Ent pren Entrepreneurs are born, not made h entrepreneurs are born with certain
ID: 327998 • Letter: E
Question
Ent pren Entrepreneurs are born, not made h entrepreneurs are born with certain native intelligence, a flair for y, these talents by themselves do not guarantee success. Adaptive east 10 or more years of experience that lead to pattern recognition. neurs who recognize the difference between an idea and an tal accumulate the relevant skills, know-how, experiences, and contacts of vears. The creative capacity to envision and then pursue an opportunity creating, and energy, is earned from at o Myth 2-Anyone can start a business ity-Entrewho think big enough, start businesses that have a better chance of opporturn And the easiest part is starting. What is hardest is surviving, sustaining, and pre in a venture so its founders can realize a harvest. Perhaps only 1 in 10 to 20 new s that survive five years or more results in a capital gain for the founders. bul nesse Myth 3-Entrepreneurs are gamblers lity-Successful entrepreneurs take very careful, calcuiated risks. They try to e the odds, often by getting others to share risk with them and by avoiding or mizing risks if they have the choice. Often the y slice up the risk into smaller, quite ble pieces; only then do they commit the time or resources to determine whether at piece will work. Myth 4-Entrepreneurs want the whole show to th Reality-Ow entrepreneurs usually make a living. It is extremely difficult to grow a higher-pot ning and running the whole show effectively puts a ceiling on growth. Solo nture by working single-handedly. Higher-potential entrepreneurs build team, an organization, and a company Myth 5-Entrepreneurs are their own bosses and completely independent. Reality-Entrepreneurs are far from independent and have to serve many constituencies, including partners, investors, customers, suppliers, creditors, employees, families, and those involved in social and community obligations. Entrepreneurs however, can make free choices of whether, when, and what they care to respond to Myth 6-Entrepreneurs work longer and harder than managers in big companies. Reality-There is no evidence that all entrepreneurs work more than their corporate counterparts. Some do, some do not. Some actually report that they work less. Myth 7-Entrepreneurs experience a great deal of stress and pay a high price Heality-Being an entrepreneur is stressful and demanding. But there is no evidence t f ls any more stressful than numerous other highly demanding professional and entrepreneurs find their jobs very satisfying. They have a high sense of for others. roles , are healthier, and are much less likely to retire than those who work an entrepreneur is talented, success will happen in a year or axim among venture capitalists says it all: The lemons ripen in two and e pearls take seven or eight. Rarely is a new business established Reality-An old a half years, but the Solidly in less than three or four yea tr epreneurs are lone wolves and cannot work with others. -The most successful entrepreneurs are leaders who build great teams and suppliers, and the like uonships working with peers, directors, investors, key customers, k uccessful entrepreneur you attained 600 or higher on your GMATs, you'll never be a Entrepreneurial IQ is P, team buil d neurial IQ is a unique combination of creativity, motivation, inte ding, analytical ability, and ability to deal with ambiguity andExplanation / Answer
Of all the given myths, the myth-5 that says, “Entrepreneurs are their own bosses and completely independent” is the most damaging and can have severe impact on the success rate of an entrepreneur. In order to make their idea successful, entrepreneurs have to constantly work with different stakeholders such as customers, employees, vendors, mentors, consultants, creditors, investors, advisors, etc. The entrepreneur must ensure that the needs of these stakeholders are met ahead of his or her own needs. If someone believes that he can achieve success on his own, working independently, without getting involved with people, then he is surely bound to fail. The success of entrepreneurs largely depends on his or her own ability to serve people and making sure that the goals of different stakeholders are aligned to the goal and vision of the entrepreneur himself. Every successful business is an outcome of the hard work of all the people involved in the business and not just of the founder/CEO alone. Infact, the role of the entrepreneur founding the business majorly revolves around being a bounding force of the team and leading, motivating the team towards achieving the organizational objectives.
However, one can surely say that entrepreneurs are independent in their decision-making and can decide the direction in which they they want to take their organization. The entrepreneurs are independent in strategic thinking and can mould their policies and guidelines to suit the organizational objectives. But, in order to achieve those objectives, the entrepreneurs have to rely on other people and make success happen.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.