Q.Explain the different types of entrepreneurs on the basis of Danhof's classification (attitude to innovation).

One well-known way of classifying entrepreneurs is by their attitude towards innovation and change.

Clarence Danhof classified entrepreneurs according to their attitude towards innovation and change:

1. Innovative entrepreneurs — introduce new products, methods, markets or forms of organisation. They are aggressive and experiment-minded, and are usually found in developed economies. Their pioneering spirit drives major economic change.
2. Imitative (adoptive) entrepreneurs — do not innovate themselves but copy or adopt successful innovations of others. They are important in developing economies, spreading proven ideas at lower cost and risk.
3. Fabian entrepreneurs — cautious, shy and traditional; they change only when it is clear that not changing would harm the business, and imitate only when failure to do so would be fatal. …

Mixing up fabian and drone entrepreneurs. Fabian entrepreneurs will change reluctantly when survival demands it; drone entrepreneurs refuse to cha …