Myths Facts

Myth 1 Although entrepreneurs tend to be toward

Entrepreneurs are doers, not thinkers
action, they are also thinkers. They are
actually often very methodical people who
plan their moves carefully. They also have
other alternatives set if their plan fails. This
shows that entrepreneurs are both thinkers
and doers.

Myth 2 Some entrepreneurs and non-entrepreneurs

Entrepreneurs are born, not made
say that the characteristics of entrepreneurs
cannot be taught or learned. Entrepreneurial
characteristics are innate traits and one must
be born with it to become entrepreneurs.
However, research has proven that
entrepreneurship can be taught and studied.
Entrepreneurship has models, processes,
and case studies that allow the topic to be
learned.

Myth 3 Although many inventors are also

Entrepreneurs are always inventors
entrepreneurs, numerous successful
entrepreneurs are not inventors. For
example, Ray Kroc did not invent the fast-
food franchise, but his innovative ideas
made McDonaldÊs the largest fast-food
enterprise in the world. Successful
entrepreneurs use creative and innovative
ideas in their ventures and these
characteristics can be learned.

Myth 4 This belief arises because some business

Entrepreneurs are academic and social misfits
owners started their successful enterprise
only after dropping out of school or quitting
a job. Historically, educational and social
organisations did not recognise
entrepreneurs. Today, the entrepreneur is no
longer considered a misfit. They are now
viewed as professionals.

Myth 5 Many books and articles have presented

Entrepreneurs must fit the „Profile‰
checklists of characteristics of the successful
entrepreneur. These lists were neither
validated nor complete; they were based on
case studies and on research findings among
achievement-oriented people. Today, we
realise that a standard entrepreneurial
profile is hard to compile. Many successful
entrepreneurs today did not have all the
profile of the successful entrepreneur when
they started their venture.

Myth 6 It is true that venture needs capital to

All entrepreneurs need is money survive; it is also true that a large number of
business failures occur because of a lack of
adequate financing. To entrepreneurs,
money is a resource but not an end in itself.
Myth 7 To be at „the right place at the right time‰
All entrepreneurs is always an advantage. However, „luck
happens when preparation meets
need is luck
opportunity‰. What are important and
needed for the entrepreneur to seize an
opportunity are planning, preparation,
determination, desire, knowledge and
innovativeness.
Myth 8 „Too much planning and evaluation lead to
Ignorance is blissn for entrepreneurs constant problems‰. This statement is not
true in todayÊs competitive markets. The
key factors to be successful entrepreneurs
are detailed planning and preparation.
Entrepreneurs identify a ventureÊs strength
and weaknesses, set up clear timetables with
contingencies for handling problems, and
minimise these problems through careful
strategy formulation.

Myth 9 It is true that many entrepreneurs suffer a

Entrepreneurs seek success but experience high failure
rates
number of failures before they are
successful. In fact, failures can teach many
lessons to entrepreneurs and often lead to
future successes. Entrepreneurs always learn
from their failures and also the failures of
others, which act as a form of guidance and
direction for their future

Myth 10 The concept of risk is a major element in the

Entrepreneurs are extreme risk-takers (gamblers)
entrepreneurial process. However, the
publicÊs perception is that most
entrepreneurs are high risk-takers. In fact,
entrepreneurs always search for information
and do planning before taking any action.
This means that entrepreneurs are usually
working on moderate and calculated risks.