There are various types of business houses like agriculture enterprises, business enterprises, corporate enterprises and trading enterprises. On the basis of different types of business houses, entrepreneurs are classified as follows:
1. Business entrepreneur:
These entrepreneurs conceive the idea of new product or service to create a new enterprise to and marketing resources in their search to develop a new business opportunity.
Image Source: publishyourarticles.net/wp-content/uploads/2011/07/business-model-innovation.jpg
2. Trading entrepreneur:
Trading entrepreneur undertakes the trading activities. He is not concerned with the manufacturing work. These entrepreneurs purchase the finished products from the manufacture and sell to the customers directly or through a retailer.
ADVERTISEMENTS:
He has to identify potential market, stimulate demand for his product line and create a desire among buyers to go in for his product. These types of entrepreneurs act as middlemen between manufacturers and customers. They are the wholesalers, retailers, dealers etc.
3. Industrial entrepreneur:
Industrial entrepreneur is a manufacturer who sets up and industrial unit. He identifies the potential needs of customers and manufactures product accordingly. Industrial entrepreneur is a product oriented man who perceives the opportunity to set up and industrial unit because of the possibility of making some new product.
He has the ability to convert economic resources and technology into a considerably profitable venture. They convert raw material into finished products.
4. Corporate entrepreneur:
Corporate entrepreneur is an individual who shows his innovative skill in organizing and managing a corporate undertaking. He has to plans, develops and manages a corporate body. He is a promoter of the unit. He gets his corporate body registered under the requisite Act.
5. Agricultural entrepreneur:
ADVERTISEMENTS:
Agricultural entrepreneurs conduct agricultural activities such as cultivating and marketing of crops, fertilizers and other inputs of agriculture.
They are motivated to raise the agricultural output through mechanization, irrigation and application of technologies for dry land agriculture. They cover a broad spectrum of the agricultural sector and include agricultural and allied occupations.