Myths of Entrepreneurship & Process of Entrepreneurship

Myths of Entrepreneurship

          By myths of entrepreneurship we mean the believes about the creation and running of enterprises in our country. The most common are the following;

• §  Starting an entrepreneurship is easy in our society but running for a long term is difficult.
• §  A lot of money needed in the form of capital to run a new business.
• §  A lot of entrepreneurs use debt rather than equity to fund their enterprises.
• §  Banks don’t lend money to start – ups.
• §  Most entrepreneurs start businesses in attractive industries.
• §  The growth of start –up depends more on an entrepreneur’s talents than on the business he chooses.
• §  Most creative product producing enterprises are successful financially.

Process of Entrepreneurship

Entrepreneur is a creative person, he has to do lots of different activities for carrying out his business. Following are the different steps in the creation of an enterprise.

§  Self Discovery : Finding out new ideas he can do, and analyse their strength and weaknesses. Also analyse its potential opportunities in the market.

§  Identifying Opportunities : Search for unsatisfied needs and wants, problems and challenges of the society. It will give new opportunity for starting a new enterprise.

§  Generating and Evaluating Ideas : Using creativity and past experience to devise new and innovative ways to satisfy the needs , wants , problems and challenges of the society.

§  Planning : Researching and identifying resources needed to make the idea successful one. Plan all the activities for making the idea into a good venture.

§  Raising Start-up Capital : Using the business plan , entrepreneur has to collect the necessary amount of funds to start the business.

§  Start-up : Starting the production activities or collection of goods and services, distribution of goods and services to needy people, creation of a good collection of regular customers.

§  Growth : Develop the business with new strategic plans and changing technologies .

§  Harvest : Marketing the products and harvesting the rewards.