What are the myths about entrepreneurship ? Explain any two.
Answers
1. Entrepreneurs are born that way. Many people assume that entrepreneurs are born that way — and that only people who have certain natural talents can be entrepreneurs. However, the truth is that almost anyone can become an entrepreneur if they can learn the necessary skills. True, some people may adjust to the demands of the role more quickly, but there’s no rule that says only certain types of people can found companies. Entrepreneurs may be gregarious extroverts or quiet introverts; they may be “big picture” thinkers or more focused on the details of executing an idea. Entrepreneurism is a learned skill, not a natural-born ability.
2. The only requirement is a good idea.
Many people also believe that all it takes to live the American dream is to have that one fantastic idea for a company. While the notion isn’t entirely false, it is misleading. Even the very best ideas — ones with the potential to disrupt an entire industry — need proper execution to become reality. Ideas are important, but so are planning, talent, leadership, communication, and a host of other factors.
3. Starting a new business guarantees freedom.
The appeal of breaking out of the traditional, 40-hour work week draws many to the prospect of starting their own business. What lots of people find is that while they leave behind their old schedule and creative limitations, they exchange them for new demands. Sure, there will be more freedom in some respects, but entrepreneurism often requires great sacrifices. It can consume every part of your waking life; the work doesn’t end when the clock strikes 5 p.m.
4. Launching a company quickly leads to wealth.
Some entrepreneurs mistakenly believe that starting a business will put them on the fast track to earning substantial amounts of money — fast. Although some companies are immediately successful, others take a little more time to get there. Properly timing the expansion of the company and sustaining growth are two of the entrepreneur’s biggest tasks.
5. Only money motivates employees.
A myth related to the “get rich quick” idea is the assumption that money is the best way to motivate employees. Recent statistics have shown that Millennials, who are quickly becoming the majority in the workplace, would rather earn less at a job they enjoy than secure a higher wage doing something they hate. Overcoming this misconception puts a heavy obligation on the entrepreneur to develop not only a business model that generates revenue, but also a company culture that engages employees.
1) it takes a lot if money to start a business
2) Entrepreneurs are in it for the money
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