Meaning of Imitative Entrepreneur
Imitative entrepreneurs are one who imitate the idea or concept of existing entrepreneur for setting up their own business venture in same manner. These people do not have their own innovative or unique ideas for establishing ventures but copy the process, methods and technology pioneered by some other people. Imitative entrepreneurs immediately copy the newer and distinguish inventions founded by innovative entrepreneurs and are also referred as ‘copy cats’. These entrepreneurs are less risk-taker and does not like to face uncertainty unlike the innovative entrepreneurs. In order to avoid losses generally associated with innovative ideas, imitative entrepreneur looks for already successful product and technology and adopt the same for making profits.
Such entrepreneurs are more prevalent in places having lack of resources or industrial base that hinders the overall process of new innovations. They operate in an environment where they don’t get proper support to develop ideas all on their own. Imitative entrepreneurs are suitable for regions that are backward or on developing stage as by establishment of business ventures, they facilitate the economic development of such areas. These people play an efficient role in transforming the system of poor or backward countries having limited resources by bringing in technology, knowledge and skills available in advanced countries.
Example of Imitative Entrepreneur
Walton BD one of the high-tech private limited companies of Bangladesh was founded by S.M. Nurul Alam Rezvi in year 2006. The company deals in automobiles, electrical and electronics appliances. This company has introduced all of its products in Bangladesh not being the original inventor but brought them from advanced countries where they were quite successful. In today’s time, it is a successful brand making over $500 million revenue yearly operating with around 5000 outlets across Bangladesh.