Types of Entrepreneurs

Before starting a business, there is a need to identify the

type of entrepreneur a student wants to become. Many
types of entrepreneurs are needed to help the country to
grow. The following are some examples of what of what
entrepreneurs can do:
1.) Self- employed: these individuals perform all the work and keep all
the profit. This includes everything family- run stores, agents, repair
shops, accountants, to physicians and lawyers. It can be a full- time
job because no one else is involved. Included here are those who go
into business in order to survive like shoeshine boy, cigarette vendor,
etc.
2.) Opportunistic Entrepreneurs: these entrepreneurs start a business
and expand as fast as possible in order to be able to hire other
employees. Usually, these additional employees have the necessary
expertise that the owner does not have.
3.) Innovators: those with particular inventive abilities who design a
better product and then create companies to develop, produce,
and sell the item. High- technology companies of this type are a new
trend.
4.) Acquirers: these entrepreneur take over a business started by
somebody else and use their own ideas to make it successful. This is
often happens when there is a financial problem in the current
operation. Fresh management ideas may save the business.
5.) Buy-sell Artist: the entrepreneurs buy a company to improve it so
that they can sell it again for a profit.
6.) Speculators: these entrepreneurs purchase a commodity and resell
it for a profit. Real estate, art, antiques and crops are typical
speculator items.
7.) Franchisee: a franchisee is an individual who starts a business for
which a widely known product image has already been established.
The franchisee owns the business and assumes its operating
responsibilities subject to specifications set out by the franchisor.
Resources used by the Entrepreneur

 Money – necessary to obtain goods and services that

entrepreneurs want. A major way in which money is obtained is
through employment. The real value of money can be measured in
what necessities, wants, and security it will provide for the future.
 Equipment – useful equipment may be as simple as a small knife or
a paper clip. It may be a telephone installed by the telephone
company, a microwave oven with digital electronic controls, or a
pocket computer. The value of any equipment depends on the
efficiency with which it is used. Even the best equipment cannot
think or act on its own.
 Energy – good health is essential to maintaining a high energy level.
Adequate nutrition, rest, and exercise are necessities. Personal
attitudes also have a strong influence on an individual’s energy
supply. People who accomplish a great deal usually have a
positive attitude and goals to motivate them.
 Time – is a unique resources. Everyone has the same amount (24
hours a day and 168 hours each week). A large portion of time is
taken up by daily activities like eating, sleeping, school, work, and
hygiene. The remaining time should be spent on recreational
activities and special interests that provide satisfaction.
 Skills – are develop when a person learns how to do a task
competently. Anyone can develop skills by being willing to put in
the necessary effort.
 Knowledge – a real zest of life and an active curiosity stimulate
learning. Reading, observing, and listening are ways of staying in
the mainstream of life. Each individual must take responsibility for
acquiring a certain amount of knowledge by developing
communication skills such as reading, writing, speaking, and
listening.
The entrepreneur, a description
The entrepreneur is anyone who identifies and opportunity through
innovation, risk taking, and creativity and who undertakes the
organization and management of an enterprise in order to make
some profit. Entrepreneur has strong beliefs in market opportunities
and the ability to develop those opportunities into viable enterprises.
 Challenges and Risk:
Rewards and Contribution to Society
Challenges for Entrepreneurs

 The challenges of globalization

 The challenge of innovation
 The challenge of local and global competition
 The challenge of changing customer preferences
 The challenge of finding start- up capital
 The challenge of government regulation
 The challenge of protecting the environment
Risk Faced by Entrepreneurs

 The risk of failure

 The risk of uncertain income
 The risk of uncertain markets
 The risk of total responsibility
 The risk of working long and difficult hours
 The risk of facing emotional problems
 The risk of high stress levels
Rewards

 Independence
 Excitement
 Freedom from a boring job
 Sense of competition
 Flexibility
Contribution to Society

 Contribution to national development

 Contribution to entrepreneurial networks
 Utilization and mobilization of resources
 Contribution to social development
END 