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Classification of Entrepreneurs According to the Type of Business

Before you know the classification of entrepreneur, you need to know what is entrepreneur or entrepreneurship? The person who takes the initiative is called the entrepreneur. It can be further stated that a person who takes initiative in the formation of a business or industrial establishment is called an entrepreneur/business entrepreneur.

Let us now know about the Classification of Entrepreneurs or Types of Entrepreneurs.

How Many Types of Entrepreneurs

Entrepreneurs are generally divided into 3 groups.

Such as,

(A) Features, qualities, and skills

(B) Ownership Entrepreneurs

(C) According to the type of business

Again, entrepreneurs can be divided into 5 groups according to their characteristics, qualities, and skills.

Such as,

(A) Livelihood Entrepreneur

(B) Self-employed entrepreneurs

(C) Small Business Entrepreneur

(D) Social Entrepreneur

(E) Industrial Establishment Entrepreneur

Again, proprietary entrepreneurs can be divided into two groups.

Such as,

(A) Public and private entrepreneurs

(B) Case & Mass Enterpreneurship

Again, entrepreneurs can be divided into 3 groups according to the type of business.

Such as,

(A) Industrial entrepreneurs

(B) Commercial Entrepreneurs

(C) Service Entrepreneur

Take a look at the image below to easily understand the Classification of entrepreneurs.

Classification of Entrepreneurs According to the Type of Business

Let’s discuss in detail each of the Classifications of entrepreneurs or types of entrepreneurs.

Classification of Entrepreneurs

The descriptions of different types of entrepreneurs are as follows:

Entrepreneur classification on the basis of characteristics, qualities and skills:

(A) Livelihood Entrepreneur: When a person earns a living by polishing shoes or selling fruits on the pavement without finding any work, he is called a livelihood entrepreneur. In fact, those who earn money by doing such work cannot be called industrialists.

(B) Self-employment Entrepreneur: In such activities, the entrepreneur only employs himself. In this case, the scope of business is very small. For example- giving shops to sell betel cigarettes.

(C) Small Business Entrepreneurs: Not all small entrepreneurs can be called entrepreneurs unless they are able to expand their business through new schemes. An entrepreneur is someone who is able to grow a small business in a planned way through new ideas and creativity.

(D) Social Entrepreneurs: Entrepreneurs who manage an organization properly for social development due to their qualities and characteristics are called social entrepreneurs. For example, the founder of BRAC Mr. Fazle Hossain Abed, and the founder of Grameen Bank. Yunus’s name may be mentioned.

(E) Industrial Establishment Entrepreneur: Such an entrepreneur is able to undertake all the activities for the establishment of industrial establishment through project feasibility study, feasibility study, plan adoption, preparation and organization as per plan, project implementation, and above all evaluation. For example, Major General (Retd) Amjad Hossain Chowdhury, the creator of ‘Pran’ content, and Geeti Ara Chowdhury, the chairman of Dhaka Club, a prominent businessman and successful entrepreneur can be mentioned.

Types of proprietary entrepreneurship

(A) Public and private enterprises: Entrepreneurs can be divided into public and private enterprises on the basis of ownership. Although the industry is usually a private activity, government initiatives aimed at the overall development of economies in developing countries have also gained momentum. In countries where there is a shortage of foreign capital and a shortage of entrepreneurs at the individual level, the participation of the state in industrialization has increased with infrastructural facilities.

For example, in Bangladesh, sector corporations and a number of other government institutions are playing an important role in economic development by setting up industries along with private enterprises.

(B) Case & Mass Entrepreneur: Industries can be further divided into Case and Mass-scale industries. The development of a family-based business or industrial enterprise under the overall patronage of the government can be termed a single industrial enterprise.

Thus the creation of fortunate industrial rich families through government policy has led to social and political instability in a backward economy. The need for mass-based industrialization is greatest in countries where productivity and employment opportunities are involved across a large part of development. Such massive industrialization strategies can accelerate economic development by creating employment opportunities for the unemployed and semi-unemployed through the use of existing resources of the country. In the context of the obvious unemployment problem in Bangladesh, a massive industrial enterprise is needed.

Read more >>> Features and Attributes of a Successful Entrepreneur

Entrepreneur classification according to the type of business

(A) industrial Entrepreneurs: Entrepreneurs who form and run businesses or industrial enterprises for the purpose of making human use useful through the transformation of state resources are called industrial Entrepreneurs. These entrepreneurs play an important role in the formation of large-scale business and economic development in the country.

(B) Commercial Entrepreneur: Such an entrepreneur acts as a representative of the distribution system of the products produced by the industry. They buy goods in bulk from the producers and sell them to the consumers. Retail or wholesale traders are included in this category of entrepreneurs.

(C) Service Entrepreneurs: Entrepreneurs who set up businesses for the purpose of creating and distributing services for the benefit of the people and for the purpose of earning money are called service delivery entrepreneurs. Entrepreneurs serving banks, transport companies, advertising agencies, etc.

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