Common myths about entrepreneurs

The success of many entrepreneurs is a result of careful execution of the entrepreneurial process. However, there are many misconceptions about entrepreneurs and what motivates them to develop their idea. The following are the common myths:

ENTREPRENEURS ARE BORN NOT MADE:

This myth is based on the belief that entrepreneurs are genetically different from other. But many psychological and sociological studies prove that entrepreneurs are not genetically different. It depends upon like experiences, function of environment, personal choices etc, some characteristics and personality traits are associated with entrepreneurs.

They are: creative, self-confident, visionary, tolerant of ambiguity, promoter, self-starter, energetic, risk taker, net worker, etc.

ENTREPRENEURS ARE GAMBLERS:

Entrepreneurs are assumed to take big risk, however they are moderate risk takers. This myth might originate from two sources:

  1. Entrepreneurs have jobs that are less structured resulting into more resulting into uncertainties
  2. They have a strong need to achieve something and there for set challenging goals that is equated with risk taking.

Entrepreneurs are motivated primarily motivated by money

It’s naïve to think that entrepreneur don’t seek financial rewards. But money is rarely the primary motive of the entrepreneurs. Tom Siebel, the founder of Siebel systems, which is a successful Silicon Valley firm, once wrote that for him it was never making money, neither going public and not even wealth creation. His motive was to create a high quality company. Ted turner once said that if you think that money is the big thing then you would be too scared to lose it to get it. Even Sam Walton who was named as the richest man in America by Forbes magazine in 1985 once commented that money had never meant that much to him.

Entrepreneur should be young and energetic

the most active range for a business is ownership is 35 to 40 years old. Although it is important to be energetic, investors often cite the strength of the entrepreneur as their most important criterion in the decision to fund new ventures. In fact, venture capitalists often express is that they would be rather fund a strong entrepreneur with mediocre business idea than a strong business idea with a mediocre entrepreneur. What makes strong in the eyes of investor is the experience of the entrepreneur not his age.

Entrepreneur loves the spotlight

some entrepreneurs are flamboyant, but majority of them do not attract public attention. In fact, many entrepreneurs, because they are working on proprietary products or services, avoid public notice. We may only know a few entrepreneurs that to because they are the ones who stay in news, but we won’t be able to name the 3,200 companies’ founders, the number of companies listed in NASDAQ.

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