Question

. Discuss all major ‘myths’ of management. (entrepreneurs are always inventors, entrepreneurs are academic and social misfits,

are they true or false

5: Entrepreneurs Must Fit the Profile

6: All Entrepreneurs Need Is Money

7: All Entrepreneurs Need Is Luck

8: Entrepreneurship Is Unstructured and Chaotic

9: Most Entrepreneurial Initiatives Fail

10: Entrepreneurs Are Extreme Risk Takers

Answer 1

5 False.The environment, the venture itself, and the entrepreneur have interactive effects, which result in many different profiles. So, he has to adopt different profiles at the same time.

6.False The passion which is defined as the energy that can bring you more into what you do. I totally agree that the passion is the first element which helps us strong motivations to get the desire.So, passion combined with money is required.

7. False There is a saying by being in the rightplace at the right time can make the biggest difference in the person’s life.Prepared entrepreneurs who seize the opportunity when it arises is often seem aslucky. What appears to be luck are predetermined strategies and goals and desires.

8.False They are assumed by some to be disorganized and unstructured,leaving it to others to keep things on track. The reality is that entrepreneurs are heavily involved in all facets of their ventures, and they usually have a number of tasks to accomplish.

9 True. Entrepreneurs often fail because their companies are invisible to the world because they cannot bear to spend money on marketing and PR. This is a huge mistake that some entrepreneurs make when the money gets tight.

10.False.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 moderate and calculated risk. So they are calculated risk takers.