Myths of Entrepreneurship

By a myth we mean an imaginary belief which has an unverifiable existence. Most people have certain beliefs about Entrepreneurs. Some may say entrepreneurs are always those well-to-do people in society, for some they may even go to the extent of describing entrepreneurs as extraordinary people.

There are a lot of these myths found throughout the world but let’s just take a look at ten which seem to be the most disturbing. Please feel free to comment and send other myths you think haven’t been examined.

MYTH#1: ENTREPRENEURS ARE DOERS, NOT THINKERS:

Well entrepreneurs actually work to pursue opportunities but can a problem really be solved without step-by-step analysis and decision taking on how best to tackle it? Entrepreneurs usually think about the problems they have and how best to solve them.

                      MYTH#2: ENTREPRENEURS ARE BORN NOT MADE:

This is one of the myths I totally disagree with. The idea that an entrepreneur is born with various success-assuring traits and characteristics is a myth that most people strongly believe in but we all know that practice makes perfect. The successful entrepreneurs today came into the world as normal as any human being. What makes them succeed is the ability to overcome inferiority and undertake various challenges which we all can do with determination and concentration.

                      MYTH#3: ENTREPRENEURS ARE ALWAYS INVENTORS:

To a certain extent, any entrepreneur would prefer inventing new commodities of high demand and value so as to boost up business profit and output, but they don’t always invent new things do they? 

•  William Henry Billgates invented the Microsoft platform, today he is a very successful entrepreneur.

• Aliko Dangote produces sugar, drinks, cement, etc. He didn’t invent these items but today he also is a very successful entrepreneur

MYTH#4: ENTREPRENEURS ARE ACADEMIC AND SOCIAL MISFITS:

It is true that some entrepreneurs today are really school  dropouts or never finished their education, but bet me there are a lot of successful entrepreneurs today out there who would say,” I never would have made it without my education”. Entrepreneurs are not academic or social misfits but are today considered winners, both academically and socially.

MYTH#5: ENTREPRENEURS MUST FIT THE PROFILE:

Successful entrepreneurs usually have some characteristics or certain behavior which may be different from those of other people, but we cannot say that there is a standard list of qualities a person must have before being an entrepreneur, a successful one. They all have contrasting profiles as two entrepreneurs would never have the same qualities all through.

MYTH#6: ALL ENTREPRENEURS NEED IS MONEY

Any business without capital is not a business at all, but what about the other valuable things a business needs to survive? What about the productive planning? The good management? Economic insights? Name them! Any entrepreneur needs the money to adequately run his business but without the other parts which have to do with analysis, decision making, management, etc the business would just be like a table with only one leg, it won't stand!

MYTH#7: ALL ENTREPRENEURS NEED IS LUCK

Imagine yourself in an examination hall staring at your questions without a thing to write, not necessarily because the questions are tough, but because you didn't study. Then try again to imagine yourself in that same hall when you actually prepared for the examination and you were able to get all the questions right. Would you say you were just lucky? 

    Entrepreneurs are usually always better prepared to tackle situations at times and to us they just seem to be lucky but in real sense, they know what they are doing.