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.
- 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.
- 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.
- 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.
- 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.
