Page 78 - Ai_C10_Flipbook
P. 78
• Long Working Hours: Entrepreneurs typically work long hours, including evenings and weekends, to build and
sustain their businesses. This can lead to burnout and strain personal relationships.
• Risk of Failure: The failure rate for startups and new businesses is high. Many ventures fail due to market
changes, competition, or unforeseen challenges.
• Increased Responsibility: Entrepreneurs often bear ultimate responsibility for the success or failure of their
ventures. This includes managing employees, satisfying customers, managing legal and regulatory issues, and more.
• Work-Life Balance: Achieving a balance between work and personal life can be challenging for entrepreneurs,
as the demands of the business often take priority.
• High Pressure: The pressure to innovate, compete, and grow can be intense, leading to stress and anxiety
among entrepreneurs.
Despite these challenges, many entrepreneurs find fulfillment and success by overcoming obstacles, learning from
setbacks, and pursuing their vision with passion and determination.
Myths/Misconceptions about Entrepreneurship
Following are some of the myths/misconceptions about entrepreneurship:
• Entrepreneurs are Born not Made: Some believe that only those with certain inherit traits can succeed in life
as an entrepreneur. Being an entrepreneurs starts with a way of thinking.
If you believe that anything is possible and think of an idea that you want to work on then it shall be achieved.
Entrepreneurship is a learned skill, not a natural-born ability. It takes immense dedication, discipline, and hard
work to become a successful entrepreneur. It involves creating unique business ideas followed by launching and
running a new venture.
• Every Business Idea Needs to be Unique or Special: It is not always a new idea that makes you an entrepreneur.
You can take an existing idea and make your own business out of it. Only it needs a potential idea and a proper
execution to become reality.
• Only a Person having a Big Business is an Entrepreneur: Entrepreneurs are individuals who identify
opportunities, take risks and innovate to bring new products, services or solutions to the market. This can
happen in business of any size. Many successful entrepreneurs start with small business and gradually scale up.
• A Lot of Money is Required to Start any Business: The amount of money you invest in a business varies depending
on the type of business. If you are selling an idea, then no investment is required. Somewhere you need very little
money to begin and survive in a business. Depending on how much money you have or can borrow, you can start a
business with that much money. Once you make more money, you can put that into your business to make it bigger.
Entrepreneurship as a Career Option
Every entrepreneur has a different reason to start their own business. Some were sure from the beginning that
they wanted to be self-employed and work for themselves. Others after working for fixed hours and fixed salaries
as wage employed decided to shift to entrepreneurship. After getting the awareness of the two career choices, it
is important to understand, how taking the route of entrepreneurship benefits an individual.
A career is a line of work that a person takes for life. A person who becomes an entrepreneur goes through a career
process. This process is as follows:
• Enter: It means implementing an idea by starting a business and entering a new market. For example, Amit is
starting a small stationery store in his locality.
• Survive: It means to remain in the competitive market in between other entrepreneurs dealing with the same
business. For example, there are many other stationery stores in the area. Despite this, Amit is surviving the
competition and doing well. He even bought the next-door shop and expanded his small store to a big fancy
stationery outlet.
76 Artificial Intelligence Play (Ver 1.0)-X

