A study

Entrepreneurs can be of different types. Some may prefer to go it alone or share the risk in groups with others. They are found in every economic system and every form of economic activity as well as in other social and cultural activities. They are seen from amongst farmers, labourers, fishermen, tribals, artisans, artists, importers, exporters, bankers, professionals, politicians, bureaucrats and so many others. Basing on the above features C. Danhof has broadly classified entrepreneurs into four types. These are discussed below. 1. Innovative Entrepreneur: In the early phases of economic development, entrepreneurs have initiative to start new ventures and find innovative ways to start an enterprise. Thus, innovative entrepreneurs are those who introduces new products, new method of production techniques, or discovers a new market or a new service or reorganises the enterprise. It is the innovative entrepreneurs who built the modern capitalism. They are commonly found in developed countries. They are aggressive in nature who exhibit cleverness in putting attractive possibilities into practice. 2. Imitative Entrepreneur: There is a second group of entrepreneurs generally referred as imitative entrepreneurs. They usually copy or adopt suitable innovations made by innovative entrepreneurs. They are adoptive and more flexible. They are organisers of factors of production rather than creator. The imitative entrepreneurs are also revolutionary and important. They' contribute to the development of underdeveloped economies. 3. Fabian Entrepreneurs: The third type of entrepreneur is Fabian Entrepreneurs. Such type of entrepreneurs are very shy and lazy by nature. They are very cautious people. They do not venture to take risks. They are rigid and fundamental in their approach. Usually, they are second generation entrepreneurs in a family business enterprise. They follow the footsteps of their successors. They imitate only when they are very clear that failure to do so would result in a loss of the relative position in the enterprise.