What is Entrepreneurship? Entrepreneurship can be defined as a self-motivated process of visualization, transformation, and creation, which involves the application of energy and passion towards the conception and execution of new ideas and creative solutions (Kuratko 21). Entrepreneurship can also be defined as the process of doing something new and different (innovation) for the purpose of creating wealth and adding value both to the individual and the society (Kao 69-70).
Certain myths exist about who entrepreneurs are. Some of them include that:
1. Entrepreneurs are extreme risk takers (MYTH): I agree that entrepreneurs are risk takers, however, to say that they are ‘extreme risk takers’ is completely out of it! Extreme risk takers are gamblers and gamblers do not take ‘calculated’ or ‘well thought out’ risks, however, entrepreneurs do. Before embarking on a venture, entrepreneurs compare the chances of failure to that of success and depending on what the results show, decide whether or not to take the risk. Gamblers on the other hand do not weigh the possible outcomes before making decisions.
2. All Entrepreneurs need is money (MYTH): capital (money) is an essential tool for an entrepreneur. However, to say that ‘all entrepreneurs need is money’ is completely wrong! Money is only one of the many tools. Recall that from the definition of entrepreneurship, it involves the application of energy (plenty of it) and passion (the driving force/motive). Without these two elements the idea will not come to reality.
3. Entrepreneurs are doers and not thinkers (MYTH): saying that entrepreneurs are doers and not thinkers supports the first myth which says that entrepreneurs are gamblers and therefore is wrong. As the saying goes ‘failing to plan is planning to fail.’ Entrepreneurs however do not plan to fail, this is why they take well planned (well thought out) risks, unlike gamblers. From the definition of entrepreneurship; a dynamic process of vision, change, and creation… these key words emphasize the fact that careful planning is one characteristic of an entrepreneur. An example of ‘doers and not thinkers’ are people who sell sand in the desert! (what an idea)
4. Entrepreneurs are born and not made (MYTH): there is a saying that certain people are born great, while others learn to be great, however, that is not evidence enough to support the myth that entrepreneurs are born and not made. One reason is that entrepreneurs are not characterized by a heritable gene that makes them what they are. Certain skills needed to be a successful entrepreneur are learnt through formal/informal education. However passion and energy are inborn.
5. Entrepreneurs must fit a certain profile (MYTH): to support this myth is only been stereotypical. Anyone can be an entrepreneur provided you have new ideas (innovations) that can create changes and bring profit, and you’re driven by the energy and passion to implement these ideas, thereby creating a solution. Anyone can rise to the top it all depends on hard work and determination.
6. Entrepreneurs are always inventors (MYTH): this is truly a myth because most entrepreneurs actually invest in already existing inventions. For instance, Aliko Dangote is a successful entrepreneur who deals in cement, rice, sugar and other commodities which he did not invent.
WORKS CITED
Kao, R.W.Y. “Defining Entrepreneurship: Past, Present and?” Creativity and Innovation Management. (1993) 2:69-70.<http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8691.1993.tb00073.x>
Kurakto, f. D. Introduction to Entrepreneurship. South-Western Canada: Cengage Learning, 2009.
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