Q.Explain the types of entrepreneurs.

Entrepreneurs are commonly classified on the basis of their attitude towards innovation (Danhof's classification) into four types — innovative, imitative (adoptive), fabian and drone. They may also be classified by field of business (business, trading, industrial, agricultural), by scale (small, medium, large) and by gender/ownership (women, private, state entrepreneurs). ## Main classification — by attitude to innovation 1. Innovative entrepreneurs — They introduce new goods, new methods of production, open new markets or reorganise the enterprise. They are creative and aggressive and are found mostly in developed economies. They contribute the most to economic growth. 2. Imitative (adoptive) entrepreneurs — They do not innovate themselves but copy or adopt the successful innovations introduced by innovative entrepreneurs. They are important for developing countries because they help spread new technology quickly. 3. Fabian entrepreneurs — They are cautious, shy and traditional. They change their methods only when it becomes absolutely necessary to avoid loss, and even then they are slow and hesitant. 4. Drone entrepreneurs — They are conservative and refuse to adopt new methods even when doing so causes them losses. They stick to traditional ways and may be pushed out of the market. ## Other bases of classification (brief) - By field of business: business, trading, industrial, corporate and agricultural entrepreneurs. - By scale of operation: small-scale, medium-scale and large-scale entrepreneurs. - By ownership/gender: private, state, joint-sector and women entrepreneurs. The four-fold Danhof classification (innovative, imitative, fabian, drone) is the answer …