VRE 3012

AMALAN KEUSAHAWANAN

10 Myths About Entrepreneurs Reports

NAMA : PUTERI NORDIANA BT MOHD ANOWAR

NO. MATRIK : D20182086479
PENSYARAH : Dr. RAJA NAZIM BIN RAJA ABDULLAH
MYTH 1 : Entrepreneurs Are Born, Not Made

The claim that “entrepreneurs are born, not made” captures the idea that
entrepreneurial ability is largely determined by a person's inborn characteristics. Of
course, anyone can maximize any skillset, but it doesn’t necessarily make them
successful at it. To win at the very top of the chain, to make it big in the business world
and in any arena, we have to be born with talent.

MYTH 2 : Entreprenuers Are Doers, Not Thinker.

Although entrepreneurs are action oriented, but they are also a thinkers. In fact,
you can see most of the entreprenuers will make careful plan & strategy. Onther than
that, entrepreneurs 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 3 : Entrepreneurs Are Always Inventors.

Not all inventors are entrepreneurs but entrepreneurs also an inventor. Why?
Because it requires the collaborative efforts and skills of both
the inventor and entrepreneur profiles to turn an idea into a business. As you can see,
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. A long time ago, educational and social
organizations did not recognise the entrepreneur. The fact that an entrepreneur is now
viewed as a highly educated professional, who is well versed and sociable with
excellent communication skills, and strives in the economic development of the
community & the country. This is a good thing and it is important to every business
stands out and it will create the growth needed to make a change or reach real success.

MYTH 5 : Entrepreneurs Must Fit The “Profile”

Successful entrepreneurs can comprehend complex situations that may include

planning, making strategic decisions, and working on multiple business ideas
simultaneously. They are farsighted and aware of important details, and they will
continuously review all possibilities to achieve their business objectives. 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 : Entrepreneurs Need Is Money

Many successful entrepreneurs have overcome the lack of money while

establishing their ventures. Money is a resource and large number of business failures
occur because of lack of financing. Failure due to lack of funding indicates another
problem. Management inefficiency will not have financial understanding and certainly
poor investment and planning will contribute to losses because money is the resource,
not the main objective.

MYTH 7 : All Entrepreneurs Need Is Luck

Luck does play a role in business, but when you start talking
about luck in entrepreneurship, you can never attribute too much credit for success to
the fortune's wheel. Success can be attributed to being lucky by starting the right
business at the right time. All you need is ;
a. Preparation & hard works
b. Determination
c. Desire
d. Innovativeness
MYTH 8 : Ignorance Is Bliss For An Entrepreneur

Ignorance, or a lack of knowledge, isn't usually viewed as a good thing.

However, there may be situations when you're happier not knowing the truth. 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.

MYTH 9 : Entrepreneurs Seek Success But Experience High Failure Rates.

It is not true that many entrepreneurs suffer failure before they are successful
but failure can teach many lesson to those who are willing to learn and failure often
leads to future success.
MYTH 10 : Entrepreneurs Are Extreme Risk Takers (Gamblers)

Good entrepreneurs are calculated risk takers. They see an opportunity and
like gamblers, they place a bet. They bet their capital, their time, and other resources
that they will be able to exploit the identified opportunity and create a successful
business based on it. Most successful entrepreneurs work hard through planning &
preparation to minimize the risk involved.