The heterogeneity of animal spirits: a first taxonomy of entrepreneurs with regard to investment expectations

Investment expectations are highly subjective, and subjectivity is, inherently, diverse. We propose an analytical taxonomy of entrepreneurs with regard to investment expectations—of how diverse animal spirits are. We draw on past research so as to outline the relevant independent classification variables. Motivations, skills, management styles and affective traits comprise our four groups of classification variables. Based on a field study using a sample of 289 entrepreneurs and performing two different cluster analyses, we find 11 stable groups of entrepreneurs. We portray them as ideal types à la Weber. There may be major and minor memberships. Our 11 groups are the neoclassical manager, the builder, the administrator, the paternalistic manager, the hero, the mogul, the prophet, the craftsman, the inventor, the gambler, and the explorer.