Question

Who is a Fabian Entrepreneur?

• A. Innovators who rapidly adopt changes.
• B. Entrepreneurs who cannot adopt to changes and prefer old fashioned business practices.
• C. Entrepreneurs who copy ideas from others.
• D. Entrepreneurs who take significant risk.

Hint:

Think of "Fabian" as "cautious". They aren't as rigid as "Drones", but they definitely aren't pioneers.

Answer 1

The Correct Option is B

Step 1: Understanding the Concept:
Clarence Danhof classified entrepreneurs into four types: Innovative, Imitative, Fabian, and Drone.
Step 2: Detailed Explanation:
1. Innovative Entrepreneur: Introduced new products or methods.
2. Imitative Entrepreneur: Copies successful innovations (matches Option C).
3. Fabian Entrepreneur: These are characterized by great caution and skepticism. They do not introduce any change and do not adopt new methods unless it becomes absolutely necessary to do so (i.e., when failure to change would lead to a total loss). They are often tradition-bound. Option (B) reflects this "old fashioned" and slow-to-change nature.
4. Drone Entrepreneur: These are stagnant and refuse to change even if they suffer losses.
Step 3: Final Answer:
Fabian entrepreneurs are those who are skeptical and only follow old-fashioned practices until forced to change.