How do you classify entrepreneurs?

1.	How do you classify entrepreneurs?
Answer» Entrepreneurs are now broadly classified into three groups namely risk bearer, organiser and innovator. (i) 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 uncertain price in future. (ii) Entrepreneur as an organiser: Entrepreneur is one who brings together various factors of production and creates an entity to produce product or service and supervise and coordinates several functions in the process. (iii) Entrepreneur as an innovator: According to Joseph A. Schumpeter in the year 1934 used innovation as a criterion to define an individual as entrepreneui. According to him, entrepreneur is one who Introduces a brand new product in the market. Institutes new technology to produce a new product. Discovers new course of supply of raw materials

Answer»

Entrepreneurs are now broadly classified into three groups namely risk bearer, organiser and innovator.

(i) 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 uncertain price in future.

(ii) Entrepreneur as an organiser: Entrepreneur is one who brings together various factors of production and creates an entity to produce product or service and supervise and coordinates several functions in the process.

(iii) Entrepreneur as an innovator: According to Joseph A. Schumpeter in the year 1934 used innovation as a criterion to define an individual as entrepreneui.

According to him, entrepreneur is one who

Introduces a brand new product in the market.
Institutes new technology to produce a new product.
Discovers new course of supply of raw materials

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