportunistic, ac7uisitive, incubative and imitative entrepreneurship. +t may be classified as individual and mass entrepreneurship or private and public: entrepreneurship. They are discussed in a nutshell below;
1. &dinistrative Entrepreneurship The entrepreneurial activity under this category is centered around administrative techni7ues and functions. +t gives new option to handle prevailing or future situations in more effective way that provides advantages and competitive edge. Total <uality =anagement, job redesigning, new techni7ues of doing things, part icipative management or management by consensus is a few of the examples of administrative entrepreneurship that increases overall organizational efficiency and that nukes the firm successful and sustainable in the competitive market environment.
The old age pension scheme is such an administrative entrepreneurship of the government of angladesh.
2. %pportunistic entrepreneurship There is a proverb >/it? while iron is hot@. +t is the best exhibit of the characteristic of this category of entrepreneurship. -nvironmental changes always offer new opportunities. ut everybody is not e7ually capable to identify and to utilize that opportunity on time. The entrepreneurship that identifies, exploits and executes the opportunity in the first hand regarded as opportunistic entrepreneurship.
3. &c-uisitive entrepreneurship The entrepreneurship that learns from others competences is ac7uisitive entrepreneurship. +t ac7uires something new of value front, the competitive environment or achieves the competitors* technical capacities. +t keeps the entrepreneurship sustainable in the competitive environment. The failure never restraints them from ac7uisition but motivates them further to discover such a thing with new visitor.
(. 'ncu$ative entrepreneurship
This category of entrepreneurship generates and nurses new ideas and ventures within the organization. +t executes them in the productive manner and ensures material gain for the organization. They pursue and help getting differentiated technologies to promote creations and innovations =icrosoft, okia etc. always incubates new varieties types of product and creates product differentiation in the market.
). 'itative entrepreneurship The entrepreneurship that imitates a good or service operating in the market under a franchise agreement is the imitative entrepreneurship. +t is the medium that spread technology over the world. +t adopts an existing technology in countries over the world. +t also adopts an existing technology with minor modification appropriate to the local condition.
*. Private Entrepreneurship The entrepreneurship that is initiated under private sector is private entrepreneurship. 2overnment gives various support services through private and public concerns that encourage private initiative in taking entrepreneurial ventures. A lair and mutual relationship between private and public sectors would make economic development speedy and balanced
. Pu$lic entrepreneurship The entrepreneurship that is undertaken by the government through its various development agencies is public entrepreneurship. All countries, developed or under developed, take public initiative in venture ideas to fulfill the initial deficiency of private entrepreneurs.
/. 'ndividual entrepreneurship The entrepreneurship that is undertaken by an individual or a family with personal initiative is individual entrepreneurship.
0. ass Entrepreneurship This type of entrepreneurship emerges in an economy where a favorable climate of motivation and encouragement exist for developing wide range of entrepreneurship among general mass is mass entrepreneurship.B +t increases small and medium enterprises in a country.
