An imitative entrepreneur is a businessperson who imitates a successful technology or trade. This type of entrepreneur is helpful in low-income and developing countries as they help foster enterprise growth. However, these individuals are also cautious about implementing new technologies and trades. Listed below are some traits of an imitative entrepreneur. (Also Read: 5 Ways to Create Passive Income)
Are imitative entrepreneurs creative?
The process of imitation varies with different types of entrepreneurs. Innovating entrepreneurs create new goods and technologies. Imitative entrepreneurs adopt existing products or processes. They seek to identify patterns and use them to improve the product or process. Both types of entrepreneurs use the same resources and tools, but their approaches may differ significantly.
Imitative entrepreneurs lack the creativity and innovative capabilities required to create new products and services. They imitate successful innovations by others. They also lack the high achievement motive and risk-bearing ability needed to create a new product. Innovation, on the other hand, adds value to an existing product or service. Schumpeter’s entrepreneurs were innovative because they added value to a product that was already on the market.
The term “innovation” originates from the Latin word “innova”. The ideas and products of a successful innovator will be copied by other entrepreneurs and firms.
Are they adoptive?
Are they sceptical?
Are they adopting changes?
In contrast, innovative entrepreneurs are those who are aggressive and innovative. These entrepreneurs innovate and use new technologies to solve existing problems. They are not shy or lazy, but are cautious in adopting changes. They are more likely to start a business in a developing nation than in a developed country. They also have little patience for change, as they want to be sure that they are doing the right thing.
What is their modality of learning?
They are able to think of newer, better, and more economical ideas.
In the field of business, innovative entrepreneurs think of new, better, and more economical ideas for their business. They contribute to the economic development of a country. Their work includes inventions such as the Nano by Ratan Tata and mobile phones by Anil Ambani. Imitative entrepreneurs are imitators of innovative entrepreneurs. However, they are not as successful as the original entrepreneurs.
Imitative entrepreneurs imitate or adapt the applicable inventions developed by innovative entrepreneurs. These entrepreneurs establish their businesses in the same manner as the existing entrepreneurs. Instead of innovating, they just duplicate the technologies and processes developed by others. These entrepreneurs face fewer risks and uncertainties than their innovative counterparts. (Also Read: 7 Profitable Skills You Must Have to Earn Money)