Technology plays an important role in judging the success of an enterprise. It refers to the technical knowhow which are applied during the cause of operation to achieve organizational success.
The future growth of an enterprise largely depends on new technology in entrepreneurial activities. So, on the basis of use of technology entrepreneurs are broadly classified as:
1. Technical entrepreneur:
A technical entrepreneur develops new and improved quality of goods with his skill, technical knowledge and craftsmanship. He concentrates more on manufacturing of goods. He uses his innovative capabilities in the production of goods.
The skill in production techniques is the greatest strength of a technical entrepreneur to improve the quality of product. They use new and modern methods of production.
2. Non-technical entrepreneur:
These entrepreneurs are not concerned with the technical aspects of the product in which they deal. They are mainly concerned with developing alternative marketing and distribution strategies to promote their business. He is the promoter and seller of new industrial units.
3. Professional entrepreneur:
Professional entrepreneur is an entrepreneur who is interested in setting up of a business but does not have any interest in managing or operating it.
A professional entrepreneur sells out the running business and starts another venture with the sales proceeds. Such an entrepreneur is dynamic and he conceives new ideas to develop alternative projects.