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5 Myths About Entrepreneurship

5 Myths About Entrepreneurship

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Published by: siscani on Nov 27, 2008
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06/14/2009

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FIVE MYTHS ABOUTENTREPRENEURS:
Understanding How BusinessesStart and Grow
March 2001
Prepared by the National Commission on Entrepreneurship
NATIONAL COMMISSION ON ENTREPRENEURSHIP
 
 he National Commission on Entrepreneurship
was established to provide local, state, and nationalleaders with a roadmap for sustaining and expandinga flourishing entrepreneurial economy. Entrepreneurship is thecritical force behind innovation and new wealth creation—thekey drivers of our country’s economic growth. Throughresearch, publishing, conferences and other events, theCommission promotes an agenda that helps grow a successfulentrepreneurial economy into the 21st Century.
Patrick Von Bargen
 Executive Director 
Doris Freedman
Policy Director 
Erik R. Pages
Policy Director 
Ken Berlack 
Communications Director 
Douglas Mellinger
 NCOE ChairmanPartner  Interactive Capital Partners
J.R. (Bob) Beyster
Chairman and CEOScience Applications International Corp.
Patricia Cloherty
Special Limited Partner Patricof & Co. Ventures, Inc.
Jonathan Ledecky
 Managing Partner, Ironbound CapitalCo-Owner of theWashington Capitals Hockey Club
Paula Jagemann
President and CEO
eCommerce Industries, Inc.Alfred C. Liggins III
CEO and President  Radio One Inc.
William Mays
President  Mays Chemical Co.
Mario Morino
Chairman Morino Institute
Daniel Villanueva
Chairman Bastion Capital FunCo-Founder of UnivisionTelevision Network 
NCOE STAFFNCOE COMMISSIONERS
 
1
Table of Contents
Overview
...........................................................................................2
Part One: Unique Characteristics and Roles of Entrepreneurial Growth Companies
Growing Prominence....................................................................3Economic Impact...........................................................................3Celebrated but Unexamined.........................................................4Common Origins: Small Businesses and EGCs...........................5Potential Productivity Gains: the First Departure Point..............5The Growth Period........................................................................6Common Origins: Big Businesses and EGCs...............................8
Part Two: Myths and Misconceptions AboutEntrepreneurial Growth Companies
...........9The Risk-Taking Myth...................................................................9The High-Tech Invention Myth..................................................11The Expert Myth..........................................................................14The Strategic Vision Myth...........................................................15The Venture Capital Myth...........................................................17
Part Three: What Does Public Policy Have to Dowith Entrepreneurial Growth?
..................19A Precarious Transition...............................................................19Facilitating Conditions and Policy Implications.........................20Shared Risks and Rewards..........................................................21Fostering and Protecting Innovation..........................................21Expertise.......................................................................................22Planning and Strategy..................................................................22Capital...........................................................................................23
Part Four: Conclusion
..............................................................24
Endnotes
................................................................Inside back cover

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