Question

One of the challenges associated with the lack of a global definition of entrepreneurship is with the fact that a number of myths have emerge with regard to what entrepreneurship is.
From your knowledge and experience, identify what you consider to be 5 myths of entrepreneurship. For each explain what you think could have contributed to its emergence and why you think it is nonetheless a myth.

Answer 1

1. Entrepreneur has no boss: Since the Entrepreneur is generally the person running the company it is sometimes presumed that he has no one to report to, which infact is wrong. Since a company is a seperate legal entity an Entrepreneur has to answer to The Board of Directors(remember Steve Jobs wasn't good at this part) which are generally represented by financiers of the company. I think most people think that an Entrepreneur has no boss because they only see the visual effect of a dish not the hard work put in to put it together.

2. Entrepreneur takes huge risks: Since an Entrepreneur has no job security most people think that he taken taken huge risks. But the fact is when an Entrepreneur takes calculated decisions and put in the hard work it does not seem like he has huge risk because an informed decision in todays world cannot be called risk. I think the conventional thinking of job security has led to this misconception.

3. Entrepreneurship means new idea: Everyone thinks that an Entrepreneur is one who thinks of new idea and a company around it, that is a myth! in todays environment you may use someone else idea to sell more than the inventor just because you have more skills in marketting (look at the chinese). In earlier days Entrepreneurship was all about generating new idea but now it is about starting your own business.

4. Entrepreneurship in in your blood: Earlier the son of a king used to be a king and the son of farmer used to be a farmer but times have changed now, only person with skills and dedication becomes king now. Hence you do need Entrepreneurship in in your blood to succeed.

5. Entrepreneur are master of their time and money: We must have heard many people saying "oh you have your own business you can go at anytime and can come home at any time" but this is only partially true, sometimes Entrepreneurs have to spend months just trying to start their business.