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Ð Ðbusiness Strategy: It is very important to have a good business strategy to launch and maintain the business.
Additionally, it is one of the essential skills that an entrepreneur must possess. Most of the time, the sheer success
of a business depends simply on a good business strategy.
Ð ÐHard work: There is a saying that there is no substitute for hard work. It is not easy to maintain a new business, as
it involves many unseen risks. It requires hard work and patience to solve those problems at the very beginning. If
an individual is unwilling to quit and is willing to continue to do the hard work, that will be the key to their success.
Ð ÐDecision-making ability: It is the core skill of an entrepreneur. As we’ve discussed, an entrepreneur must take a
lot of risks and put in a lot of effort at the start of their entrepreneurial journey; therefore, decision-making ability
is crucial. Taking timely and accurate decisions can make a business succeed or fail. If an entrepreneur does not
possess this ability, he may lose many opportunities and incur losses.
4.2 TyPES of ENTREPRENEURS
Entrepreneurs are classified into the following categories based on the ideas they generate and the many methods they
use to turn them into profitable businesses:
4.2.1 Service Entrepreneurs
These entrepreneurs provide services that are intangible. They recognise an idea and convert it into a business. They
spot those services in the market that are not available but are in high demand and address an essential issue for the
client. Different types of service entrepreneurs are child care, per-sitting services, academic tutoring, virtual assistant,
house cleaning services, etc.
4.2.2 business Entrepreneurs
They are the people who manage business and trading activities and do not deal with manufacturing work. They have
to be proactive, analyse and identify the potential of the product in the market. Sometimes the demand for a particular
product in the foreign market may be high, so they have to stimulate the demand for it in the local market as well.
4.2.3 industrial Entrepreneurs
They are the ones who are mostly in charge of producing products that are valuable to the consumer and meet their
specific requirements. Such entrepreneurs are mostly product-oriented, and they begin by establishing an industrial
unit like a textile unit, machine unit, manufacturing unit, etc.
4.2.4 Agricultural Entrepreneurs
“Agripreneurs” is another term for agricultural entrepreneurs. They are those who create businesses based on
agriculture by utilising new and advanced technologies to increase yields.
4.2.5 technical Entrepreneurs
These are people who use their technical knowledge to develop and deliver solutions to industries. Technical
entrepreneurs use their technical expertise to make the services of the industry as smooth and efficient as possible.
4.2.6 Edupreneurs
These are individuals who create immense value for education in society by reintroducing education in a unique
way. They are mostly mission-oriented. They are the ones who set out to establish new educational institutions and
organisations that can give education to students in a more innovative way.
4.2.7 non-technical Entrepreneurs
A non-technical entrepreneur is a person whose sole aim of launching a particular business is purely business-driven.
They don’t need any technical expertise to set up their business.
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