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.
