The growth of entrepreneurship has experienced different stages of development. At development, an entrepreneur is regarded as an innovator and subsequently they undertook venture in addition to innovation. So, on the basis of stages of development, entrepreneurs are classified as:
1. First-Generation entrepreneur:
A first generation entrepreneur is one who starts industrial unit by means of an innovative skill. He is essentially an innovator, combining different technologies to produce a marketable product or service. He has no entrepreneurial back ground in his family.
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2. Modern entrepreneur:
A modern or second generation entrepreneur is one who undertakes those ventures which go well along with the changing demand in the market. They undertake those ventures which suit the current marketing needs.
3. Classical entrepreneur:
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A classical entrepreneur is stereotype entrepreneur whose aim is to maximize his economic returns at a level consistent with the survival of the firm with or without an element of growth.