What is Entrepreneurship? Definition, Types, Characteristics And More

Howdy, Entrepreneurship is the word which usually excites those young dreamer who always wants to touch the sky. But the question arises Who entrepreneurs are? What Entrepreneurship is? Or What are its types and characteristics? and what exactly you need to be one. So, to find out answers to these questions, in this article, we will be discussing In Depth: Entrepreneurship, Definition, Types, Characteristics and all you need to be successful one. Let’s start.

Who Is An Entrepreneur?

The Merriam-Webster dictionary defines entrepreneur as someone who organizes, manages and assumes the risks of business or enterprise. Entrepreneurs are visionaries, dreamers, they have the ability to see the opportunities.

Entrepreneurs are the Innovators, coordinators, change agents, who tends to find solutions to the problems and see problems as challenges to be solved.

They are the key contributor to country’s economic growth as well as creating job opportunities.

What Is Entrepreneurship?

In a very basic terms :

  • Entrepreneurship is a process of starting any business or start-up in a way to provide solution to a specific problem and meet the people’s needs. The process of organizing and managing the business and risks associated with it, in order to earn profit out of it.

You should try entrepreneurship and if you want to know why, then you must read ‘ Why you should try entrepreneurship at least once in your lifetime

One of the question that people generally ask who encounter the word ‘Entrepreneurship’ for the first time is :

How to pronounce ‘Entrepreneurship’? What is the correct pronunciation of ‘Entrepreneurship’?

A kind of tongue twister for most, but it’s easy to pronounce when you know how to do it. So, here’s the correct way :

Entrepreneurship – Awn-truh-pruh-nyow-ship (Awn ->En, truh->tre, pruh->pre, neur->nyow, ship->ship)

Looks simple? Isn’t it? Follow these steps –

Firstly, try to pronounce Awn-truh-pruh-nyow-ship in parts for two to three times, once comfortable, try to combine the words in the sequence and pronounce all at once. And its done!

Types Of Entrepreneurs:

Entrepreneurs are classifies over various factors such as Type Of Business, Technology, Ownership, Gender, Size of Enterprise.

But lets first discuss about the types of entrepreneur described by Clarence Danhof’s study –

1 – Innovative Entrepreneur – These entrepreneurs are more focused towards innovation and providing innovative solution or ideas to a problem or a challenge. They invest most of their times building innovative ideas and business opportunities and believe in experimentation.

2 – Imitating Entrepreneur – Imitating entrepreneurs are basically focused towards improving the already established business processes and make business out of its deficiencies.

These entrepreneurs analyse existing product in the market and help improve product by addressing its deficiencies with latest technologies and processes.

3 – Fabian Entrepreneur – These entrepreneurs are very cautions and careful with their approach. Skeptical about adapting any new changes or methods.

They are determined towards following footprints of their predecessors and past practices and shy away from making any decision based on innovation or sudden change.

4 – Drone Entrepreneur – These entrepreneurs are more towards following the traditional way of doing business with their own orthodox methods and processes. Someone who don’t like changes and generally sticks to conventional product, ideas and methods.

Entrepreneurs can also be classified on the basis of Technology they use :

1 – Technical Entrepreneur – Often known as technopreneurs, who are more focused towards technology and introduce technology driven changes.

2 – Non-tech Entrepreneur – These entrepreneurs basically use the imitative method of business.

Entrepreneurs can also be classified on the basis of types of business they are into :

1 – Trading Entrepreneur – Entrepreneur who is involve in trading activities.

2 – Manufacturing Entrepreneur – Entrepreneur who is into business of manufacturing of products.

3 – Agriculture Entrepreneur – Entrepreneur who is involved in agricultural activities and business.

Entrepreneurs can also be classified on the basis of Ownership of Business :

1 – Private Entrepreneur – The sole owner of business who set up the business individually and solely.

2 – Stare Entrepreneur – When a venture taken over by state or government

3 – Joint Entrepreneur – When a venture jointly run by government and private entrepreneur.

Entrepreneurs can also be classified on the basis of Size Of Business :

1 – Small Scale Entrepreneur – An entrepreneur who has invested up to 10 Million(Rs 1 Cr) into business or venture.

2 – Medium Scale Entrepreneur – An entrepreneur who has invested above 10 Million(Rs 1 Cr) upto  50 Million(Rs 5 Cr) into business or venture.

3 – Large Scale Entrepreneur – An entrepreneur who has invested above 50 Million(Rs 5 Cr) into business or venture

Entrepreneurs can also be classified on the basis of Genders :

1 – Men Entrepreneur – As the name suggest, a business owned and controlled by men.

2 – Women Entrepreneur – A business or venture, owned and manage by women. They are also known as womenpreneurs.

At last, there is category which is define on the baseis of type of work :

Social Entrepreneur – Entrepreneurs who run non profit organization and address and provide solution to social issues within the society. They are also known as Sociopreneurs.

What are the characteristics of successful Entrepreneurs :

1 – Risk Taking Ability – One of the most common word associate with entrepreneurs is Risk. In some cases, entrepreneurs put everything on the line to follow their dreams and for innovation. So, to be a successful entrepreneur, you must need to have a risk taking ability and learn how to handle it.

2 – Adaptability – Successful entrepreneurs are generally adaptable in nature. Whether it is technology, culture, product or way of doing business. They know how to cope up with the continuous changing world.

3 – Innovative – Successful entrepreneurs always look towards innovation and try to find the innovative solution to a problem, which consequently help them uniquely establish their business.

4 – Visionary – To be a successful as an entrepreneur, you should always have a clear vision of future for your products, services and business. Having a vision of future, entrepreneurs are able to plan for long term success of their business.

5 – Flexibility – An entrepreneur should be flexible enough to be able to look for new ides and adjust according to different situation.

6 – Leadership – Entrepreneurs are not born leaders, but are made one. They owe a responsibility towards their people or employees to guide them towards a common goal and succeed together.

7 – Open Minded – A successful entrepreneur is always tends to be open minded towards opportunities and always look for opportunities in deficiencies.

Now, we have discussed Entrepreneur, Entrepreneurship, Definition, Types, Characteristics in a very simple terms.

I hope above article on ‘What is Entrepreneurship, Definition, Types, Characteristics And More has help you understand entrepreneurship and its associated terms in simple and easy way and answered all your questions.

Also, please do comment your your opinion and feedback about this article and also mention what type of entrepreneur are you or looking to be one.

Cheers!

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