Developing countries need imitative entrepreneurs than innovative entrepreneurs –
Entrepreneur refers to a person who set up his own business with a new idea or concept. S/he is a person who creates something new and assumes the risks and rewards associated with that innovation.
Before going to discuss, about the above-mentioned topic, it seems pertinent to discuss imitative and innovative entrepreneur.
An innovating entrepreneur is one who introduces new goods, inaugurates new method of production, discovers new market and reorganizes the enterprise. On the other hand, imitative entrepreneurs do not innovate anything. They only imitate the successful innovations inaugurated by innovating entrepreneurs.
An innovating entrepreneur is one who introduces new goods, inaugurates a new method of production to produce a new product. An innovator has to maintain more cost than imitative entrepreneurs. But the developing countries cannot 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.
Imitative entrepreneurs are particularly suitable for the under-developed regions for bringing a mushroom drive of imitation of new combinations of factors of production already available in developed regions.
It is very difficult to make a new method of production for 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. In a developing country, the people do not take a chance in using the new product for what the innovators do not take a chance of inventing new products.
Innovation is the driving force in development; without innovative entrepreneurs, we would not have most of the tools and services, but Developing countries need imitative entrepreneurs because of implementation perfectly.
