ation:Another distinguishing function of the entrepreneur, as emphasised by Schumpeter, is to make frequent inventions — invention of new products, new techniques and discovering new markets — to improve his competitive position, and to increase earnings.
Myths About Entrepreneurs-:
1. Entrepreneurs don’t have a personal life-: Lots of people think that entrepreneurs work 24 hours a day, 365 days a year. Working nonstop means that you won’t have time for your family, friends, and leisure activities.While it’s true that entrepreneurship can take grueling hours and commitment, it’s not true that you can’t have a personal life.
2.Entrepreneurs Are High Risk Takers-: Entrepreneurs, Rye states, are often thought of in terms of the risk they assume. Even the dictionary describes an entrepreneur as one who assumes business risks. However, like all prudent business people, entrepreneurs know that taking high risks is a gamble. Entrepreneurs are neither high nor low risk takers. They prefer situations in which they can influence the outcome, and they like challenges if they believe the odds are in their favor.
3.Entrepreneurs are born, not made-:This is the same as saying that you can't teach entrepreneurship. According to management guru Peter Drucker, entrepreneurship is a discipline that can be learned. Passion and persistence may be in your genes, but it takes work to develop the skills that entrepreneurs have.
4.You need a business plan to succeed-:Sure, investors and lenders want to see a business plan before handing you a wad of cash, but if you don't need these resources at start up, you may be able to launch your business based on the results of a feasibility analysis and then get some traction with customers.
5. Entrepreneurs are in it for the money-:some entrepreneurs do think that making money is what it's all about, but the #1 reason that most entrepreneurs start businesses is independence -- the ability to create something they can call their own instead of working for someone else. Entrepreneurs want to control their destiny.
Entrepreneurship as a Career Option-:
A career in Entrepreneurship isn’t for just anyone. This demanding and exciting field requires passion, focus and the willingness to take risks. Entrepreneurs take problems or inconveniences in life and see them as an opportunity to create a product or service. Though salaries vary, working for a successful start-up can also end up being incredibly lucrative, not to mention an exciting experience. Enjoying what you do and feeling passionate about your work will make you a happier person in the long term. These days, entrepreneurs are not just seen starting companies, but they are also playing constructive roles in various fields including education, in government sector and in the social sector.
Entrepreneurship as a profession also offers a great sense of independence and a tremendous amount of job satisfaction.
Entrepreneurship is important for two reasons. One, it furthers innovation to find new solutions to existing and emerging demands. Two, it offers far greater opportunities for wealth creation for self and the society than anything else. Entrepreneurship has its challenges. It is about 20 per cent luck and 80 per cent effort, clarity, courage, confidence, passion and above all smartness.There is no age bar to entrepreneurship. But youth is certainly more suited to take up an entrepreneurial venture because they are technologically precocious, do not fear from change and challenge, and have greater ability to see things differently.
Benefits / Career option of being an entrepreneur-:
1. You set your own schedule-:Though entrepreneurship can often require long hours, the benefit of building a business is that you are in charge of deciding when you want to work. Instead of the monotonous 9-5 set-up, you’re able to have more independence and freedom. It’s not that you are doing less work, but rather that you’re able to choose when you want to work in order to accommodate other activities in your life.
2. You believe in what you do-:Working in entrepren