Innovator entrepreneur who continuous to make some new changes or creations in his business, like production of a new commodity, new technologies of production, new machinery, and equipment, the new raw material for searching of new resources of semi-finished commodities, new management system, new organizational setup new markets, etc.
Innovating entrepreneurs bring about Revolution or improve the methods of production by executing new inventions.
An innovating entrepreneur is a person who searches new products, new raw materials, new markets and adopts new changes and improvements in the new ventures.
The entrepreneur is a promoter and innovator both. He is the agent of changes in society.
Roles of Entrepreneur as Innovator
The entrepreneur is an agent of economic growth.
The role of the entrepreneur as an innovator is highly important in simulating economic stability, industrial awakening and social innovations.
A brief description of the role of the entrepreneur as the innovator is as follows:
1. To Create Novelty in Society
The basic function of the entrepreneur is to create something new.
He develops new products, brings out product diversifications, carries out of business technical innovations by Research and studies.
As a result, Industrial Development takes place.
2. Production of Commodities and Services
Since the entrepreneur is an innovator also, he is not only carrying out new inventions in his business activities but also makes the production of the products and services according to the needs of society.
He perceives changes in economic and social life and takes initiations required in the changed atmosphere, by perceiving various economic, social circumstances.
As a result, the wheel of economic progress goes on moving consistently.
3. To Use National Resources for Productive Activities
As an innovator, the entrepreneur has an important contribution to the economic progress of the nation by the establishment of new industries and the generation of employment and use of national resources for productive activities to satisfy social and economic needs of the country.
4. Establishment of Successful Units
The innovating entrepreneurs symbolize and creative awakening.
They believe to go ahead on the new path, rather than move on the absolute path.
Hence, they provide vitality to their business units.
As a result, they run their business in a successful manner.
5. Organizing and Coordinating the Resources of Production
As an innovator, the entrepreneur organizes and coordinates the resources of production, to maximize output, at the minimum cost.
6. Base of Industrial Development
The innovating entrepreneurs have the readership quality to develop the resources of the enterprise, human capabilities, and generation of new ideas.
New ideas emerge due to creativity but due to lack of leadership abilities, these do not become the base of industrial progress.
The entrepreneur can build up the enterprising organization only by leadership, administrative capacities, and creativity.
7. Expansion of Organizations
The entrepreneurs Incur substantial expenditure on research and studies to encourage innovations.
As a result, scientific and business ideas are encouraged among people and their technical know-how is upgraded.
Innovations emerge as a result of such research activities and creative ideas.
8. Accomplishment of Business Activities
In a small business, the liability, innovations, and risks of a single person.
But large scale business at National and International levels total risks born by a group of persons, not by any individual.
Hence, business activities are accomplished by the group of persons, by organizing in the form of establishment of companies, partnership firms are co-operative societies, etc.
9. Consumption of New Products and Services to Society
The entrepreneur is the creator and the innovator, so he introduces the new products, new ideas, new markets and new production techniques to the society and living standard is raised, but also execute the research and development activities, for that.
As the outcome of all these, society gets the opportunity to consume a series of new commodities and services and consequently, the standards of living of the society rise substantially.
10. Economic Prosperity of the Nation
Innovative entrepreneurs start new enterprises to go ahead by removing the hurdles and disturbances arising in their ventures.
Besides, they also accept the challenges and as well as improve their own performance by introducing innovations.
They also contribute to the overall prosperity of the nation.
The innovator entrepreneur has significant importance in the industrial progress of the nation.
11. To Make the Economic System Highly Dynamic
The innovator entrepreneurs make the economic system of the country highly dynamic since they use new raw materials, new techniques, and machinery in production.
They provide new products and services, adopt new internal and external Strategies and also used new distribution strategies.
So, the economic system becomes dynamic.
12. Existence of Business
In the modern business world, innovator entrepreneurs are making new experiment and improvements in production techniques, machinery, equipment, technology, finance, and Technical inputs.
As a result, not only various complexities have emerged in the business, but it has also become essential that the firm continues to maintain the capacity to compete.
The existence of the modern business is impossible without attaining entrepreneurial abilities, in this age of fast changes and innovations.
13. Dynamic Leadership to the Business
A good entrepreneur possesses two main qualities. The capacity to bear risks and to sponsor new units.
But, in the modern age, the innovator entrepreneurs link the business with society and the environment.
So, the business gets the dynamic leadership of entrepreneurs.
14. Catalyst Elements
Wealth in the society is generated by the entrepreneurs and poverty gets reduced.
Besides, the optimum utilization of resources and development of the self-sufficient society also becomes possible.
15. Social Responsibility and Satisfaction
The entrepreneur as an innovator may perform social obligations and may provide satisfaction to the society by creating new values, activities, and utilities also.
Types of Entrepreneurs as Innovators
Following are the different types of entrepreneurs as innovators:
1. Initiator Innovators
Initiator innovators are those entrepreneurs who themselves do not perceive the innovations, but he enters the process of expansion of new innovations and participates in the diffusion process of development of the use of the innovations.
2. Prime Mover Innovators
Prime mover innovators are those entrepreneurs who create something new with some differences, like the production of new products, new methods of production, and new machinery and implements, new raw materials and search of the new market, etc.
Such entrepreneurs engaged constantly to search for new improvements in their business. They are creators of new values.
3. Minor Innovators
Such entrepreneurs who slightly act as innovators do not take innovations at a large scale but ensure the best use of the resources of the society to uplift the society.
4. Satellite Innovators
Satellite innovators are such entrepreneurs who act as the supplier or the intermediary, but gradually start the business or the subsidiary industries independently.
5. Local Trading Innovators
The local trading innovator is the person who keeps his business activities (Trade, commerce, industries, and direct Services) Limited to a particular area. He has no courage to move to another place.