Entrepreneurship And Types Of Entrepreneurs

An Entrepreneur is one who assigns job to employees to satisfy the desires of the customers. He prioritizes the needs of the customers.
Many Researchers came up with different ways of Classification, out of which this applied the best. "Clarence Danhof Classification":

In 1949, Clarence on the basis of his study of the American Agriculture, classified entrepreneurs in two ways .They are as follows:

1)Initial stage of economic development, entrepreneur have less initiative.
2)They are driven forward as economic development proceeds, they become more innovating and enthusiastic.

He classified Entrepreneurs into 4 types:
1)Innovating Entrepreneurs:

These Entrepreneurs are the ones who introduce new goods, implement new techniques of production, discover new market and reorganise the enterprise. These entrepreneurs can work only after a certain level of development is already achieved, and when people look forward to change and improvement. The best example is Entrepreneur and mentor is Jeff Hoffman, founder of Priceline.

2)Imitative Entrepreneurs:
These Entrepreneurs are ready to adopt successful innovations implemented by Innovating Entrepreneurs .They never innovate changes themselves, they only imitate techniques and technology innovated by others. This is suitable for underdeveloped regions for bringing a mushroom drive of imitation of new combinations of factors of production, existing in developed regions.

3)Fabian Entrepreneurs:
Fabian Entrepreneurs are the second generation entrepreneurs. Being very scepticand particular about taking a step forward until they are definite about it, it would be a loss. If not steps are not taken at the right time as they are reluctant. The try their maximum to create accurate and precise picture of things. They are traditionally bounded and do not prefer change and would be cautious. They neither introduce new changes nor adopt latest technical or innovative methods. Addedto which they are shy and lazy. Entrepreneurs will never introduce any changes, nor will they desire to adopt new methods which are innovated by the enterprising entrepreneurs. Religion, customs, tradition and convention determine their dealings. Examples are rare because we don't have accounted knowledge of which Company head was a Fabian entrepreneur. In other words Agriculturalists or farmers are the best example.

4)Drone Entrepreneurs:
These entrepreneurs are characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns relative to other like producers. They suffer from vigorous losses, yet they do not implement changes into their current production methods .The best example is Tobacco Making Industry.