1. Pure Entrepreneurs

A pure entrepreneur is an individual who is motivated by psychological and economic rewards. He undertakes an entrepreneurial activity for his personal satisfaction in work, ego, and status.

2. Induced Entrepreneurs

He is the person who is induced to take up an entrepreneurial task due to the policy measures of the government that provides assistance, incentives, concessions, and necessary overhead facilities to start the venture. Most of the induced entrepreneurs enter entrepreneurship due to financial, technical and several other facilities provided to them by the state agencies to promote entrepreneurship.

3. Motivated Entrepreneurs

New entrepreneurs are motivated by the desire for fulfillment. They come into being because of the possibility of making and marketing some new product for the use of customers. If the product is developed to saleable stage, the entrepreneur is further motivated by reward in terms of profit.

4. Spontaneous Entrepreneurs

These entrepreneurs start their business because of their natural talents. They are persons with initiative, boldness and confidence in their ability which motivate them to undertake entrepreneurial activity. Such entrepreneurs have a strong conviction and confidence in their inborn ability.

How do you think each type of entrepreneurs requires such motives?

Incentives - in terms of money, benefits

Challenges - risk tolerance

Achievements - recognition, satisfaction

Personal growth - entrepreneur education, got great mentor

Power - be own boss, freedom

Social - for society, family and friends

OK