15 Myths of Entrepreneurship You Need to Know!
People both in the east and the west for decades do hold some opinions rather misconceptions & misunderstandings about the entrepreneurs. These are not tested and proved by research as such known as entrepreneurial myths. Such untested myths are, dozens in the number, of which only important ones are provided with hints of reactions!
1. Entrepreneurs seek success but experience a high failure rate: True that many suffer a number of failures before they are successful. Failure teaches how to avoid them in the future.
2. Entrepreneurs not thinkers: very pragmatic & rational thinkers, no useless imagination and day dreaming.
3. Entrepreneurs are born, not made: Not true, entrepreneurs are mostly made!
4. Entrepreneurs must resort to modern technology to reap the best benefits. All lines of activity are yet to be tech oriented, hence, often, low and no tech (like software for automating Accounts department) can earn better.
5. Entrepreneurs are always inventors. Not necessarily, though some are so.
6. Entrepreneurs are academic and social misfits. Not today, it was thought so earlier. Nowadays, they are considered as the hero, not only economically but also from both academic and social view points.
7. Entrepreneurs must fill the profile! A standard entrepreneurial profile is hard to compile. An entrepreneurial perspective within individuals is more understandable than a particular profile.
8. All entrepreneurs need luck. “Luck happens when preparation meets opportunity” What appears to be luck really is preparation, determination, desire, knowledge, and innovativeness.
9. Anyone can start a business. It requires a lot of thinking, idea generation, opportunity hunting, & hitting at the right time which everyone can hardly do.
10. Entrepreneurs need is money! Money is a resource but never an end in itself. Having money is not the only safeguard against failure.
11. Ignorance is bliss for entrepreneurs: They say over analyzes leads to paralysis – does not hold in today’s competitive market. Better careful planning – not ignorance of it – is the mark of an accomplished entrepreneur.
12. Entrepreneurs are independent, need not to care others. They need to care all others like partners, investors, customers, employees, creditors, etc.
13. Entrepreneurs are extreme risk takers or gambler: The fact is entrepreneurs usually work on a moderate or calculated risk.
14. Entrepreneurs do better working single handedly. Owning an enterprise alone is possible but managing that effectively without others is difficult.
15. Entrepreneurs are proud and unsocial. Entrepreneurs in order to create repeat customers and goodwill behave more courteously than others.
It’s Your Turn
Are you an entrepreneur, or want to be an entrepreneur? Are you familiar with these myths? Did I miss something? Add myths you know about entrepreneurship through commenting. If you have any question, just let me know. I will get back to you with my answer!