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Q1. Write a note on types of Entrepreneurs as classified by Danhof.
Answer :- Entrepreneurs can be of different types. Some may prefer to go it alone or share the risk in groups withothers. They are found in every economic system and every form of economic activity as well as in other socialand cultural activities. They are seen from amongst farmers, labourers, fishermen, tribals, artisans, artists,importers, exporters, bankers, professionals, politicians, bureaucrats and so many others. Basing on the abovefeatures C. Danhof has broadly classified entrepreneurs into four types. These are discussed below.
1. Innovative Entrepreneur:
In the early phases of economic development, entrepreneurs have initiative to start new ventures and findinnovative ways to start an enterprise. Thus, innovative entrepreneurs are those who introduces new products, newmethod of production techniques, or discovers a new market or a new service or reorganises the enterprise. It is theinnovative entrepreneurs who built the modern capitalism. They are commonly found in developed countries. Theyare aggressive in nature who exhibit cleverness in putting attractive possibilities into practice.
2. Imitative Entrepreneur:
There is a second group of entrepreneurs generally referred as imitative entrepreneurs. They usually copy or adoptsuitable innovations made by innovative entrepreneurs. They are adoptive and more flexible. They are organisersof factors of production rather than creator. The imitative entrepreneurs are also revolutionary and important. They'contribute to the development of underdeveloped economies
3. Fabian Entrepreneurs:
The third type of entrepreneur is Fabian Entrepreneurs. Such type of entrepreneurs are very shy and lazy by nature.They are very cautious people. They do not venture to take risks. They are rigid and fundamental in their approach.Usually, they are second generation entrepreneurs in a family business enterprise. They follow the footsteps of their
Answer :- Entrepreneurs can be of different types. Some may prefer to go it alone or share the risk in groups withothers. They are found in every economic system and every form of economic activity as well as in other socialand cultural activities. They are seen from amongst farmers, labourers, fishermen, tribals, artisans, artists,importers, exporters, bankers, professionals, politicians, bureaucrats and so many others. Basing on the abovefeatures C. Danhof has broadly classified entrepreneurs into four types. These are discussed below.
1. Innovative Entrepreneur:
In the early phases of economic development, entrepreneurs have initiative to start new ventures and findinnovative ways to start an enterprise. Thus, innovative entrepreneurs are those who introduces new products, newmethod of production techniques, or discovers a new market or a new service or reorganises the enterprise. It is theinnovative entrepreneurs who built the modern capitalism. They are commonly found in developed countries. Theyare aggressive in nature who exhibit cleverness in putting attractive possibilities into practice.
2. Imitative Entrepreneur:
There is a second group of entrepreneurs generally referred as imitative entrepreneurs. They usually copy or adoptsuitable innovations made by innovative entrepreneurs. They are adoptive and more flexible. They are organisersof factors of production rather than creator. The imitative entrepreneurs are also revolutionary and important. They'contribute to the development of underdeveloped economies
3. Fabian Entrepreneurs:
The third type of entrepreneur is Fabian Entrepreneurs. Such type of entrepreneurs are very shy and lazy by nature.They are very cautious people. They do not venture to take risks. They are rigid and fundamental in their approach.Usually, they are second generation entrepreneurs in a family business enterprise. They follow the footsteps of their