The entrepreneurship process is shrouded with many unlogical myths. So the emerging new business persons should be more careful because falling for them can be more dangerous to any businesses health.
The growth and performance of their startups of the biggest myth entrepreneurs depends more on their entrepreneurial talent than on the businesses they choose. All the business owners want the people to have a realistic understanding of things. The Field chosen by the person for starting a business plays a key role and has a huge effect on the odds too. Some of the myths used are,
The Entrepreneurs take some huge risks at the start of their business: Even though risk is an integral part of business, starting a new business is not considered as the highest risk. As already said, an entrepreneur would most likely to face bigger risks at the latter stage of the business. This is because, entreprenuers often spread risks around by doing things such as looking for an angel investor.
The Entrepreneurs introduce break-through inventions in their start-up business: The entrepreneurs always introduce some new technological inventions. But this is not true in all cases. Innovation is important but the ability to execute an ordinary idea makes an entrepreneurship successful.A related view to this myth is another fallacy that a business is easy to start . Because of this myth inventions, most of the businesses fail to launch or continue operating. Only one-third of startup new business generate positive cash flow more than the salary and expenses of the owner after 7 years.
Most of the successful entrepreneurs successful experience in their chosen business line: Bill Gates was still a student when he started Microsoft with Paul Allen. Then Steve,the founder of Apple Computers was an ordinary engineer at Hewlett Packard. Even though they where inexperienced entrepreneurs while starting out a new business venture but it is replicated over and over again the millions of other successful entrepreneurs. From the lives of these successful entrepreneurs, we can say that experience is not of utmost importance to succeed. Still, it never hurts.
Most of the successful entrepreneurs start with a very well-researched and thought-out business plans: This is one of the important myths in entrepreneurship. Most of the entrepreneurs think that planning Bout the future and research are time-consuming and unnecessary. Many successful entrepreneurs don’t have some grand visions of their business when they began. However, with a goal in mind and spending the time to develop a business plan greatly increase the average entrepreneur’s chance of success.
One needs a lot of money to start a business: This is not so. Money is always not an important prerequisite to be able to start a business. Many successful businesses start with less than $25,000. Finally they will emerge as a successful entrepreneur. Being a successful entrepreneur is the ability to do with what little he or she has.
As per the individual level, the myth is the only problem, if you try to manage and hit the average or hit the median, you’re going to be fine. The reality is that the distribution is always skewed. The same way there are some myths related to entrepreneur. Thus Most of the people believe that all the entrepreneurs possess some innate, genetic talents. But experts generally agree that most entrepreneurs were not born, they learned to become entrepreneurs even after some destructive myths.
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