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Myths of entrepreneurs

Let me list some of the more familiar myths about entrepreneurship and then venture into the realities behind these myths.

Entrepreneurs are born, not made…

The reality is that entrepreneurs are born with certain native intelligence, a flair for creating 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, know-how, experiences, and contacts over a period of years and includes large doses of self-development. The creative capacity to envision and then pursue an opportunity is a direct descendant of at least 10 or more years of experience that lead to pattern recognition.

Anyone can start a business…

Entrepreneurs who recognize the difference between an idea and an opportunity, and who think big enough, start businesses that have a better chance of succeeding. Luck, to the extent it is involved, requires good preparation. And the easiest part is starting. What is hardest is surviving, sustaining, and building a venture so its founders can realise a harvest. Perhaps only one in 10 to 20 new businesses that survive 5 years or more results in a capital gain for the founders.

Entrepreneurs are gamblers…

The reality though is that successful entrepreneurs take very careful, calculated risks. They try to influence the odds, often by getting others to share risk with them and by avoiding or minimizing risks if they have the choice. Often, they slice up 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 to take unnecessary risk, nor do they shy away from unavoidable risk.

Entrepreneurs want the whole show to themselves.

Owning and running the whole show effectively puts a ceiling on growth. Solo entrepreneurs usually make a living.  It is extremely difficult to grow a higher potential venture by working single-handedly. Higher potential entrepreneurs build a team, an organization and a company. Besides, 100 percent of nothing is nothing, so rather than taking a large piece of the pie, they work to make the pie bigger.