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V An entrepreneur today is considered as one
who prefers to take moderate risk, start and
build his own enterprise rather than take up a
job.
V In terms of motivation , he has an enduring
need to achieve and excel.
V He tries to have an independent status.
V He tends to be innovative and dynamic.
V He is prepared to take up personal
responsibilities.
V He is determined to know the results of his
efforts.
V These qualities easily distinguish him from
others.
V In order to be successful an entrepreneur
should possess some qualities and traits.
V Some of the qualities are inherent but others
are mostly acquired.
V Some of the qualities and traits of a successful
entrepreneur are as follows.
á. Willingness to make scarifies and assume risks.
2. Leadership.
3. Decisiveness
4. Creative Thinking
5. Confidence in the project
6. Technical Knowledge and willingness to
change
7. Ability to Marshall resources
8. Marketing oreintation.
á. Capacity to take risk
2. Capacity to work hard
3. Capacity to take advantage of external situation
4. Intelligence
5. Motivation
6. Knowledge
7. Imagination
8. Initiative
9. Sociability
á . Inventive ability
áá. Vision & foresight
á. Desire to take personal responsibility
2. Creative thinking
3. Leadership quality
4. Confidence in project undertaken
5. Technical Knowledge
6. Ability to Marshall resources
7. Decisiveness
8. Strong need for achievement
9. High degree of ambition
á . Will to conquer
áá. Market orientation
 V cntrepreneurs are of different types
á. ON the basis of type of business
2. On the basis of use of technology
3. ON the basis of motivation
V á. Business entrepreneur : He is an individual
who discovers an idea to start a business and
then builds a business to give birth to his idea.
V 2. Trading entrepreneur: He is an entrepreneur
who undertakes trading activity i.e: buying and
selling of manufactured goods. He does not
undertake manufacturing activity.
V 3. Industrial entrepreneur: He is the
entrepreneur who undertakes manufacturing
activity. He identifies the needs and wants of
customers and produces goods to sit the needs
and desires of consumer.
V 4. Corporate entrepreneur : He is a person who
demonstrates his innovative sill in organizing
and managing a corporate undertaking.
V 5. Agricultural entrepreneur: They are
entrepreneurs who undertake agricultural
activities such as raising and marketing of
crops ,fertilizers and other inputs of
agriculture.
á. Technical cntrepreneur: Technical
entrepreneurs are extremely task oriented.
They are of craftsman type. They develop new
and improved quality of goods because their
craftsmanship. They concentrate more on
production than on marketing.
V 2. Non ²Technical entrepreneur : These
entrepreneurs are not concerned with the
technical aspects of the product. They develop
marketing techniques and distribution
strategies to promote their business.
V 3.Professional entrepreneur : He is
entrepreneur who stats a business unit but
does not carry on the business for long period.
He sells out the running business and starts
another venture.
á. Pure entrepreneur : He is an entrepreneur who
is motivated by psychological & economic
rewards. He undertakes an entrepreneurial
activity for his personal satisfaction , ego or
status.
2. Induced entrepreneur : He is an entrepreneur
who is an induces to take up an entrepreneurial
activity due to assistance, incentives ,subsidies
and infrastructure provide by government.
V 3. Motivated entrepreneur : They are new
entrepreneurs motivated by the desire for self
fulfillment. They start venture because of the
possibility of producing and marketing some
new product for the use of consumers.
V á. First generation entrepreneur : he is one
who stats an industrial unit by means of
innovative skills. He is essentially an innovator.
He applies technology and produce a product
or service. He is also called new entrepreneur.
V 2. Modern entrepreneur : He is an entrepreneur
who under ²takes those ventures which suit
the modern marketing needs.
V 3.Classical entrepreneurs : He is one who
develops a self ²supporting venture for the
satisfaction of customers needs . He does not
undertake any innovation.
V á. Managing entrepreneurs : These are
entrepreneurs whose chief goal is security.
V 2. Controlling entrepreneurs : These are the
entrepreneur who above all desire power.
V Clarence Danhof , on the basis of his study of
American agriculture, classified entrepreneurs
in the manners that at the initial stage of
economic development, entrepreneurs have
less initiative and drive.
V As economic development proceeds they
become more innovating and enthusiastic.
V ãnder developed economy will produce shy &
humble entrepreneurs.
V On the other hand a developed economy will
make the innovating entrepreneurs.
V On the basis of this theory , Danhof classified
entrepreneurs in the following categories:
V Persons of this type are generally aggressive on
experimentation and celeverly put attractive
possibilities into practice.
V An innovating entrepreneur introduces new
goods , inaugurates new methods of
production, discovers new markets and
reorganizes the enterprise.
V He may raise money to launch an enterprise ,
assemble the various factors, choose top
executives and set organization going.
V According Schumpeter's an innovating
entrepreneurs are commonly found in
developed countries.
V A country with little or no industrial tradition
can hardly produce innovating entrepreneurs.
V It is important to note that such entrepreneurs
can work only when certain level of
development is already achieved and people
look for changes & progress.
V These entrepreneurs are ready to adopt
successful innovations created by innovation
entrepreneurs.
V Imitative entrepreneurs imitate techniques and
technology innovated by others.
V They copy and learn from the innovating
entrepreneurs.
V These entrepreneurs are most suitable for
underdeveloped countries .
V Because in these countries people prefer to
imitate the technology , knowledge and skill
already available in the developed countries.
V These entrepreneurs help to transform the
system with limited resources avilable.
V These entrepreneurs face lesser risks and
uncertainty as compared to innovating
entrepreneurs.
V Imitative entrepreneurs are adoptive.
V These entrepreneurs are very cautious and
skeptical in experimenting any change in tehir
enterprise.
V They have neither the will to introduce new
changes nor the desire to adopt new methods
innovated by other entrepreneurs.
V They are shy & lazy.
V They are not much interested in risks
V They try to follow the footsteps of their
predecessors.
V Their dealings are determined by custom ,
religion, tradition & past practices.
V These are those who refuse to adopt and use
opportunities to make changes in production .
V They would not change the method of
production already introduced.
V They follow the traditional methods of
production.
V They may even suffer losses but they are not
ready to make changes in their existing
production methods.
V They are conventional because they because
they stick on to the conventional products &
ideas.
V An individual entrepreneur is one who start s
his own business unit & takes decisions by
himself for his business unit.
V They are dominant in the small scale sec tor.
V They have the advantages of flexibility ,quick
decision ,great initiative etc.
V But single individual can establish and operate
and enterprise up to a certain limit only.
V The business will have to acquire a number of
new entrepreneurial skills through a corporate
body like joint stock company, co-operative
society etc.
V Thus joint stock companies , cooperative
organization etc are institutional entrepreneurs.
V At time s people became entrepreneurs when
they inherit the family business .
V In India there are large number of such
entrepreneurs.
V The ownership is passed from one generation
to another.
V These are those who are forced to become
entrepreneurs due to the influence of certain
circumstances.
V NRI and educate unemployed seeking self
employment may be described as forced
entrepreneurs.