Entrepreneur Myths
There are many misconceptions about who entrepreneurs are and how they function. Jeffrey Timmons, author of New Venture Creation, cites the following fifteen myths and the reality behind them:
Myth 1: Entrepreneurs are born, not made.
Reality: While entrepreneurs are born with certain native intelligence, a flair for creativity, and energy, these talents by themselves are like unmolded clay or an unpainted canvas. The making of an entrepreneur occurs by accumulating the relevant skills, knowledge, experiences, and contacts over a period of years. It includes large doses of self-development. The creative capacity to envision and pursue an opportunity is a direct descendant of at least ten or more years of experience.
Myth 2: Anyone can start a business.
Reality: Entrepreneurs who recognize the difference between an idea and an opportunity, and who can visualize potential, start businesses that have a better chance of succeeding. Luck, if involved, requires good preparation. Starting the business is often the easiest part. Surviving, sustaining, and building a venture so its founders can realize the reward is often the hardest part. Perhaps only 5% to 10% of all new businesses that survive five or more years produce an eventual capital gain for the founders.
Myth 3: Entrepreneurs are gamblers.
Reality: Successful entrepreneurs take carefully calculated risks. They try to influence the odds, often by getting others to share risk with them and by avoiding or minimizing risks. They often slice the risk into smaller, quite digestible pieces. Only then do they commit the time or resources to determine if that piece will work. They do not deliberately seek to take more risk or unnecessary risk. However, they do not shy away from unavoidable risk.
Myth 4: Entrepreneurs want the whole show to themselves.
Reality: Owning and running the whole show