Question

Explain about the imitative entrepreneur.

Hint:

Remember: Imitative entrepreneur = Follows + Improves existing ideas.

Answer 1

Concept: Entrepreneurs are classified based on their approach to innovation and business practices.
Step 1: Definition.
An imitative entrepreneur is one who adopts and imitates ideas, technologies, or business models developed by innovative entrepreneurs.
Step 2: Characteristics.

• Follows existing successful models
• Introduces improvements or modifications
• Reduces risk compared to innovators
• Common in developing economies

Step 3: Role.
They help in spreading innovation and ensuring wider adoption of new ideas.
Step 4: Conclusion.
Thus, an imitative entrepreneur plays a key role in economic development by adopting and adapting innovations.