MYTHS OF ENTREPRENEURSHIP

What is a myth?

A myth is explained as a widely held but false belief or idea.

A proper understanding of the nature of entrepreneurship is crucial to the success of

organizations. There are some beliefs that must be dispelled in order for Entrepreneurs to

function as they should.

Some Myths associated with Entrepreneurship are:

➢ Entrepreneurship ventures and small businesses are the same thing:

Persons generally use both phrases interchangeably without actually understanding the

differences between both. So, a small business may be an Entrepreneurial venture, but, an

Entrepreneurial venture may not be a small business. One reason being the lack of many crucial

aspects of the entrepreneurial process in the small businesses development. However, there are

entrepreneurships that are at the start-up/small business stage, with the outlook to grow. In cases

like that some similarities or likeness of small business would be seen within the entrepreneurial

venture.

➢ All entrepreneurs are rich:

If you are waiting to get rich to become an entrepreneur, you may never become an entrepreneur.

There are several ways to make your money without lots of money. Sitting with the right

financial advisor can denote these truths to you. Many entrepreneurs are making enough to keep

their businesses afloat or just enough to support themselves and their families.

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 ➢ Entrepreneurs are born not made:

Whilst Entrepreneurs may be born with a creative mind, high energy and innate desire to

achieve, these abilities need to be cultivated and positively steered. This may be done through

formal education, self-development, honing of requisite skills, know-how and advice from other

Entrepreneurs over an extended period of time.

➢ Entrepreneurship is easy:

When you look at the businesses of all those successful entrepreneurs, everything just seems to

be all bliss and glamour. However, being an entrepreneur, moreover, being a successful

entrepreneur takes strong guts and a lot of hard work. Many entrepreneurs will tell you that the

road was by no means easy and that oftentimes they’ve thought of “throwing in the towel”;

giving up. One commodity of a successful entrepreneur is that they’ve all failed at least once

before experiencing their big break-through.

➢ All you need is money to start:

Money plays an instrumental role in the development of a business, ofcourse. However, it is not

the only ingredient that is needed.Having a good financial backing is excellent but, if you lack

the requisite skills it will not be of much use. Research and communication are some just a few

examples of the relevant infrastructures that will be needed to ensure that you’ve formed a strong

foundation for a successful entrepreneurial organization.

➢ Successful entrepreneurship needs only a great idea:

There have been many great ideas developed by equally brilliant minds that did not result in a

successful business. One needs the: confidence, skills and all the other wonderful characteristics

of an Entrepreneur, to bring that idea to reality and to make it a success. It requires a

combination of efforts.

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 ➢ Entrepreneurs always generate new ideas:

An entrepreneur may generate a new idea or several new ideas. However, some ideas that they

develop are ideas that were tried by others before them and deemed as a failure.

➢ All you need is luck:

It takes more than luck to start and operate a venture. As the saying goes, “If you fail to plan, you

plan to fail!”. It must be agreed that some people just seem to hit the “BIG TIME” and some

have even repeated those successes. Nothing beats solid preparation and gold old hard work.

➢ Entrepreneurs are extreme risk takers:

In order for great rewards to be reaped there are risks that must be taken. The higher the potential

reward, the greater will be the risk that must be taken. However, a wise entrepreneur must not act

recklessly. All risks must be carefully calculated. The entrepreneur will avoid any unnecessary

risks but will not shrink away from the unavoidable risks. Generally speaking, Entrepreneurs

prefer situations in which they can influence the outcome and they like challenges when they

believe that the odds are in their favour.

➢ Entrepreneurs only care about making money/profit:

Many people think entrepreneurs do what they do strictly for the money, and that taking risks is

all about the entrepreneur's personal reward. Many successful entrepreneurs do not live lavish

lifestyles that reflect their financial success. For most entrepreneurs, money is just a resource to

facilitate their ideas.