Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
SlideShare a Scribd company logo

Lesson 12.pdf

•
•

The document discusses several common myths about entrepreneurship: 1) It is a myth that a new business will automatically be embraced by the local community, as there are many factors that determine acceptance. Entrepreneurs must find creative ways to provide affordable products and offer some solutions to community problems. 2) The myth that one needs to "hate their boss" to be an entrepreneur is untrue - entrepreneurs must submit to clients and regulations. Being an entrepreneur means constantly solving complex business issues and balancing work with personal life. 3) Contrary to myths, personal businesses are not independent of government as they generate taxable income and are impacted by regulations, laws, and political systems.

1 of 2
Download to read offline

1

LESSON 12 THE MYTHS OF ENTREPRENEURSHIP The following are samples of the numerous myths of entrepreneurship: The Entrepreneur and Society It is a general assumption that the community will definitely embrace the products or services of a new business in their locality. Whether the business is the first of its kind or its an addition to similar ventures, there are many factors that will determine this. An entrepreneur will always have to come up with creative ways to better the existing technologies such that they result in the production of fairly affordable products for all members of the community. Entrepreneurship may not solve all the problems of a disintegrating community, but entrepreneurs do offer some solutions. They have a reputation for being innovators and job creators, and they provide benefits to society. Entrepreneurship and Self-Employment Contempt of authority is not the same thing as being entrepreneur-minded. It is a character problem. There are better reasons to start a business and “hating your boss” is certainly not one of them. Even when you are in own business you have to submit to the requirements of your clients and the tax-man. Sometimes you’ll be forced to wake up at wee hours of the night just to attend to the needs of your business. Entrepreneurs are (almost) always busy solving complex issues to do with their companies. In fact, if you are not careful, you might be so immersed into your line of business until you forget that you have a life to live. Government and Entrepreneurship It is a misconception that personal businesses are extremely independent of government. On the contrary, these activities generate income that is taxable by the government thus assisting government to pay public servants. The political system, government legislation, customers, employees, competition are some of the environmental factors that may have impact on survival of new venture or the success of the entrepreneur. For instance, government regulations can impact the survival of a business. This applies to both newly introduced laws and revision of existing laws.

2

How to Become an Entrepreneur Many people assume that entrepreneurs are born that way; and that only people who have certain natural talents can be entrepreneurs. However, the truth is that almost anyone can become an entrepreneur if they can learn the necessary skills. Many people also believe that all it takes is to have a fantastic idea for a company. While the notion isn’t entirely false, it is misleading. Even the very best ideas; ones with the potential to disrupt an entire industry, need proper execution to become reality. Ideas are important, but so are planning, talent, leadership, communication, among other factors.

More Related Content

Lesson 12.pdf

  • 1. LESSON 12 THE MYTHS OF ENTREPRENEURSHIP The following are samples of the numerous myths of entrepreneurship: The Entrepreneur and Society It is a general assumption that the community will definitely embrace the products or services of a new business in their locality. Whether the business is the first of its kind or its an addition to similar ventures, there are many factors that will determine this. An entrepreneur will always have to come up with creative ways to better the existing technologies such that they result in the production of fairly affordable products for all members of the community. Entrepreneurship may not solve all the problems of a disintegrating community, but entrepreneurs do offer some solutions. They have a reputation for being innovators and job creators, and they provide benefits to society. Entrepreneurship and Self-Employment Contempt of authority is not the same thing as being entrepreneur-minded. It is a character problem. There are better reasons to start a business and “hating your boss” is certainly not one of them. Even when you are in own business you have to submit to the requirements of your clients and the tax-man. Sometimes you’ll be forced to wake up at wee hours of the night just to attend to the needs of your business. Entrepreneurs are (almost) always busy solving complex issues to do with their companies. In fact, if you are not careful, you might be so immersed into your line of business until you forget that you have a life to live. Government and Entrepreneurship It is a misconception that personal businesses are extremely independent of government. On the contrary, these activities generate income that is taxable by the government thus assisting government to pay public servants. The political system, government legislation, customers, employees, competition are some of the environmental factors that may have impact on survival of new venture or the success of the entrepreneur. For instance, government regulations can impact the survival of a business. This applies to both newly introduced laws and revision of existing laws.
  • 2. How to Become an Entrepreneur Many people assume that entrepreneurs are born that way; and that only people who have certain natural talents can be entrepreneurs. However, the truth is that almost anyone can become an entrepreneur if they can learn the necessary skills. Many people also believe that all it takes is to have a fantastic idea for a company. While the notion isn’t entirely false, it is misleading. Even the very best ideas; ones with the potential to disrupt an entire industry, need proper execution to become reality. Ideas are important, but so are planning, talent, leadership, communication, among other factors.