1. First Gen Entrepreneurs
First Gen entrepreneurs are initiators of enterprise in the family.
This term is a synonym for new entrepreneurs.
They do not take over or carry forward any existing enterprise.
They start from scratch to establish a new enterprise.
2. Next Gen Entrepreneurs
Second Gen or Next Gen entrepreneurs continue enterprises already established by their families.
Strictly speaking, they may not be classified as entrepreneurs since they do not start a new business.
They carry forward existing businesses.
They must innovate and evolve in the market to face competition.
They also work to grow and expand the enterprise.
3. Classical Entrepreneurs
A classical entrepreneur is concerned with customers and marketing needs.
They develop self-supporting ventures.
Their main aim is to maximize profits.
They focus on ensuring a steady flow of returns.
Growth of the enterprise is not their primary concern.