Innovative, Imitative, Fabian and Drone Entrepreneurs

Entrepreneurship is not a one-size-fits-all concept. Different entrepreneurs have distinct approaches to innovation, risk-taking, and adaptability. Based on their mindset and response to change, entrepreneurs can be classified into: Innovative, Imitative, Fabian and Drone Entrepreneurs.

1. Innovative Entrepreneur : An Innovative Entrepreneur is a visionary who takes risks, introduces new products or services, and revolutionizes industries. These entrepreneurs drive change, create innovative business models, and lead market transformations. Example: Jeff Bezos (Amazon): Transformed e-commerce and cloud computing.
2. Imitative Entrepreneur : An Imitative Entrepreneur does not create new innovations but adopts and modifies existing business ideas. These entrepreneurs replicate successful models and make improvements to fit their target market. Example: Chinese smartphone brands like Xiaomi, which initially imitated Apple’s designs but later innovated in pricing and features to dominate markets.
3. Fabian Entrepreneur : A Fabian Entrepreneur is extremely cautious and skeptical about adopting new technology or business models. They delay making changes and only act when it becomes absolutely necessary, often when competitors have already taken over the market. Example: Kodak: The company invented the digital camera in 1975 but hesitated to commercialize it, fearing it would hurt its film business. By the time Kodak fully embraced digital photography, it had already lost to competitors.
4. Drone Entrepreneur : A Drone Entrepreneur is someone who refuses to adapt to changes or innovations in their industry, even when market trends demand it. These entrepreneurs stick to traditional ways of doing business and resist transformation, often leading to failure. Example : A local bookstore that refuses to sell books online and loses customers to e-commerce giants like Amazon.

Conclusion

Each type of entrepreneur has a unique impact on business and industry growth. While Drone Entrepreneurs struggle due to their rigid approach, Fabian Entrepreneurs survive only by adopting change late. On the other hand, Imitative Entrepreneurs help expand existing business models, and Initiative Entrepreneurs are the true game-changers who redefine industries.

An Entrepreneur

1. Types of Entrepreneur
2. Competencies of an Entrepreneur
3. Entrepreneurial Values, Attitudes and Motivation
   1. Values
   2. Attitudes
4. Intrapreneur
   1. Meaning of an Intrapreneur
   2. Need for Intrapreneurship
5. Ethical Entrepreneurship
   1. Meaning of Ethical Entrepreneurship
   2. Benefits of being Ethical
   3. Examples

Types of Entrepreneur

C. Danhof has broadly classified entrepreneurs in four types:

1. Innovative Entrapreneur - Innovative entrepreneurs are individuals who have the capability of creating and bringing something new to the market. They introduce new products or services, new methods of production, and discover new markets. They are aggressive in their approach, risk-taking, resourceful, and possess problem-solving skills.
2. Imitative Entrapreneur - Imitative entrepreneurs are individuals who base their business ventures on existing ideas, products, or models that have already been proven successful in the market. Rather than introducing entirely new concepts, they replicate or imitate established business practices or products with slight modifications or adaptations.
3. Fabian Entrapreneur - Fabian entrepreneurs are timid and cautious. They may be more risk-averse compared to entrepreneurs who embrace a more aggressive growth mindset. They imitate only when they are sure that failure to do so would result in a loss.
4. Drone Entrapreneur - Drone entrepreneurs are those entrepreneurs who are conservative in their outlook and refuse to use opportunities that come their way. They do not want to make changes to their methods even when they are suffering losses. They stick to their existing modes of business and like a change.

Competencies of an Entrepreneur

"Entrepreneurship is living a few years of your life like most people won't, so that you can spend the rest of your life like most people can't." - Anonymous

1. Initiative
2. Innovation
3. Risk Taking
4. Problem Solving
5. Persistence
6. Quality Performance
7. Persuasion
8. Systematic Planning
9. Information Seeking
10. Leadership
11. Enterprise Launching Competencies
12. Enterprise Management Competencies

Entrepreneurial Values, Attitudes and Motivation

Values

Core Values

1. Innovation
2. Independence
3. Respect for work
4. Quest for excellence

Attitudes

Attitude refers to the way a person feels about something - a person, a place, a product, a situation or an idea.

Features of Attitudes

1. Affects behaviour
2. Attitudes are acquired
3. It is invisible
4. Attitudes are pervasive

Intrapreneur

Meaning of an Intrapreneur

An intrapreneur is an individual within a larger organization who uses entrepreneurial skills without incurring the risks associated with those activities.

