Advantages of imitative over innovative entrepreneur
Answers
Answer:
Explanation:
“Developing countries need imitative entrepreneurs rather than innovative entrepreneurs.” Do you agree? Give reason.
Clarence Danhof in his statement on the classification of entrepreneurs said that the under-developed countries and developing countries possess imitative entrepreneurs rather than the innovative entrepreneurs. Not only Danhof but also I do think that the innovating entrepreneurs are not perfect for the economic condition of an under-developed or developing country. The reasons behind my belief are briefly gleaned:-
Cost: An innovating entrepreneur is one who introduces new goods, inaugurates new method of production to produce a new product. An innovator has to maintain more cost than imitative entrepreneurs. But the developing countries can not afford to bear this cost. On the other hand, an imitative entrepreneur follows the innovator entrepreneurs. They copy the product that has been innovated before. Since innovative entrepreneurs need to expense a lot of money that imitative entrepreneurs. So developing countries need imitative entrepreneurs.
Technology: From the technology the developed countries are better than the developing countries in case of technology. An innovative entrepreneur uses the modern technology. But developing countries can not use digital technology. So in the developing countries need imitative entrepreneurs.
Discovery of Market: Discovery of market is easy for the developed countries. So the developed countries can expect innovative entrepreneurs. On the other hand, in the developing countries it is difficult to spread the market of product. So developing countries need imitative entrepreneurs.
New method of production: It is very difficult to make a new method of production for the developing countries. As innovative entrepreneurs adopt new methods of production. So developing countries need to choose the imitative ones to reduce the risk of loss.
Reorganizing: An innovating entrepreneur reorganizes the enterprise. But the enterprises in the developing countries like Bangladesh can not be re-formatted. So the imitative entrepreneurs are most suitable for the developing countries.
Challenge: An innovating entrepreneur can take challenge. But the developing countries can not let the public in the face of the Black hole. That is why the imitative entrepreneurs are suitable for the developing countries.
Intention: In the developing countries like Bangladesh the people are less educated for what they are not intentionally keen to engage in the entrepreneurial activities.
Less initiative: There is a lack of opportunities in the developing countries for what the individuals do not come forward to take initiative to form an enterprise.
Risk: In a developing country the people do not take a chance in using the new product for what the innovators do not take chance of inventing new products.
Imitation: In a developing country like ours the people do not possess any knowledge on the latest technology for what they take the path of imitation. They bring out the products that are being sold worldwide.
Answer :
Imitative entrepreneurship involves replicating a successful business idea. Its advantages include lower risk, established market, reduced startup costs, and easier access to financing.
Explanation :
Imitative entrepreneurship involves replicating an existing successful business idea or model, while innovative entrepreneurship involves creating a new business idea or model that is unique and original. While both types of entrepreneurship have their advantages, imitative entrepreneurship can offer several benefits, such as:
- Lower risk: Since the business idea has already been proven to be successful, imitative entrepreneurs face lower risks than innovative entrepreneurs.
- Established market: The market for the product or service is already established, and imitative entrepreneurs can enter it with an existing demand.
- Reduced startup costs: Imitative entrepreneurs can benefit from the experience and knowledge of the original business and its successes and failures, which can help them reduce their startup costs.
- Easier access to financing: Lenders and investors are more likely to support an imitative business because the risk is lower.
Overall, imitative entrepreneurship can be a good strategy for individuals who are risk-averse and want to enter an established market with a proven business model.
In conclusion, it's important to note that imitative entrepreneurship may not always result in long-term success as competition increases and the market evolves, making innovation and differentiation essential for sustained growth and profitability.
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