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Definition and Types of Entrepreneurs

ArticleID 59  
Writer Grace Odinga
Category Personal Article


Like many business terms the word entrepreneur is derived from a French word meaning ‘one who undertakes’. An entrepreneur is therefore a person who organizes, operated and assumes the risk for any business venture.



This definition highlights the responsibilities of an entrepreneur as follows;

•Seeking an investment and production opportunity

•Organizing

•Hiring labor

•Sourcing raw materials

•Managing the operations of the venture





Types of Entrepreneurs

Entrepreneurs are classified according to their goals and the reasons why they choose to venture into the businesses of choices. There are a bazillion types of entrepreneurs depending on the school of thought but here are three broad types;



Social entrepreneur

This is a person who is inspired by the end result of their venture. They identify business opportunities in a desire to help and improve societal wellbeing rather than make massive profits. The social entrepreneur innovates to solve large problems faced by society. A social entrepreneur might find solutions to poverty, inadequate education among other social issues. They are only satisfied only when they see the positive change brought about by their innovations and unlike other types of entrepreneurs, they are only too happy to share their secrets of success with the world.



Serial entrepreneur

This is the person who has very many business ideas and turns them into business opportunities. They have strong entrepreneurial traits in that they are not afraid to take risks. They are highly innovative and are considered very high achievers. Serial entrepreneurs are the most popular because they confidently trod on ground where others might never dare. They do not look at failure as a setback but as a chance to get up and do better.



Lifestyle Entrepreneur

This type of entrepreneur puts their lifestyle above all else. The reason they venture into business is to improve their status quo and in most cases, they are inspired by their passion. While other entrepreneurs will gladly develop a business and sell it to share holders, a lifestyle entrepreneur will choose a business model that allows them to grow it into a long term income earner.



Definition and Types of Entrepreneurs,Serial entrepreneur,Lifestyle Entrepreneur
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