Types of Entrepreneurs
Becoming an entrepreneur is a great way to earn more money than you would be making at your job or extra money on the side of your job. But there are so many different types of entrepreneurs what should you do?
Trading entrepreneurs start companies as the middle men between the manufacturers and the retailer’s/customer. They can either sell the finished products from the manufactures to a retailer or directly to customers, depending on the type of business they choose to go into.
Manufacturing entrepreneurs “identify the needs of the customers and, then, explore the resources and technology to be used to manufacture the products to satisfy the customers’ needs” (yourarticlelibrary.com).
These types of entrepreneurs cover a wide range of agricultural activities such as cultivation, marketing of agricultural produce, irrigation, mechanization and technology.
A private entrepreneur is the sole owner of their business. They bear the entirety of the risk involved in running the business.
The government or state can partake in industrial ventures, being known as a state entrepreneur.
When a private owner and the state team up to run a business it’s called joint entrepreneurs.
An entrepreneur who runs and establishes a company that focuses on science and technology-based products is a technical entrepreneur. They tend to utilize new and innovative methods of production in their enterprises.
On the other hand, non-technical entrepreneurs don’t focus on science and technology. Rather, 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” (yourarticlelibrary.com)