Question

Explain ANY FIVE (5) common myths of entrepreneurship?

Answer 1

Five very common misconceptions about Entrepreneurship are:-

1. It is necessary and easy to raise tens of millions of dollars to start a business.
2. They represent a micro fraction of private businesses.
3. Popular business and TV shows focus on these as they are Remarkable.
4. Set a false expectation among budding Entrepreneurs.
5. Starting small business and proving out a concept is invaluable.

If funding is achieved, large chunk of equity is resented.

  

• 2. Entrepreneurs are crazy free spirits and risk takers:-
• High percentage of business fail with in the first two years.
• Rigid bordering on obsessive control over costs.
• Debate over decisions were the keys to the success of business.
• Some Entrepreneurs do not fit the corporate mould,but some are more calculating.

3.Its about having a killer business plan:-

• Reality in business plans are written for banks .
• Writing a business plan is a useful exercise and they may be sharply pulling the business model.
• Most of business plans do not follow a formula instead follow a plain language as possible., what is business is about and what funding is required.

4. The business idea has to be fully differentiated to succeed:-

• This is a common myth preserved by magazines and to some extent, by business schools.
• Most markets are fully saturated.
• The concept of perfect information where customers were informed about sellers.

5.you can't teach Entrepreneurship.

• No process to Entrepreneurship.
• People can't or don't change.
• The process of scanning business ideas,promising well documented and taught in business schools.
• Successful Entrepreneurs spend a few to many years working for others.
• Most straight forward way to learn what works and what fails in business.