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Entrepreneurship 10th Edition by Donald Kuratko
Edition 10ISBN: 978-1305576247Entrepreneurship 10th Edition by Donald Kuratko
Edition 10ISBN: 978-1305576247 Exercise 2
What are the 10 myths associated with entrepreneurship? Debunk each.
Explanation
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Ten Myths of entrepreneurship:
Myth-1: Entrepreneur is doer, not thinker:
Though entrepreneurs drive towards action, they are thinkers also. These people are more methodical and plan cautiously. This immense impact over preparing a clear business plan proves that a thinking entrepreneur is more important than that of doing.
Myth-2: Entrepreneurs are not made, but are born
Entrepreneurial characteristics are inborn traits and cannot be learned or taught. These traits are inclusive of initiative, aggressiveness, drive, analytic ability, willingness, and human relation skills. However, entrepreneurship is now a discipline that helps dispel the myth. This consists of different model, cases, and processes.
Myth-3: Entrepreneurs are constant inventors
It is misunderstood that all inventors are entrepreneurs; however, they can achieve the status with their creativity and innovative ideas.
Myth-4: Entrepreneurs are social misfit and academic
Entrepreneurs are successful in enterprises even, if their academic is ineffective. He is the role model and considered as a hero in corporate world. This occurred due to not recognizing talents in early days. However, now entrepreneurs are not misfit they are professional role models.
Myth-5: Entrepreneurs have to fit the profile
In real time, world entrepreneurs might not be restricted to have all characteristics of a successful entrepreneur. It depends on an entrepreneurs mind set which individuals possess and is understandable only on a specific profile.
Myth-6: All Entrepreneurs need money
An entrepreneur needs money to survive. Failure of managing finance leads to business failure. However, the reason for failure is not just money. It might also be due to poor planning.
Myth-7: All Entrepreneurs needs luck
Being in "the exact place at the exact time" is a merit, although "luck comes when only research meets opportunity." Therefore, luck is actually determination, preparation, knowledge, desire, and innovativeness.
Myth-8: Entrepreneurship is chaotic and unstructured
At first entrepreneurs, work is more chaotic and disorganized with no proper planning and execution. Amongst entrepreneurs, people who involve themselves in different facets are less successful. However, well-organized people design duties to priorities and organize them.
Myth-9: Most of the entrepreneur initiative fails
"Failure is the stepping stone to success", by the way many entrepreneurs suffer before being successful. It is highly accepted that there is high failure rate in entrepreneur businesses.
Myth-10: Entrepreneurs remain as intense risk takers
The most vital entrepreneurial characteristic is risk bearing. They can overcome risk by planning properly and by better control over their vision.
Myth-1: Entrepreneur is doer, not thinker:
Though entrepreneurs drive towards action, they are thinkers also. These people are more methodical and plan cautiously. This immense impact over preparing a clear business plan proves that a thinking entrepreneur is more important than that of doing.
Myth-2: Entrepreneurs are not made, but are born
Entrepreneurial characteristics are inborn traits and cannot be learned or taught. These traits are inclusive of initiative, aggressiveness, drive, analytic ability, willingness, and human relation skills. However, entrepreneurship is now a discipline that helps dispel the myth. This consists of different model, cases, and processes.
Myth-3: Entrepreneurs are constant inventors
It is misunderstood that all inventors are entrepreneurs; however, they can achieve the status with their creativity and innovative ideas.
Myth-4: Entrepreneurs are social misfit and academic
Entrepreneurs are successful in enterprises even, if their academic is ineffective. He is the role model and considered as a hero in corporate world. This occurred due to not recognizing talents in early days. However, now entrepreneurs are not misfit they are professional role models.
Myth-5: Entrepreneurs have to fit the profile
In real time, world entrepreneurs might not be restricted to have all characteristics of a successful entrepreneur. It depends on an entrepreneurs mind set which individuals possess and is understandable only on a specific profile.
Myth-6: All Entrepreneurs need money
An entrepreneur needs money to survive. Failure of managing finance leads to business failure. However, the reason for failure is not just money. It might also be due to poor planning.
Myth-7: All Entrepreneurs needs luck
Being in "the exact place at the exact time" is a merit, although "luck comes when only research meets opportunity." Therefore, luck is actually determination, preparation, knowledge, desire, and innovativeness.
Myth-8: Entrepreneurship is chaotic and unstructured
At first entrepreneurs, work is more chaotic and disorganized with no proper planning and execution. Amongst entrepreneurs, people who involve themselves in different facets are less successful. However, well-organized people design duties to priorities and organize them.
Myth-9: Most of the entrepreneur initiative fails
"Failure is the stepping stone to success", by the way many entrepreneurs suffer before being successful. It is highly accepted that there is high failure rate in entrepreneur businesses.
Myth-10: Entrepreneurs remain as intense risk takers
The most vital entrepreneurial characteristic is risk bearing. They can overcome risk by planning properly and by better control over their vision.
Entrepreneurship 10th Edition by Donald Kuratko
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