Discuss seven entrepreneurs myth

Entrepreneur is ability of someone who has the ability and desire to establish, administer and
succed in a start up venture along with risk entitled to it to make profits. Or is a someone who has an
idea and who works to create a product or service that people will buy as well as an organization to
support that effort. An entrepreneur takes on most of the risk and initiative for their new business and is
often seen as a visionary or innovator.

Myth; is a traditional or legendary story, usually concerning some being or event with or without a
determination basis of fact or a natural explanation especially one that is concerned with deities or
demigods and explains some practice rite or phenomenon of nature stories of matter of this kind. The
following are the entrepreneurs myth

Entrepreneurs are doers, not thinkers; Although entrepreneurs are action oriented, but they
are also a thinkers. They make careful plan and strategy. Entrepreneur will try to come out with
alternative action towards a solution. In the era of globalization & hyper-competition, entrepreneurs
need to be good thinkers.

Entrepreneurs are born, not made; The idea that the characteristics of entrepreneurs cannot
be taught or learned. Entrepreneurs are born with special traits or characteristics. Traits such as include
aggressiveness, initiative, drive, a willingness to take risks, analytical ability, and skill in human relations.
Like all disciplines, entrepreneurship has models, processes, and case studies that allow the traits to be
acquired through learning. Research has proven that entrepreneurs can be produced, and it is not
limited to certain race, group or individuals.

Entrepreneurs are always inventors. Not all inventors are entrepreneurs. Many successful
entrepreneurs are not inventors, but rather use creative ideas in doing something. They will modify and
innovate to suit the market demand.

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. Long time ago, educational
and social organisations did not recognise the entrepreneur. The entrepreneur is now viewed as a highly
educated professional, who is well versed and sociable with excellent communication skills, and strives
in economic development of the community and the country.

All Entrepreneurs Need Money; Every business ,venture needs capital to survive. Large
number of business failures occur because of lack of financing. Failure due to lack of financing indicates
other problems. Managerial incompetence;Lack of financial understanding; Poor investments; Poor
planning; Money is a resource, not the ultimate objective.

All Entrepreneurs are Luck , Being in the right place at the right time is always an
advantage."Luck" happens when preparation meets opportunity. What appears to be lucky could really
be several other factors,Preparation and hard works ,Determination,Desire,Knowledge and
Innovativeness
 Entrepreneurs are extreme risk takers (gamblers); The risk is a major element in the
entrepreneurship process. While it may appear that an entrepreneur is gambling on a wild chance the
fact is that 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.

Generally Ignorance is bliss for an entrepreneur. 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. Careful planning- Not ignorance is regarded as beneficial, since Key success
factors are; ability to identify strengths and weaknesses of a venture, Setting up clear timetables with
contingencies for handling problems, Minimizing problems through careful strategy formulation and
Careful planning is the mark of an accomplished entrepreneur