Entrepreneurial initiatives may emerge and grow from different sources on the basis of which there may be five types of entrepreneurship. These are:
Different types of entrepreneurship
- Administrative Entrepreneurship: This is in fact the traditional R & D management approach. It is the joint efforts of both the general management and scientific technical personnel to identify areas for R& D and the development of new products, techniques or the improvement of the existing ones.
- Opportunistic Entrepreneurship: Ability to catch at the right time the fruits of the internal as well as external technological developments. Detecting at the very first time the promising innovative achievements and taking opportunity to adopt the same for raising the quality reducing the cost and thus marching ahead of many of the competitors.
- Incubative Entrepreneurship: This is nothing but the ability to initiate and nature new venture developments within the original company with special care. These venture development units are intended as incubators for innovative, high-risk business endeavors and for providing an environment that is supportive of entrepreneurial efforts.
- Imitative Entrepreneurship: In essence, it is innovative imitation and the internalization off externally made technological developments.
- Acquisitive Entrepreneurship: This is one kind of internal management ability to acquire business competitor’s technical capability. Acquisitive entrepreneurs make accelerated growth, diversification through horizontal or vertical integration by gaining access to others’ technological developments.
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