Unit 3 Preview and Introduction
Preview
This unit will cover the following topics:
- Types of Entrepreneurs Based on Motivations
- Types of Entrepreneurs Based on Characteristics
- Types of Entrepreneurs Based on Circumstances
Introduction
The term “entrepreneur” is not one that is consistently defined. However, for our purposes, an entrepreneur is one who starts, or would like to start, a new business. Some entrepreneurs will have a novel idea and start a business based on that idea. Some will buy an existing business. Others will start a business that is not novel but adds economic or social value to one’s community. Some will hire employees and some will be on their own.
Entrepreneurs have differing motivations as well. Some want to create a company that will serve a societal or environmental goal. Some are motivated to start a for-profit entity. Some will create a mix of both. Sometimes the business changes course throughout its lifespan.
We will explore some “types” of entrepreneurs in this Unit with a goal of understanding terminology and throughout the semester to see how different types of entrepreneurs have different legal needs.