1. DEMONSTRATE UNDERSTANDING OF WHO AN ENTREPRENEUR IS

1.2. 1.2. Identify types of entrepreneurs as per the principles of entrepreneurship

1.1           Types of entrepreneurs

a)      Innovator: They come up with completely new ideas and turn them into viable business ideas.

b)     Imitators: They are the types who copy certain business ideas and improve upon them.

c)      Small scale entrepreneur: It is a type of entrepreneur that involves small business ventures. They lack the scale to attract venture capital but are funded by family and friends. Examples are; groceries, Consultants, carpenters and hairdressers.

 

d)     Scalable start-up entrepreneur: Entrepreneurs start their company believing that their vision can change the world. Their funding comes from venture capital and they hire the best employees. Finding a scalable and repeatable business is the ultimate goal of the business. Examples are; Facebook, online shops, Instagram etc.

e)      Large company entrepreneurship: through sustaining innovation, offering new products in order to meet with changing customers’ needs and advanced technology. Often companies do this by partnering with or buying innovative companies. Examples are; Microsoft, Samsung, Google, etc.

f)       Social entrepreneur: It is where an entrepreneur creates product and services to solve social need and problems. This can be non- profit, profit or hybrid. E.g. safe point trust by Marc koska which works to redesign medical tools and introduce inexpensive non-reusable syringes for underfunded clinics the world.