Difference between innovative and imitative entrepreneur
Answers
Following is the difference among the two:
Innovative entrepreneur is a person who brings forth all factors of production. Who has the access to finance and creatively utilizes it. His aim is the survival and growth of innovative new ventures, as he/she invests in new ventures to come up with innovative projects, improve their productivity efficiently, finance their growth and meet market demand effectively.
Imitative entrepreneur:
This person brings forth all factors of production together to start off from being cautious. In this he recreates everything to do with business from scratch and or basic initial level.
Its basically a phase in entrepreneurship in which the focus is on whether or not the products or services are some small or great extent different from the competition in market. For instance, t there are customers who are highly attracted to the company’s value proposition compared to its other choices in market.
They may lower startup costs because product development costs are minimal. This is stage of testing the waters before investing in something big. A stage of understanding the customer base.
Answer:
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