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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.
• Grow: It means after attaining a reputation and stability, an entrepreneur plans to expand the existing business. For
example, after a few years, Amit has opened a chain of three more stationery stores in the same city. He even plans
to expand it to other neighboring cities as a new brand.
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