Unlike entrepreneurs who start their own businesses, intrapreneurs work within existing companies to drive innovation, implement new ideas, and create positive change. They possess an entrepreneurial mindset and are often empowered by their organization to take risks, explore new opportunities, and challenge the status quo.

Need for Intrapreneurship

Intrapreneurs can play a vital role in driving innovation, fostering growth, and keeping organizations competitive in a rapidly changing business environment. Intrapreneurs are typically proactive, creative, and resourceful individuals who identify and pursue untapped market potentials, develop new products or services, streamline processes, or propose innovative strategies.

Ethical Entrepreneurship

Meaning of Ethical Entrepreneurship

Ethical entrepreneurship refers to conducting business activities in a manner that aligns with moral principles and values.

Ethical entrepreneurs treat all stakeholders fairly and with respect.

Benefits of being Ethical

• good reputation
• customer loyalty
• long term growth
• increased profits
• employee motivation
• reduced risks of regulatory issues

Examples

• providing quality products to the customers
• paying fair wages to the workers
• using environmental friendly techniques of production
• not indulging in practices such as child labour, corruption etc

An Entrepreneur

Types of an Entrepreneur

An entrepreneur can be of different types based on his mindset and responsiveness to change. C. Danhof has broadly classified entrepreneurs in four types:

• Innovative Entrapreneur - Innovative entrepreneurs are individuals who have the capability of creating and bringing something new to the market. They introduce new products or services, new methods of production, and discover new markets. They are aggressive in their approach, risk-taking, resourceful, and possess problem-solving skills.
• Imitative Entrapreneur - Imitative entrepreneurs are individuals who base their business ventures on existing ideas, products, or models that have already been proven successful in the market. Rather than introducing entirely new concepts, they replicate or imitate established business practices or products with slight modifications or adaptations.
• Fabian Entrapreneur - Fabian entrepreneurs are timid and cautious. They may be more risk-averse compared to entrepreneurs who embrace a more aggressive growth mindset. They imitate only when they are sure that failure to do so would result in a loss.
• Drone Entrapreneur - Drone entrepreneurs are those entrepreneurs who are conservative in their outlook and refuse to use opportunities that come their way. They do not want to make changes to their methods even when they are suffering losses. They stick to their existing modes of business and like a change.

Competencies of an Entrepreneur

\"Entrepreneurship is living a few years of your life like most people won\'t, so that you can spend the rest of your life like most people can\'t.\" - Anonymous

• Initiative
• Innovation
• Risk Taking
• Problem Solving
• Persistence
• Quality Performance
• Persuasion
• Systematic Planning
• Information Seeking
• Leadership
• Enterprise Launching Competencies
• Enterprise Management Competencies

Entrepreneurial Values, Attitudes and Motivation

Values

Core Values

• Innovation
• Independence
• Respect for work
• Quest for excellence

Attitudes

Attitude refers to the way a person feels about something - a person, a place, a product, a situation or an idea.

Features of Attitudes

• Affects behaviour
• Attitudes are acquired
• It is invisible
• Attitudes are pervasive

Intrapreneur

Meaning of an Intrapreneur

An intrapreneur is an individual within a larger organization who uses entrepreneurial skills without incurring the risks associated with those activities.

Unlike entrepreneurs who start their own businesses, intrapreneurs work within existing companies to drive innovation, implement new ideas, and create positive change. They possess an entrepreneurial mindset and are often empowered by their organization to take risks, explore new opportunities, and challenge the status quo.

Click to understand the difference between an intrapreneur and an extrapreneur.

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Need for Intrapreneurship

Intrapreneurs can play a vital role in driving innovation, fostering growth, and keeping organizations competitive in a rapidly changing business environment. Intrapreneurs are typically proactive, creative, and resourceful individuals who identify and pursue untapped market potentials, develop new products or services, streamline processes, or propose innovative strategies.

Ethical Entrepreneurship

Meaning of Ethical Entrepreneurship

Ethical entrepreneurship refers to conducting business activities in a manner that aligns with moral principles and values.

Ethical entrepreneurs treat all stakeholders fairly and with respect.

Benefits of being Ethical

• good reputation
• customer loyalty
• long term growth
• increased profits
• employee motivation
• reduced risks of regulatory issues

Examples

• providing quality products to the customers
• paying fair wages to the workers
• using environmental friendly techniques of production
• not indulging in practices such as child labour, corruption etc