There are a number of different classification schemes of entrepreneurs and they include;

1. Opportunistic entrepreneurs;

·       These entrepreneurs start businesses; act as managers and with a view of expanding the business to maximum.

·       They may not have skill to manage the business but have the opportunity to start and direct others.

·       These entrepreneurs see beyond and have abilities to initiate ventures into businesses that will expand and grow.

·       They are innovative i.e. they are able to delegate activities to others, ready and able to scan the environment for more opportunities.

Generally they are growth and independent oriented because they pursue opportunities to maximize the potentials of their ventures and have their main ambition as to work for themselves.

2. Craftsmen;

These exploit and use personal skills to start a business without thinking of its growth or the expansion objectives. Most of the times in this type of entrepreneurs there is no expansion even after a long time. In other words it is not business oriented and skills can take any form like technical or professional.

These entrepreneurs are less concerned with profitability and growth but are more interested in earning a stable living from their specialist skills.

3. Innovative entrepreneurs;

They develop a new product or introduce a new quality of an existing product;

They develop a new way of delivering an existing or new product;

They develop a new way of informing the customers about the product;

They develop a new way of organizing the company;

Adoptive /imitative entrepreneurs;

These entrepreneurs adopt or imitate or copy successful innovations initiated by creative and innovative entrepreneurs and just improve on them and bring them in the same market to compete with them. E.g. the Chinese are imitative entrepreneurs who imitate what Americans are doing and just improve on it to better compete with the same products in the market. (Most common with mobile phones)

Drone entrepreneurs;

These may not be defined because they are not interested in taking any risk. They do not like change and just follow in their predecessors footsteps. Their problem is conservatism which stops them from breaking away from tradition, customs and other norms.