ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Classical entrepreneur is one who starts his own venture as a family business. They are called life timers. They engage in business as a matter of routine. Their prior exposure to business environment impels them to commence venture of their own.

Detailed explanation-2: -Classic entrepreneurs are risk-takers who start their own companies based on innovative ideas. Some classic entrepreneurs are micropreneurs who start small and plan to stay small. They often start businesses just for personal satisfaction and the lifestyle.

Detailed explanation-3: -Classical theories of entrepreneurship majorly focused on the virtues of free trade, competition and specialization. These theories defined the role of an entrepreneur in terms of the production and distribution of goods in a competitive marketplace (Tiryaki, 2013).

Detailed explanation-4: -But what is the difference between the two? Both start a business from an idea. While a typical entrepreneur may opt to stay to run their venture, a serial entrepreneur may pass on the reigns of managing the business to someone else and moves towards starting another one.

Detailed explanation-5: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)