List FIVE myths about entrepreneurship.

1) Entrepreneurs are doers not thinkers: Although it is true entrepreneurs tend towards action, they are also thinkers.

2) Entrepreneurs are born not made: The idea that the characteristics of entrepreneurs cannot be taught or learned, that they have innate trait, has long been prevalent. Today, however, the recognition of entrepreneurship as a discipline is helping to dispel the myth.

3) Entrepreneurs are always inventors: entrepreneurship covers more than just invention. It requires a complete understanding of innovative behavior in all forms.

4) Entrepreneurs are academic and social misfits. The belief that entrepreneurs are academically and socially ineffective is as a result of some business owners having started successful enterprise after dropping out of school or quitting a job. Today the entrepreneur is considered a hero socially, economically and academically and no longer misfit.

5) Entrepreneurs must fit the profile many books and articles have presented checklist of characteristics of a successful entrepreneur. Today we realize that a standard entrepreneurial profile

6) All entrepreneurs need to run a business successful is money: Many business fail because of managerial incompetence, lack of financial understanding, poor planning etc. To many entrepreneurs money is a source but not an end in itself.

7) All entrepreneurs need is luck. Being at “the right place at the right time” is always an advantage. But luck happens when preparation meets opportunity as an equally appropriate advantage. Prepared entrepreneurs who seize the opportunity when it arises often seem “Lucky” they are in fact simply better prepared to deal with situations and turn them into success. What appears to be luck really is preparation, determination, desire, knowledge and innovativeness?

8) Entrepreneurs must fail; in fact failure can teach many lessons to those willing to learn and often leads to future successes.

9) Entrepreneurs are extremely risk takers (Gamblers). Entrepreneur is usually working on a moderate or calculated risk.

10) It takes a lot of money to start a business. This is false because it is all about using the little resources to make the most out of it

OR

-Entrepreneurs don’t have a personal life. Most people think that entrepreneurs work
throughout and this means that you will not have time for your family, friends and leisure
activities. Since entrepreneurs are their own bosses, they can schedule their own hours and
sticks to that time because a good entrepreneur manages his time well.

-Entrepreneurs take lots of risks. Entrepreneurs take some risks and they are not gamblers, they
take calculated risks.

Entrepreneurs are only motivated by money. Financial gain is not the only motivation to small
business owners but achieving a lifelong dream is the main motivation for entrepreneurs.

-Entrepreneurs raise money from venture capitalist. This is not true because not all
entrepreneurs raise money from venture capitalists but instead personal loans, friends and
family are other sources that outweigh venture capitalist.

-Entrepreneurs have great ideas. This makes some people not to attempt to start their own
business because they do not have a unique idea. You don’t need a new idea to be an
entrepreneur because you can use an existing idea to start a business.

-Anyone can be an entrepreneur. This is not true because not everyone has the personality or
resources to do this either.

-Entrepreneurs have formal training and education. One does not need to study business or
entrepreneurship to have a successful startup company. Though education helps, it’s not
completely necessary.

-Entrepreneurs are young. This is not true because entrepreneurship has no limited age.

-Entrepreneurs don’t quit until they succeed. It’s not easy to start and run your own business.
Therefore entrepreneurs should accept failure as a potential reality.

-Entrepreneurship is genetic. No one is born an entrepreneur

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jim items answered the question on March 16, 2019 at 07:21