Being an entrepreneur is all about smart work! Yeah, hard work is important. You will need to put your heart and soul into your business in order to advance. But smart work is something that will let you survive. It will help you stay afloat. Do you know what is one of the most important smart works you have to do before getting into entrepreneurship? Research and planning! So, if you want to be an innovative entrepreneur, one of the first steps is learning the basics of being an innovative entrepreneur. Following and observing the actions of an innovative entrepreneur will help you put your knowledge into perspective. It will give a strong foundation on which you, yourself, and all the employees depending on you can rely. So, let’s educate ourselves.
Types of entrepreneurship
Before describing what an innovative entrepreneur is, let’s look at where we can find one. That will give a perspective of what an innovative entrepreneur can do to your enterprise, right? There are mainly two type’s entrepreneurship, SME and IDE. SME or Small-Medium Enterprise is a small-sized company that concentrates on the local market. They mostly prefer a smaller area of operation and rarely go for globalization. At the same time, IDE or Innovation-Driven Enterprise is an entrepreneurship that focuses on global markets or supermarkets. They will have a large area of operation and look forward to the expansion. We will find innovative entrepreneurs over here. So now, let’s look at what kind of entrepreneurs they are.
Who are Innovative Entrepreneurs?
We had already discussed about Fabian entrepreneurs in the previous article. In simple terms, an innovative entrepreneur is entirely the opposite of a Fabian entrepreneur. When Fabian entrepreneurs try to steer clear of changes, innovative entrepreneurs attempt to create changes. When the latter has problems adjusting and aligning to technological advancements, the other contributes towards those changes.
Innovation is one of the significant factors which can make or break a business. A company or organization depends on creative and innovative ideas to stay afloat. In today’s world, where we have abundant enterprises, one has to stand out to become successful. In order to do that, companies have to come up with something nuanced and innovative that will attract the audience to it. As a result, innovation is one of the important factors determining whether or not an enterprise can grow and achieve further.
Therefore, one can define an innovative entrepreneur as an individual capable of creating or assimilating innovative products into our market. They establish new business ideas and assist their community in generating a profit and achieving company goals. Moreover, they will keep their enterprise updated and up-to-date with the current trends, making it even more relevant. Even innovative entrepreneurs can be further classified into three categories.
Types of Innovative Entrepreneurs.
Innovative entrepreneurs can be classified into three, namely, Social entrepreneurs, Startup Entrepreneurs and Enterprise Entrepreneurs.
Social Entrepreneur
An entrepreneur who detects social problems and develops long-lasting solutions and effective strategic plan to solve them are called social entrepreneurs. They possess visionary thinking and create solutions, products or services to help people change their lives. Some of the major sectors to which social entrepreneurs contribute are health, education, sanitation etc. As a result, such enterprises can be profitable or non-profitable. The risks social entrepreneur takes on to solve the very pressing issues in our society has the potential to bring forth a positive change in our society.
Startup Entrepreneurs
These entrepreneurs establish enterprises to introduce distinctive products or services into our society. This set of innovative entrepreneurs isn’t like traditional entrepreneurs. They grab any and every opportunity presented to them. Moreover, they offer a very friendly working environment to the employees and help them to gain new skills. Moreover, they promote an innovative mindset in the workplace.
Enterprise Entrepreneurs
Individuals who find new opportunities in the market through their innovative ideas are known as Enterprise entrepreneurs. They usually work for established organizations and help these corporations to survive and thrive in the market. They not only adopt innovative ideas and technologies but also focus on finding new opportunities. It will help the company to gain more profits and thereby build a strong reputation in the market.
Ladies, now you can decide who you want to be. You can identify which kind of entrepreneurship you incline to. Well, despite whichever innovative entrepreneur you choose to become, it will still be way more advantageous than being a Fabian entrepreneur. Oh, haven’t you still found out the kind of entrepreneurship you want to build? Then stick on to find out more about other kinds of entrepreneurs.