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Myths' on entrepreneurship
i. The Risk-Taking Myth
"Most successful entrepreneurs take wild, un calculated risks- in starting their companies."
Risk is an intrinsic part, of any business venture. It is only later on the development of the company, when the business has created some real value, that entrepreneurs risk losing it all if they are to continue growing.
ii. The High-Tech Invention myth:
"Most successful entrepreneurs start their companies with, a breakthrough invention—usually technological in nature."
Having a breakthrough invention, a unique product or a radically new process is not a necessary element at the beginning of most successful growth companies.
iii. The Expert Myth:
’ "Most successful entrepreneurs have strong track records and years of experience in their industries."
While founders of successful companies may become knowledgeable and prominent in their field later on, early-stage growth companies, are just as likely to be started by relative .' amateurs with little .background experience in the field.
iv. The Strategic Vision Myth:
"Most successful entrepreneurs have a well considered business plan and have researched if and developed their ideas before taking action."
Strategic planning and research are in fact hallmarks of the later stages of development, rather than a necessary initial ingredient. For many startups, extensive research and .planning are often both unnecessary and financially impossible. At this early stage, adaptive ness is much more important than a thorough, rationalized decision making process;
v. The Venture Capital Myth:
"Most successful entrepreneurs start their companies with millions in venture capital to develop their idea, buy supplies,- and hire employees."
Venture capital is dominant in some industry sectors-biotech, some high-tech startups, internet- where capital requirements force companies to skip the early growth stages. But it or any other type of formal financial support-is surprisingly uncommon among most successful entrepreneurial growth companies at their early stages of development.
marto answered the question on January 29, 2019 at 11:42
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