10 Myths about Entrepreneurship

Myth1: Entrepreneurs are born, not made

It is one of the important entrepreneurial myths. According to many skills, the
Magic Rubik cube is an example of an incredible ability that can be learned.
Example of great entrepreneurs who did not have the characteristics necessary
to become valuable entrepreneurs by birth, but managed, mainly through self-
education and self-development, to achieve remarkable entrepreneurial
successes.

Myth 2: Entrepreneurs are doers, not thinkers

Although people see entrepreneurs as someone who dares to do something
without considering the risk, actually entrepreneurs do think before they take
action or make decisions. Entrepreneurs usually spend time thinking of the new
invention, new market from the daily problems or experience. They have
carefully considered the risk and consequences of starting the business and
turned their thought into action.
Myth 3: Entrepreneurs are always inventors
Many inventors are entrepreneurs and many entrepreneurs are connected or
involved in innovation. Some entrepreneurs innovate while some hire people to
invent for them or help innovators to create new things. While coming up with
an absolutely new idea or product is great, entrepreneurship is more about
innovations that will improve lives.

Myth 4: Entrepreneurs are academic and social misfits

Some business empires were started by people who chose to drop out of school
to follow their dreams such as Virgin’s Sir Richard Branson, and Apple’s Bill
Gates.  Entrepreneurs need a good educational foundation that also allows them
to express their creative genius. On the social misfit bit, well some may actually
be labeled this because of the many hours spent in solitude trying to polish and
birth their startup (especially the technical part).  it is important to network with
other people and even take time out to give back to society, and bond with
friends and family.
Myth 5: Entrepreneurs must fit the “profile”
A person who organizes and operates a business venture and assumes much of
the associated risk. Before you become an entrepreneur you have to possess
certain characteristics that are common in most successful entrepreneurs. But
these standard profiles are hard to record as different environments and
enterprises exist.

Myth 6: All Entrepreneurs Need Is Money

Every business venture need capital to survive. But in reality, money does not
guarantee success. Entrepreneurs have to deal with other problem such as
managerial incompetence, lack of financial understanding, poor investment,
poor planning and others. So, for entrepreneurs, money is only a resource but
not the ultimate objective. 
Myth 7: All Entrepreneurs Need Is Luck
There is a saying by being in the right place at the right time can make the
biggest difference in the person’s life. Prepared entrepreneurs who seize the
opportunity when it arises are often seen as lucky. What appears to be luck is
actually being prepared, determination, desire, knowledge, and innovations. But
‘luck’ happens when preparation meets opportunity.

Myth 8: Ignorance is bliss for an entrepreneur

In the competitive world of business which demanded detailed planning and
preparation, entrepreneurs should be equipped with solid knowledge and
strategies, which would be key to success. Ignorance is the steep slippery slope
to failure for entrepreneurs. One cannot afford to slack down as soon as the
business is on track. Continually keeping up with industry changes, refining the
product/service or business processes should be the order of the day to
constantly remain relevant.
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 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-taker is the major element of the entrepreneurial process.
Although it may appear that an entrepreneur is “gambling” on a wild chance,
the entrepreneur is usually working on a moderate or “calculated” risk. Most
successful entrepreneurs work hard through planning and preparation to
minimize the risk involved.