Myths about Entrepreneurs

Entrepreneurs must have some basic qualities, characteristics such as honesty, vision, and drive to spot the opportunities. These qualities help the entrepreneur to get success but there are some beliefs about entrepreneur to get success but there are some beliefs about entrepreneur in mind of few people which are not true. The few myths about entrepreneurs are:

1. Entrepreneur are gamblers. Entrepreneurs take risk. They are adventurous and exploit opportunities but that doesn't mean they are gamblers. They do not invest their time and money on unpredictable situations rather they set a mission and use their time and money to achieve it. They do not try to assimilate other's money or assets by unfair practices. They try to earn money and create wealth with their innovative and creative skill. They work hard and are rewarded for their hard work and for their entrepreneurial skills and qualities. 

2. Entrepreneurs are born. 
It is incorrect to say that entrepreneurs are born as all the characteristics of and entrepreneur can be acquired with careful observations, study and practice. There are many training institutes which impart training for entrepreneurial skill. Some individuals might have genetic trait of entrepreneurial skills but it does not mean all the entrepreneurs are born.

3. Entrepreneurs have to be rich. Many time people believe that they cannot become entrepreneurs because they do not have money and they do not belong to rich families. To be a successful entrepreneur, one must have the ability, to mobilise the resources in the most productive manner. To be an entrepreneur, one needs creativity and innovation. Money does not assure success and it does not facilitate creativity and innovation.

4. Entrepreneur should have good knowledge of English. 
To be successful, an entrepreneur requires good communication skill and not good English. Lack of knowledge of any language is not a barrier to entrepreneurship as one can easily learn all the languages with training. One can acquire competencies through one's own mother tongue also. Entrepreneur must have mensurable amount of communication skill so that he can communicate easily with others.

5. It takes easy to start a business. The most common myth is that it is very easy to start a business. If we see the record, only one third of entrepreneurs are able to make successful enterprises, as there is a complicated process of formation and even after formation there are many hurdles. 

6. It takes money to stat an enterprise. 
Another myth which people believe is that they will need a huge finance to start a business but it is not correct. The entrepreneur can start business even with a small amount of capital as instead of buying assets, they can hire assets, they can take loan and get machineries on lease. The biggest example to prove this belief wrong is INFOSYS. Narayan Murthy started his venture with a very small amount of 10,000, which his wife had saved. 

7. It is difficult to get debt for start-ups. 
Entrepreneurs have another wrong belief that start-up have to manage with equity only but in reality, entrepreneurs must have combination of debt and equity. Government of India has set up many financial institutions which provide loan to stat-up also. 

8. Bank don't lend money to start-ups.  
Entrepreneur feels that it is not possible for few entrepreneur to get loans from bank. The government has started various schemes under which start-ups and new entrepreneurs can get loan.

9. Most entrepreneurs start business in attractive industries. 
Most of the entrepreneurs start business in attractive industries which are running successfully but it doesn't guarantee success since in such industry, they will have to face high level of competition. 

10. The growth or success of a star-up depends upon entrepreneur's talent than on the business he chooses. 
It is not true as only entrepreneur's talent cannot bring success. it matters a lot that what business or industry he has chosen as some industries have reached stagnation whereas some have more scope of prosperity. 

11. Most enterprises are successful financially. 
This is another myth that an entrepreneurs earn a lot of money constantly and they are financially more successful than employees. Now-a-days, since MNCs are offering big salary packages, many employees can be more financially successful than entrepreneurs. 

To know more about an Entrepreneur do check our previous posts.

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