Types of entrepreneurs

Classification of entrepreneurs

Opportunist
entrepreneurs

All
entrepreneurs Growth
oriented

Craft
entrepreneurs

Income
oriented
 Classification of entrepreneurs
(Continued)

Nascent

Novice
All
entrepreneurs
Serial

Portfolio
 Classification of entrepreneurs
(Continued)

Organic

Growth
strategy

Acquisition
 Entrepreneurs, risk and innovation

High ‘Dreamers’ ‘True’

entrepreneurs

Innovation
Low Incrementals Foolhardy

Low High
Risk accepted
Entrepreneurship v small business:
* Innovation
* Strategic Objectives
* Growth Potential
Difference between entrepreneurship
and small business

Growth potential

Entrepreneurial
venture

Small
business

Innovation

Strategic objectives
 Entrepreneurial business

Innovation:
An entrepreneurial business offers a
combination of:

* fundamentally new type of

product or service

* offering customers a new benefit

* delivered in a new way

* promoted in a new way

 Entrepreneurial business (Continued)

Strategic objectives:
The entrepreneurial business sets
Long-term objectives in terms of:

* financial performance

* growth

* market presence

* competitive position
 Entrepreneurial business (Continued)

Growth potential:

An entrepreneurial business may

start as a small business but it has the
potential to become a large business making
a significant impact in its market.
The entrepreneurial
personality
The problem:

Is entrepreneurial inclination / motivation /

success a result of some specific
personality factor?
That entrepreneurs have (or are of) a
specific personality (type) is widely
held.
 Environmental Pragmatics
(external)
factors
Entrepreneurial
Interaction behaviour and
performance
Inherent
(internal)
factors

Personality

Instrumentalisation Instrumentalisation
of personality of entrepreneurship
 Perspectives on personality

* Evolutionary

* Learning

* Cognitive

* Attributional
 Descriptive theories

Entrepreneur

Personality Performance

Correlation

The theory accounts for the correlation

between personality and performance.
 Normative theories

Entrepreneur

Personality Performance

The theory suggests that entrepreneurs with a

particular personality will perform in a
particular way.
 Prescriptive theories

Entrepreneur

Personality Performance

The theory suggests that entrepreneurs

seeking a particular performance should
adopt a particular personality style.