Question

Explain the 4 types of entrepreneurs and firm growth.

Answer 1

These are the following four type’s entrepreneurs -

1. Traditional entrepreneur- Traditional businesses are those ones that have been around for many years like restaurants, shops, carpenters, hair dressers, mechanics and other companies that help the local community function. These are the business growing through the passing of time and local relationship.
   
2. The growth potential entrepreneur- As this type of growth potential business are working with software development, applications for smart phones and tablets, consulting, communication and marketing, development of medical equipment, business intelligence. The really good ones are scalable and growth of such business depending on expertise, efficiency and intelligence.
   
3. The project oriented entrepreneur- The project oriented businesses are owned by well-educated entrepreneurs and they work with tasks close to their education like translation, design of concepts, exhibitions at museums, they are graphic designers, authors, psychologist, film makers and textile designers. These are the business growing on creativity, innovation and offering extraordinary to targeted customers.
   
4. The life style entrepreneur- The lifestyle entrepreneur does not have an education as a basis for starting the company. The life style entrepreneur might be selling Aloe Vera or slimming products, be a glass artist, children. These are very specific and based on changing trends of customers. Growth of such business is based on customers and community mindset towards their health, beauty and fitness.