Monday 8 December 2008

Myths about Entrepreneurship

There are a lot of preconceptions, theories and beliefs about entrepreneurship and entrepreneurs. Some may be true, some are not.

Twelve myths mentioned in “Building a dream” by Walter Good are as follows:

Myth 1 Entrepreneurs are born, not made.
Myth 2 Anyone can start a business. It’s just a matter of luck and guts.
Myth 3 Entrepreneurs are gamblers.
Myth 4 Entrepreneurs want to run the whole show themselves.
Myth 5 Entrepreneurs are their own bosses and completely independent.
Myth 6 Entrepreneurs work longer and harder than corporate managers.
Myth 7 Entrepreneurs face greater stress and more pressures, and thus pay a higher personal price in their jobs than do other managers.
Myth 8 Starting a business is risky and often ends in failure.
Myth 9 Money is the most important ingredient for success.
Myth 10 New business start-ups are for the young and energetic.
Myth 11 Entrepreneurs are motivated solely by their quest for the almighty dollar.
Myth 12 Entrepreneurs seek power and control over other people so that they can feel “in charge.”

We’ll discuss, do a reality check and evaluate whether those above myths are true or not in the following posts.


References

Good, Walter S (2003). Building a dream: a Canadian guide to starting a business of your own. 5th ed. Toronto: McGraw-Hill Ryerson.

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