Before starting a business, there is a need to identify the type of entrepreneur you might choose to be. Many types of entrepreneur are needed to help the country to grow. Let’s look at these possibilities.
Individuals who perform all the work and keep all the profit. This includes everything from family-run stores, agents, repair persons, accountants, to physicians and lawyers. It can be a full-time job because no one else is involved.
2. Opportunistic Entrepreneurs:
Those who 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.
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. Pattern Multipliers:
Those who look for an idea someone else has already had so that they can then create their own business based on this model. Franchise operation or chain stores are a form of this approach.
5. Economy of Scales Exploiters
Those who benefit from a large volume of sales by offering discount prices and operating with very low overhead.
Those who take over a business started by somebody else and use their own ideas to make it successful. This often happens when there is a financial problem in the current operation. Fresh management ideas may save the business.
7. Buy-Sell Artists:
Those who buy a company for the purpose of improving it so that they can sell it again for a profit.
Those who purchase a commodity and resell it for a profit. Real estate, art, antiques and crops are typical speculator items.
9. Internal Entrepreneurs (Intrapreneurs):
Those who create new ideas and turn them into a successful project within an existing business. Although they have neither the profit nor the personal financial risk of their own business, they need to use the same methods of operation as an entrepreneur.
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.
11. Necessity Entrepreneur:
Unemployed person who needs to establish his/her own business in order to survive, e.g a cobbler, micro-trading.