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CHARACTERISTICS OF SUCCESSFUL

ENTREPRENUERS
1. HARD
WORK
WILLINGNESS TO WORK HARD
DISTINGUISHES A SUCCESSFUL
ENTREPRENEUR FROM
UNSUCCESSFUL ONE.
2. DESIRE FOR HIGH
ACHIEVEMENT

• They have a strong desire to


achieve high goals in business.
This high achievement motive
strengthens them to surmount
the obstacles, suppress anxieties,
repair misfortunes and run a
successful business.
3. HIGHLY
OPTIMISTIC
• They have positive
approach towards things.
They do not get disturbed
by the present problems
faced by them. They
become optimistic for
future that the situations
will become favourable to
business in future.
4. INDEPENDENCE

• They do not like to be guided by


others and to follow their rules.
They resist to be pigeonhold.
They like to be independent in
the matters of their business.
5. FORESIGHT
• The entrepreneurs have a good
foresight to know about the
future business environment.
They well visualize the likely
changes to take place in the
market, consumer attitude and
taste, technological
developments etc. and take
necessary and timely actions
accordingly.
6. GOOD ORGANISER

• Various resources required for


production are owned by
different owners. Then it is the
ability of the entrepreneur who
brings together all required
resources for setting up an
enterprise and then produces
goods.
7. INNOVATIVE
• Production is meant to meet
the customers requirements.
In view of changing
requirements of the
customers from time to time
the entrepreneurs initiate
research and innovative
activities to produce goods to
satisfy the customers
changing requirements and
demands.
8. PRESERVANCE

• They do not give up their effort


even if they fail. They undergo
lots and lots of failures but do
not become disheartened.
Instead they take failure as
learning experience and make
more dedicated and serious
effort on the next time.
9. TEAM SPIRIT

• The word TEAM refers to:


T for Together,
E for Everyone,
A for Achieves and
M for More.
Successful entrepreneurs
build teams and work with
teammates.
WHAT IS THE NEED OF ENTRPERENEUR?
• Promote Capital Formation
• Create employment
• Promote balanced regional development
• Reduce concentration of economic power
• Promote equitable redistribution of wealth and income and political power
• Encourage resource mobilization of capital and skill
• Stimulate economic development
• Promote country’s export business
TYPES OF
ENTREPRENEURS

1. Based on the type of


Business
2. Based on the use of
Technology
3. Based on Ownership
4. Based on Gender
5. Based on Size of Enterprise
6. Based on Clarence Danhof
classification
BASED ON THE TYPE OF BUSINESS

1. Trading Entrepreneur: They undertake trading activities i.e. they take


finished goods from the manufacturers and sell these to the customers
directly or through a retailer.
2. Manufacturing Entrepreneur: They manufacture products. They identify the
needs of the customers and with use of technology and other resources to
manufacture products so as to satisfy the needs of the customers.
3. Agricultural Entrepreneur: They undertake agricultural pursuits. They cover a
wide spectrum of agricultural activities like cultivation, marketing of
agricultural produce, irrigation, mechanization and technology.
BASED ON TYPE OF TECHNOLOGY

1. Technical Entrepreneur: Who establish and run science and technology


based industries. They use new and innovative methods of production in their
enterprise.
2. Non – Technical Enterprise: 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 OWNERSHIP

1. Private Entrepreneur: A private entrepreneur is one who as an individual


sets up a business enterprise. He/ she is the sole owner of the enterprise and
bears all the risk in it.
2. State Entrepreneur: When the venture is undertaken by the state
government it is called state entrepreneur.
3. Joint Entrepreneur: When a private entrepreneur and the government jointly
run a business enterprise.
BASED ON GENDER

1. Men Entrepreneur: when business enterprises are owned, managed and


controlled by men, these are called men enterprises.
2. Women Entrepreneur: when a woman or women has a minimum financial
interest of 51 percent of the capital and giving at least 51 percent of
employment generated in the enterprises to the women, it is called women
enterprise.
BASED ON THE SIZE OF ENTERPRISE

1. Small - Scale entrepreneur: An entrepreneur who has made investment in


plant and machinery upto 1 crore is called small scale entrepreneur.
2. Medium – Scale Entrepreneur: the entrepreneur who has made investment in
plant and machinery above 1 crore but below 5 crore is called mediun scale
entrepreneur.
3. Large – Scale Entrepreneur: the entrepreneur who has made investment in
plant and machinery more than 5 crore is called large scale entrepreneur.
BASED ON CLARENCE DANHOF CLASSIFICATION

1. Innovating Entrepreneurs: Who introduce new goods, inaugurate new method of


production, discover new market and reorganize.
2. Imitative Entrepreneurs: Readiness to adopt successful innovations of innovating
entrepreneurs.
3. Fabian Entrepreneurs: Characterized by very caution and skepticism in
experimenting any change in the organization.
4. Drone Entrepreneurs: Characterized by the refusal to adopt opportunities to make
changes in production methodology even at the cost of reduced returns.