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The 10 Myths of Entrepreneurship

Myth 1: Entrepreneurs are doers, not thinkers

Reality: Although entrepreneurs are action oriented, but they are also a thinkers
They make careful plan & strategy.
Entrepreneur will try to come out with alternative action towards a solution.
In the era of globalization & hyper-competition, entrepreneurs need to be good thinkers.

Myth 2: Entrepreneurs are born, not made

The idea that the characteristics of entrepreneurs cannot be taught or learned. Entrepreneurs
are born with special traits or characteristics.
Traits such as include aggressiveness, initiative, drive, a willingness to take risks, analytical
ability, and skill in human relations.
Reality: Like all disciplines, entrepreneurship has models, processes, and case studies that
allow the traits to be acquired through learning.
Reality: Research has proven that entrepreneurs can be produced, and it is not limited to
certain race, group or individuals.

Myth 3: Entrepreneurs are always inventors

Not all inventors are entrepreneurs.


Reality: Many successful entrepreneurs are not inventors, but rather use creative ideas in doing
something. They will modify & innovate to suit the market demand.

Myth 4: Entrepreneurs are academic and social misfits

This myth results from people who have started successful enterprises after dropping out of
school or quitting a job
Long time ago, educational and social organisations did not recognise the entrepreneur
Reality: The entrepreneur is now viewed as a highly educated professional, who is well versed
and sociable with excellent communication skills, and strives in economic development of the
community & the country.
Myth 5: Entrepreneurs must fit the "profile"

Many books & articles have presented checklists of characteristics of the successful
entrepreneur
Reality: It is not necessary for the individual to have ALL the characteristics, as described
previously, to become a success (only some will do).

Myth 6: All Entrepreneurs Need Is Money

Every biz. venture needs capital to survive


Large number of business failures occur because of lack of financing
Failure due to lack of financing indicates other problems
Managerial incompetence; Lack of financial understanding; Poor investments; poor planning;
Reality: Money is a resource, not the ultimate objective.

Myth 7: All Entrepreneurs Need Is Luck

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


"Luck" happens when preparation meets opportunity
What appears to be lucky could really be several other factors

a. Preparation & hard works


b. Determination
c. Desire
d. Knowledge
e. Innovativeness

Myth 8: Ignorance is bliss for an entrepreneur

The myth that too much planning and evaluating will give rise to problems. In the competitive
world of business, which demanded detailed planning & preparation, entrepreneur should be
equipped with solid knowledge and strategies, which would be keys to success.
Reality: Careful planning- Not ignorance is regarded as beneficial, since Key success factors
are;

a. ability to identify strengths and weaknesses of a venture


b. Setting up clear timetables with contingencies for handling problems
c. Minimizing problems through careful strategy formulation
- Careful planning is the mark of an accomplished entrepreneur
Myth 9: Entrepreneurs seek success but experience high failure rates.

Many entrepreneurs suffer a number of failures before they are successful


Failure can teach many lessons to those who are willing to learn and failure often leads to
future success

Myth 10: Entrepreneurs are extreme risk takers (gamblers)

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


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
Reality: Most successful entrepreneurs work hard through planning & preparation to minimize
the risk involved.