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Since the inception of life on this planet, things are in a state of continuous change and improvement. Man has traveled a lot from cave life to skyscrapers and much more. This transition of life always leads to changing needs.
Moreover, the journey of needs and wants gives birth to customers and businesses. From the barter systems to modern trading, things have not gone through sudden spontaneous changes. Rather there has been a mind who felt the needs and wants at the right time.
However, those who can anticipate changing trends and come with novel ideas to meet the needs and demands are very rightly termed as entrepreneurs. They are capable enough to position in the minds of customers a product as the necessity of life.
In a nutshell, entrepreneurs are risk-takers, innovators, and resource organizers.
An entrepreneur does not necessarily mean a person sitting in the furnished office and running a large-scale business with manpower of hundreds but also a person selling street food can come under the umbrella of entrepreneurs.
The only condition is to position your product or service in the target population’s minds as a unique one. Bill Gates’ Microsoft was not only a necessity but also a unique idea, the need to call a cab, led to the birth of Uber and in these busy days of life, someone thought about online services and now everywhere online trends are in full momentum.
From the wheel to planes and from leaves as a dress to designers out-let there have been various minds to grab opportunities. However, opportunity grabbing is not beyond risk-taking. Those who are doing it efficiently are entrepreneurs.
Entrepreneurs can be classified on the basis of innovation, types of business, technological development, stages of development, scales of operation, and motivation.
Innovators are those who always come up with new ideas. They love to take risks and they believe very strongly in the notion of high risk and high return. Moreover, they encompass the spectrum from cash and carry grocery stores to Google and Instagram, etc.
Imitative entrepreneurs are also termed copycats and adaptive entrepreneurs as they do not invent new things or put forth new services but simply adopt the existing ones with some variations in features of those products.
In addition, they come up with better products and more profits as android cell phones are in full swing in markets but various companies grab attention with some different features.
Fabian entrepreneurs follow the footstep of their forerunners and don’t adapt to the changing trends easily. They are obstinate to change and adapt only when it comes to the question of survival.
Drone entrepreneurs are always tradition-oriented and don’t adopt change. They are the “never tell me odd’’ type.
Business entrepreneurs are those who come up with ideas for unique products and earn huge returns. They are most of the time, pioneers of services and products. For example, the KFC business is no doubt a trendsetter for fast foods.
Business entrepreneurs are further split into categories of corporate entrepreneurs, agricultural entrepreneurs, retail, and services entrepreneurs.
Amazon is the best example of a trading entrepreneur. It is a uniform globalized platform to buy and sell products. It is not producing commodities but connecting millions and trillions across the globe.
Manufacturers come under the umbrella of industrial entrepreneurs, who are always ready to introduce new services and products to the market. However, PepsiCo is a fantastic example of industrial entrepreneurs with a wide range of product lines.
Social entrepreneurs are those who think apart from themselves and profit maximization is not their focus. However, the social needs and the depressed stratum of society are an impetus behind their activities.
The rise of NGOs can depict social entrepreneurship in a crystal clear manner. Edhi foundation of Pakistan starting from a single wheelchair to one of the biggest ambulance services speaks volumes about social entrepreneurs.
On this basis, entrepreneurs are divided around triangles of technical entrepreneurs, non-technical and professional entrepreneurs.
Technical entrepreneurs focus on technology innovation. Microsoft introduced a life-changing technology that further spell a race on this road.
These entrepreneurs become the driving force behind marketing and resource organizing for technical products.
The impulse behind novel ideas is either a necessity or a motivation. It is not unwise to say that necessity is a mother of invention and an example of this kind of invention is teleconferencing.
Motivating factors to bring dramatic changes in lives also leads to new ideas as the birth of Facebook and WhatsApp of the modern era are fantastic examples of motivational entrepreneurship.
Pure and induced entrepreneurs are a category of motivational ones but the stimulus behind their product is need-based or induced by the government as in the scenario of COVID-19 many products adorned the stage but all came out of the core of necessity.
Small Scale Entrepreneurs
Small scale entrepreneurs as the name implies are those with small capital-based and large scale is vice versa.
Additionally, the development stage of business also helps to classify entrepreneurs as fathers of business 1st generation entrepreneurs or 2nd generation entrepreneurs.
Demographic trends around the globe are in continuous momentum. However, more women are coming into the orbit of entrepreneurship. Their role is shifting from food maker to food provider, so another classification of entrepreneurs is now gender-based.
Not only female trend is in vogue but also some corners are giving place to transgender as well and it would be another classification in near future.
Entrepreneurs are the backbone for economic development as they come up with new products and ideas that give life to many new industries and expand to the existing ones. Poverty eradication and unemployment are becoming a gone-day dream in the west and all this has a great debt to entrepreneurs.
However, many Asian countries and the Middle-East world are still lagging behind in this race. In these regions, business schools are producing career-oriented graduates rather than entrepreneurs. 9 to 5 job seekers are further detesting already crunch gloomy economies. So, it is need of the hour to install the spirit of entrepreneurship to build a better world.