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Question
How do you Classify entrepreneurs?
Solution
Entrepreneurs are now broadly classified into three groups namely risk bearer, organizer, and innovator.
1. Entrepreneur as a risk bearer: Entrepreneurs acts as an agent combining all factors of production to produce a product or service in order to sell at an uncertain price in future.
2. Entrepreneur as an organizer: An entrepreneur is one who brings together various factors of production and creates an entity to produce a product or service and supervises and coordinates several functions in the process.
3. Entrepreneur as an innovator: According to Joseph A. Schumpeter in the year 1934 used innovation as a criterion to define an individual as an entrepreneur. According to him, the entrepreneur is one who
- Introduces a brand new product in the market.
- Institute's new technology to produce a new product.
- Discovers new course of supply of raw materials.
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