Definition:

          Entrepreneurship is the dynamic process of vision and creation with the putting in of energy and passion . “Entrepreneur is one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity” (Wikipedia).

Myths of Entrepreneurship

          Some of the common myths developed about entrepreneurship which are false, are stated below and few statements which will help you realize that these are false. 

Myth 1: Entrepreneurs Are Doers, Not Thinkers

          Although entrepreneurs are largely actors, they also think. Because, we say they are calculated risk takers, entrepreneurs evaluate before embarking on a business venture or giving themselves a target. Therefore, they are thinkers.

Myth 2: Entrepreneurs Are Born, Not Made

          The thought that entrepreneurs are born with the characteristics that they mostly have in common such as: creativity, risk taking, motivation, etc, have been proven otherwise with the introduction of entrepreneurship as a field of study. Now people who study this topic can acquire the knowledge and become entrepreneurs.

Myth 3: Entrepreneurs Are Always Inventors

          Many inventors are entrepreneurs and many entrepreneurs are connected or involved in innovation. Some entrepreneurs innovate while some hire people to invent for them or help innovators to create new things. Some entrepreneurs don’t really invent but instead they find invented things and invest their money in producing more of that thing and selling them.

 Myth 4: Entrepreneurs Are Academic and Social Misfits

          In the past years most entrepreneurs were school dropouts, who start their business from small scale and due to experience, were able to grow over time. The belief that all entrepreneurs are academic and social misfit is fast becoming a thing of the past, as most of the successful entrepreneurs now are “role models academically, economically, and socially due to the recognition of entrepreneurship in educational organizations”.

Myth 5: Entrepreneurs Must Fit the Profile

          Many people belief that before you become an entrepreneur you have to possess certain characters that are common in most successful entrepreneurs. But these standard profiles are hard to record as different environments and enterprises exist.

Myth 6: All Entrepreneurs Need Is Money

          Money is the biggest factor in planning and establishing a business and without adequate fund the business is likely to collapse. But it is not the only factor in running a business enterprise. A business likewise needs a determined and hardworking management for it to be successful. So it will be misleading to say entrepreneurs just need money.

 Experiential Exercise
           Hey, do you know something? We were told by our instructor to do an exercise  in page 24 of "Introduction to Entrepreneurship" by Kuratko. Its about understanding ones belief about successful entrepreneurs and after finishing the exercise, I turned out to be an excellent performer with 80%. I was surprised because i never thought that i know a lot about entrepreneurs and that the myths i had were becoming a thing of the past. I am advising you viewer to try this exercise if you have the textbook and tell me how much you realized about some of these misconceptions.