We have shown that the various scenarios for folding of proteins, and possibly other biomolecules, can be classified solely in terms of sigma. Proteins with small values of sigma reach the native conformation via a nucleation collapse mechanism and their energy landscape is characterized by having one dominant native basin of attraction (NBA). On the other hand, proteins with large sigma get trapped in competing basins of attraction (CBAs) in which they adopt misfolded structures. Only a small fraction of molecules access the native state rapidly when sigma is large. For these sequences, the majority of the molecules approach the native state by a three-stage multipathway mechanism in which the rate-determining step involves a transition from one of the CBAs to the NBA.