What are the 10 Types of Entrepreneurs?- Complete Guide 2021

Each person thinks differently about business and uses different methods for establishing it. What are the 10 types of entrepreneurs, and what kind of business are they running?

Without wasting time, move ahead to learn about all types of businesspeople in details

10 Types of Entrepreneur

The following points will help you know what are the 10 types of entrepreneurs in detail

1. Trading Entrepreneurs

A person who buys the products from someone else then sells them directly to the customers is known as a trading entrepreneur.

It plays the role of middle man as it does not manufacture anything, and he does not have his factory. He takes 100% of finished items from factories and sells them to the customer who comes to his shop.

Such an entrepreneur is also known as the dealer, relater, middleman, and wholesaler between trader and manufacturers.

2. Manufacturing Entrepreneurs

A person who prepares items from raw materials is known as a manufacturing entrepreneur.

First, he goes to the market and surveys or sometimes gets the previous study’s report. Then he goes for things which are high in demand nowadays.

Once he has decided everything he will prepare in his factories, he starts gathering raw material. Similarly, he imports heavy machinery. In the last, he sets up a factory and hires some workers.

Then workers start working and prepare demanded products from the raw material and sale theme to the wholesaler. Thus, they do not have direct relations with customers.

3. Small Business Entrepreneur

If a person has a tiny business and there are only a few members that are helping him in running it, he is known as a small business entrepreneur

Such person does not aim for big houses, cars and an elite lifestyle instead they work to earn bread and butter. So, they can afford the expense of their children’s education and give them a modest lifestyle.

Such small businesses are very common, for example, clothes shops, shoe shops, hairdressers, and small grocery shops. All these are an entrepreneur, but they are working at a small level.

4. Large Company Entrepreneurs

A person which company is working on a considerable level and earning a high amount of profit is known as a large company entrepreneur.

Such companies have a set of rules and regulations for hiring people; thus, before hiring anybody, they take his interview and make sure he is eligible for this job.

 Thus there is a team of professionals that is working. They keep increasing the revenue of the company by bringing innovative things and ideas. Such companies make excellent strategies and do next-level marketing.

Such company owners are very ambitious, and they do not work only in one cycle. Instead, they have big dreams, and they work hard to achieve them. Any small company having an ambitious owner can become a large business.

For example, Microsoft and Amazon were small, but now they are working on a very large scale.

5. Social Entrepreneur

What are the 10 types of entrepreneurs? A person who aims to make life better for others starts a business and does not care about profit is a social entrepreneur.

The amount of money you need to start such a business depends on the type of social facility you are going to provide to the people. For example, if you want to teach street children, there is almost no investment.

However, if you want to make a shelter home for them, so you can give them better food and education facilities, it will cost very much, and you must have a lot of money.

The owner does not get any financial benefits in such a business; however, as the name of its organization grows, different institutes give a large number of funds. It becomes easy for the social entrepreneur to manage things.

6. Innovative Entrepreneur

A person whose aim is not to earn money but is also very passionate about bringing new things that can make the lifestyle of humans better is known as an innovative entrepreneur.

They always discuss different ideas with their teammates and think about how they can better use the technology, how natural resources can be saved

You must have seen that solar panels are now manufactured on a large scale to use solar energy to the fullest. Similarly, entrepreneurs are investing a large amount of money to see if there is any planet where life is possible.

7. Hustler Entrepreneur

People who do not have enough capital but start from a small business and work hard to make it a large company are known as hustler entrepreneurs.

Such persons are very hardworking, strong, and brave. They do not have fear of anything, and they are always ready to face difficult situations. Moreover, they work day in and day out.

Their complex works help them grow the business, and one day, they are counted as prominent business entrepreneurs. Thus, it is not necessary only a wealthy man can be a well-known company entrepreneur.

Any ordinary but hard-working, courageous man having an ambitious and innovative mindset be a prominent businessman.

8. Imitator Entrepreneur

A person who uses other people’s ideas as essential then tries to make them better is known as an imitator entrepreneur.

Such people are brilliant as they do not work hard, but they learn from others’ mistakes and run their business successfully without specific innovations.

So if you want to stand somewhere between hustle and innovator, be a hustler, and you will not have to invest a significant amount of time. Moreover, there are almost no chances of loss in such businesses.

9. Buyer Entrepreneur

A person who buys a pre-established business is known as a buyer entrepreneur.

For buying a business, you must have a large amount of money. Once you buy a business, you can change the management or company’s working structure.

Similarly, you can introduce new strategies for the betterment of weak areas of business.

Such businesses are not risky because you bought successfully and established businesses and do not even have to work very hard. But if you do not have leadership qualities, you will lose the company soon.

10. Researcher Entrepreneur

A person who researches a lot before investing money in any business is known as a researcher entrepreneur.

Such people are not hasty, but they work with proper planning and spend a lot of time researching the product they will launch and making sure they will benefit from it.

Similarly, they take sessions and research everything about a business owner and try their best to know all qualities of a successful businessman. So you have got the answer of what are the 10 types of entrepreneurs

Final Words

A person is counted in a particular category of entrepreneurship based on the approach he uses for business. For example, if a person thinks about innovative business ideas, he is an innovative entrepreneur.

Similarly, if you are doing business on a small scale, you are a small business entrepreneur. All types of businessmen are working best and have their unique qualities.

Thus, by understanding what are the 10 types of entrepreneurs, you can assess your skills and find out what kind of business you will start.

The post What are the 10 Types of Entrepreneurs?- Complete Guide 2021 appeared first on CFAJournal.

from Finance – CFAJournal https://ift.tt/3BiEPzL