Myths about Entrepreneurs

Myths about Entrepreneurs

Myth 1: Entrepreneurs are always inventors.

Entrepreneurs are not always inventors but their ability to create more ideas and expand their business to suit the market demand has made it seem so. For example a business woman who deals in cosmetics may not be the inventor of cosmetics but her drive for change in the business world has made her more successful.

Myth 2: All entrepreneurs need is money.

Entrepreneurs need money, the survival of any business venture depends on the capital and many businesses fail as a result of lack of capital but problems emanating from lack of capital point towards other problems.  Business ventures require other things other than money to be successful. An entrepreneur with enough capital to finance his business may lack the managerial competency to successfully manage the business, expand it and make profit. Money is a reserve but not an ultimate goal.

Myth 3: All entrepreneurs need is luck.

All entrepreneurs actually need to be innovative and determined to succeed. But when an entrepreneur succeeds in her endeavor, at the detriment of others seeking for the same thing, it seems to be luck but actually it is her hard work meeting with the opportunity available. This is to say that entrepreneurs’ prepare and work hard and determines to succeed, and actually succeeds.

                                Myth 4: Entrepreneurs need money more than anything else.

Entrepreneurs need money, the survival of any business venture depends on the capital and many businesses fail as a result of lack of capital but problems emanating from lack of capital point towards other problems.  Business ventures require other things other than money to be successful. An entrepreneur with enough capital to finance his business may lack the managerial competency to successfully manage the business, expand it and make profit. Money is a reserve but not an ultimate goal.

                   Myth 5: All entrepreneurial work depends highly on luck.

All entrepreneurs actually need to be innovative and determined to succeed. But when an entrepreneur succeeds in her endeavor, at the detriment of others seeking for the same thing, it seems to be luck but actually it is her hard work meeting with the opportunity available. This is to say that entrepreneurs’ prepare and work hard and determines to succeed, and actually succeeds.

         Myth 6: Entrepreneurship is unstructured and chaotic.

Entrepreneurship is actually structured and organized and that is why entrepreneurs are successful. If it were unstructured, entrepreneurs would not be able to manage their business effectively, invent new business ideas and successfully expand their business. Entrepreneurship may look unstructured and unorganized to an ordinary man but entrepreneurs have their own basic ways or systems of running their business.