Myths of Entrepreneurship


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A. Entrepreneurs are doers, not thinkers.

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l.    Entrepreneurs have a tendency toward action, but they are also thinkers.

2.   Emphasis today is on the creation of clear and complete business plans.

B.  Entrepreneurs are born, not made.

l.    Traits include aggressiveness, initiative, drive, a willingness to take risks, analytical ability, and skill in human relations.

2.   Entrepreneurship has models, processes, and case studies that allow the traits to be acquired.

C.  Entrepreneurs are always inventors.

l.    This is a result of misunderstanding and tunnel vision.

2.   Many inventors or innovators are also entrepreneurs.

3.   Numerous entrepreneurs encompass all sorts of innovative activities.

D.  Entrepreneurs are academic and social misfits.

l.    This myth results from people who have started successful enterprises after dropping out of school or quitting a job.

2.   Historically, education and social organizations did not recognize the entrepreneur.

3.   The entrepreneur is now viewed as a professional.

E.   Entrepreneurs must fit the “profile.”

l.    Many books and articles have presented checklists of characteristics of the successful entrepreneur.

2.   The environment, the venture itself, and the entrepreneur have interactive effects, which result in many different profiles.

F.   All you need is money to be an entrepreneur.

l.   Venture needs capital to survive.

2.   A large number of business failures occur because of lack of adequate financing.

3.   Failure due to lack of financing indicates other problems.

a.   Managerial incompetence

b.   Lack of financial understanding

c.   Poor investments

d.   Poor planning

G.  All you need is luck to be an entrepreneur.

l.    Being in the right place at the right time is always an advantage.

2.   “Luck” happens when preparation meets opportunity.

3.   What appears to be luck could really be several factors.

a.   Preparation

b.   Determination

c.   Desire

d.   Knowledge

e.   Innovativeness

H.  Ignorance is bliss for an entrepreneur.

l.    Key factors in successful entrepreneurship

a.   Identifying the strengths and weakness of a venture

b.   Setting up clear timetables with contingencies for handling problems

c.   Minimizing problems through careful strategy formulation

2.   Careful planning is the mark of an accomplished entrepreneur.

I.    Entrepreneurs seek success but experience high failure rates.

l.    Many entrepreneurs suffer a number of failures before they are successful.

2.   Failure can teach many lessons to those willing to learn and often leads to future success.

J.    Entrepreneurs are extreme risk takers (gamblers).

l.    The concept of risk is a major element in the entrepreneurship process.

2.   While it may appear that an entrepreneur is “gambling” on a wild chance, the fact is that the entrepreneur is usually working on a moderate or “calculated” risk.

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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

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