Traditional Types of Entrepreneurship 

Entrepreneurship is the process of creating a new business venture. It involves taking risks and solving problems. There are many types of entrepreneurship, depending on the industry, market, product or service. Traditional entrepreneurship involves starting a business from scratch, usually in an established industry or market. Traditional entrepreneurs typically have a clear vision of their product or service, and seek to fill a gap or solve a problem in the market. 

Some examples of traditional entrepreneurs are:

• Sam Walton: Founder of Walmart, the world’s largest retailer.
• Ray Kroc: Founder of McDonald’s, the world’s largest fast food restaurant chain.
• Bill Gates and Paul Allen: Co-founders of Microsoft, the world’s largest software company.

Retail and Trade-Oriented Entrepreneurship Models

Retail and trade-oriented types of entrepreneurship are based on buying and selling goods or services to customers. The entrepreneur acts as an intermediary between the producers and the consumers. Some traditional examples of retail and trade-oriented entrepreneurship models are:

• Franchising: The entrepreneur buys the right to use an established brand name, product or service, and follows the rules and standards set by the franchisor. The entrepreneur pays a fee and a royalty to the franchisor, and benefits from the brand recognition, marketing support and training provided by the franchisor.
• E-commerce: The entrepreneur sells goods or services online. The entrepreneur can reach a large and global customer base, and reduce the costs of inventory, storage and distribution. 
• Wholesale: The entrepreneur buys goods in bulk from manufacturers or distributors, and sells them to other businesses at a lower price. The entrepreneur can take advantage of economies of scale.

Production and Product-Based Entrepreneurship Types

Production and product-based types of entrepreneurship are based on creating and manufacturing goods or services that meet the needs of customers. Some traditional  examples of production and product-based entrepreneurship types are:

• Manufacturing: The entrepreneur designs, produces and sells physical goods, such as clothing, furniture, electronics or machinery. The entrepreneur may use their own facilities or outsource some or all of the production process to other businesses.
• Service: The entrepreneur provides services, such as education, health care, entertainment or consulting. The entrepreneur may use their own skills or hire employees to deliver the service. 
• Innovation: The entrepreneur develops new products or services that solve existing problems.

The main challenges of traditional entrepreneurship are developing innovative and quality products, securing intellectual property rights, scaling up production, reducing costs, marketing and distribution.