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SESSION 3 Myths about Entrepreneurship
In this session, we will discuss some common myths about entrepreneurship that often lead to confusion. We
will also explore the key differences between an entrepreneur and a businessman. While both are involved
in starting and running businesses, their approaches, goals, and mindsets are quite different. Understanding
these differences will give you a clearer understanding of what entrepreneurship truly involves.
COMMON MYTHS ABOUT ENTREPRENEURSHIP
We often hear the stories about entrepreneurs, how great their life is and sometimes how bad they are
struggling. Entrepreneurship is a journey and an entrepreneur has to go through many ups and downs. Reality
is the state of things as they actually exist, rather than as they may appear or might be imagined. In other
words reality includes everything that is and has been, whether or not it is observable or comprehensible
whereas a myth, or a misconception is a false belief or opinion about something. There are many myths about
entrepreneurship which blow up people who have thought of it. Each entrepreneur looks into demand and
then bring ideas. They may take idea that is already in the market and apply fresh new ideas to it. Being an
entrepreneur is like exploring a world full of possibilities, but there are myths about starting a business that
aren't true. These include expecting overnight success, thinking you need a perfect idea, and believing in the
"no risk, no reward" theory. Some of the common myths about entrepreneurship are as follows:
Misconception 1
Every business idea needs to be unique or special: Many aspiring entrepreneurs believe that their business
idea must be completely unique or groundbreaking to succeed. However, successful businesses often improve
upon existing ideas or cater to specific niches rather than reinventing the wheel entirely.
For example, Flipkart, founded by Sachin Bansal and Binny Bansal, started as an online bookstore in 2007.
While online shopping was not a new concept globally, Flipkart innovated by focusing on the Indian market,
offering a user-friendly platform, reliable delivery services, and a wide selection of products. This approach
helped Flipkart become one of India's largest e-commerce companies, challenging established norms and
paving the way for others in the industry.
Misconception 2
You need a lot of money to start a business: Many people believe that starting a business requires substantial
capital investment. While some businesses do require significant funding, many successful ventures have
started small and grown gradually through reinvestment of profits or by securing initial funding through
loans, grants, or crowd funding.
For example, Zoho Corporation, founded by Sridhar Vembu in 1996, began as a small startup in a small town
in Tamil Nadu. Initially funded with minimal capital, Zoho developed a suite of online productivity tools and
enterprise software. The company grew organically, reinvesting profits into expanding its product offerings
and global reach. Today, Zoho is a global leader in cloud-based software, demonstrating that successful
businesses can start small and scale without massive initial investments.
Misconception 3
Only a person running a large business can be called an entrepreneur: There's a common belief that
entrepreneurs are only those who manage large corporations or enterprises. In reality, entrepreneurship
encompasses a wide range of ventures, from small startups to large-scale enterprises.
For example, Narayana Murthy, along with six other co-founders, started Infosys in 1981 with a small
initial investment. The company began as a small software development firm in Pune and later moved its
headquarters to Bangalore.
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