An entrepreneur is the one, who develops an idea, creates a sustainable business model and acquire the required capital and resources in the building of the business, and this complete process of starting and running a profitable business is termed as entrepreneurship. The world has revolutionized in a number of ways, and hence, with increased use of technology, ease of transportation, globalization and several similar factors, our way of conducting a business has also changed. While we see many new ventures entering the market every day, there are equal number of venture dying out each day. There are entrepreneurs who succeed at first, and then there are those who simply don’t succeed even after many failed attempts, while we also have those who give up after a single attempt of making their ideas work. Each entrepreneur is unique in its own terms and each has its own set of strengths and weaknesses. We can classify the entrepreneurs into following four categories based on their basic categories:
i) Builder: These kind of entrepreneurs form business strategies and try to build a highly scalable business at a very fast pace.
ii) Opportunist: These entrepreneurs take advantage of the available opportunity and make their business plans through these opportunities. They make the most out of any situation, and build their resources at the right time.
iii) Specialist: These entrepreneurs focus on being perfect at their work. They measure their success through the money they earn and try to generate most business through exploiting the networking opportunities.
Innovator: They work on things they love and try to find out innovative solutions for the problems they face. They construct a business out of these innovative solutions they find out for themselves. They measure their success based on the impact their innovations have on the target customers.
We see a new breed of entrepreneurs emerging out with the changing social, economic and political conditions. We find out about the three new major breeds of entrepreneurs who form an important part of the society and are helping in making a difference to the society. These are the following:
iii) Social Entrepreneurs
We discover more about them in detail in the upcoming blog posts! Stay tuned for more!!