TYPES IN ENTREPRENEURS

 Craft Entrepreneurs -Craft entrepreneurs are those who may start a business using their learnt
or acquired skills.
 Opportunistic Entrepreneurs- Opportunistic entrepreneurs are those entrepreneurs who
may scan the environment in search of a viable business opportunity that may exist.
They are creative and very hardworking and venture in businesses they do not
necessarily have skills or training in.
 Egoistic Entrepreneurs - Egoistic entrepreneurs venture into business not only because
there exists a business opening but because they would also like to satisfy their ego.
 Self employed-these are individuals who perform all the work and keep all the profits, this
includes everything from family runned stores, agents, accountants, lawyers, physicians and
repair persons. It can be fulltime because no one else is involved or part-time

 Opportunistic entrepreneurs-those who start a business and expand as fast as possible in order
to be able to hire other employees, most of the time those additional employees have the needed
expertise that the owners do not have.
 Inventors-those with particular inventive activities who design a better product and then create
companies to develop, produce and sell the items High technology companies of this type are new
trends.
 Pattern multiplier-those who look for an idea someone else has already created and then create
their own business based on following another’s model. Franchise operations or chain stores are
form of these type e.g. coca cola bottlers, Bata shoes co e.t.c
 Economy of scale exploiters-those who benefits from a large volume of sales by offering discount
prices and operate with very low overheads (supermarkets)
 Acquires-those who take over a business started by another and use their own ideas to make it
successful this often happens where there is financial problems in the current operations. Fresh
management ideas used to save the business (Kenya co-op creameries 2000)
 buy-sell artist-those who buy a co for the purpose of improving it and sell at a profit e.g A farmer
who buy sick cows at a throw away price treats and fatten them and resell at a high profit
making a reasonable profit
 Speculators-those who purchase a commodity and resell it for a profit e.g. real estate, ART crops
are typically speculators items.
 Internal entrepreneurs those who create new ideas and make them into successful projects
within an existing business, although have neither the profit nor the financial risk of their
business they need to use the same methods of operations as an entrepreneur e.g. a bank
manager.
 Innovating-this is one who introduces new goods, inaugurates new methods of production,
discovers new market and reorganizes the enterprise
 Imitative-are characterized by readiness to adopt successful innovations inaugurated by
innovating entrepreneurs. They do not innovate the changes themselves but they only imitate the
techniques and technology innovated by others
 Fabian-are characterized by very great caution and skepticism in experimenting any change in
their enterprise. They imitate only when it becomes perfectly clear that failure to do so would
result to a loss in their enterprise
 Drone-are characterize by refusal to adopt opportunities to make changes in production
formulae even at the cost of severely reduced returns relative to other like producers.
 First generation entrepreneur-this is essentially an innovator since he starts an industrial unit
by combining different technologies to produce a marketable product he posses inborn innovative
skills.
 Modern entrepreneur-he is one who undertakes those ventures that that suites the correct market
needs and which go well along with the changing demand in the market.
 Classical entrepreneur- is a stereotype entrepreneur whose aim is to maximize his economic
returns at a level consistent with the survival of the firm with or without growth element
 Conservative entrepreneur-they are cautious in decision making hence maintains status quo.
They hardly introduce changes in their organizations.
 Pure entrepreneur-when an individual is motivated by psychological and economic rewards is
termed as a pure entrepreneur.
 Induced entrepreneur- this is one who is induced to take up entrepreneurial tasks due to the
various policy measures, incentives, concessions and tax benefits offered by the government to
start a venture
 Motivated entrepreneurs-the desire for self fulfillment motivates new entrepreneurs. May further
be motivated by rewards in terms of profit.