Myths / Realities About Entrepreneurs l Myth 1 (Timmons) Entrepreneurs Are Born, Not Made - Text :...

Myths / Realities About Myths / Realities About EntrepreneursEntrepreneurs

Myth 1 (Timmons)

Entrepreneurs Are Born, Not Made

- Text : Not really. Experience provides self-development & pattern recognition leading to success


Myth 1 (Timmons)

Entrepreneurs Are Born, Not Made

- Instructor’s Take

Maybe so, but wanting and being willing to sacrifice whatever is required to lead an entrepreneurial life-style is a matter of personality, not experience.


Myth 2 (Timmons)

Anyone Can Start a Business

- Text : True, but the hard part is sustaining and growing it.

- Instructor’s Take : Agree


Myth 3 (Timmons)

Entrepreneurs Are Gamblers- Text : Not really. Entrepreneurs are

calculated risk takers.

- Instructor’s Take : Agree; and they are particularly good at recognizing the difference.


Myth 4 (Timmons)

Entrepreneurs Want the Whole Show To Themselves

- Text : Not really. Entrepreneurs recognize that they must allocate responsibilities and empower others to grow, rather than make a solo living.


Myth 4 (Timmons)

Entrepreneurs Want the Whole Show To Themselves

- Instructor’s Take : Well, yes and no. While the premise provided is true, it is also true that many want the authority that accompanies the responsibility.


Myth 5 (Timmons)

Entrepreneurs Are Their Own Bosses & Completely Independent

- Text : Not really. Entrepreneurs often must answer to a number of stakeholders. They can however, make a number of ‘free choices’.


Myth 5 (Timmons)

Entrepreneurs Are Their Own Bosses & Completely Independent

- Instructor’s Take : Agree, but more so. Nothing’s funnier than hearing : “you’re the boss, you can take off whenever you want”. Also, the number of ‘free choices’ you can make is limited.


Myth 6 (Timmons)

Entrepreneurs Work Longer & Harder Than Managers In Big Companies

- Text : Not really. Some do, some don’t.


Myth 6 (Timmons)

Entrepreneurs Work Longer & Harder Than Managers In Big Companies

- Instructor’s Take : Depends on the company. In general, successful entrepreneurs generally work harder and longer than the typical corporate manager.


Myth 7 (Timmons)

Entrepreneurs Experience a Great Deal of Stress & Pay a High Price

- Text : Not really. While stressful & demanding, satisfaction and accomplishment is high. Also, they tend to be healthier & less likely to retire.


Myth 7 (Timmons)


- Instructor’s Take : Health is not an indicator of lack of stress. Stress levels are never higher than when you’re the one that has to make a payroll, or someone’s kid can’t make the tuition payment this Fall. Also, many successful entrepreneurs pay a high price as internally rather than externally measured.


Myth 7 (Timmons)


- P.S. :“Sometimes it’s hard to keep your momentum,

When you’re the one you’re following”

- Madonna (Evita)


Myth 8 (Timmons)

Starting a Business is Risky & Often Ends in Failure

- Text : Sometimes, but while businesses fail, entrepreneurs learn.


Myth 8 (Timmons)

Starting a Business is Risky & Often Ends in Failure

- Instructor’s Take : The unwillingness to even consider or accept the possibility of the failure of the business is the entrepreneur’s greatest source of fear, and at the same time, primary motivator. That’s why ‘sometimes’ is true.


Myth 9 (Timmons)

Money is the Most Important Start-Up Ingredient

- Text : Money is one of the least important ingredients.

- Instructor’s Take : Agree; particularly in the case of service companies.


Myth 10 (Timmons)

Entrepreneurs Should Be Young & Energetic

- Text : Age is no barrier.

- Instructor’s Take : Some people are born 60. Persistence, energy, and commitment are omnipotent.


Myth 11 (Timmons)

Entrepreneurs Are Motivated Solely By the Quest for the Almighty Dollar

- Text : Money is a tool, and used to keep score. Entrepreneurs are capable of delaying gratification.


Myth 11 (Timmons)

Entrepreneurs Are Motivated Solely By the Quest for the Almighty Dollar

- Instructor’s Take : Stated in such a polarized way, hard to disagree. Importance varies from individual to individual. Generally not inconsequential, except among those born wealthy (personal opinion).


Myth 12 (Timmons)

Entrepreneurs Seek Power & Control Over Others

- Text : Power and influence are natural outcomes, not goals or objectives.


Myth 12 (Timmons)

Entrepreneurs Seek Power & Control Over Others

- Instructor’s Take : Agree, but take careful note that in starting up and managing a small business, nothing may turn out to be more critical than who you hire.


Myth 13 (Timmons)

If An Entrepreneur Is Talented, Success Will Happen In A Year or Two

- Text : Rarely is a new business established solidly in less than 3 or 4 years.


Myth 13 (Timmons)

If An Entrepreneur Is Talented, Success Will Happen In A Year or Two

- Instructor’s Take : Depends on how one describes or measures “success’.


Myth 14 (Timmons)

Any Entrepreneur With A Good Idea Can Raise Venture Capital

- Text : Only 1 out of 3 is funded

- Instructor’s Take : If ‘.com’ is the name of the company, a good idea may not even be necessary, though.


Myth 15 (Timmons)

If An Entrepreneur Has Enough Start-Up Capital, He or She Can’t Miss

- Text : The opposite is often true.

- Instructor’s Take : Agree; and in some examples, more so.


Myth 16 (Timmons)

Entrepreneurs Are Lone Wolves & Cannot Work With Others

- Text : Successful entrepreneurs build strong teams and work well with others.


Myth 16 (Timmons)

Entrepreneurs Are Lone Wolves & Cannot Work With Others

- Instructor’s Take : Yes, but not the entire story. Many individuals have a difficult time working with the entrepreneur due to intimidation or variability in work ethics.


Myth 17 (Timmons)

Unless You Attained 600+ on Your SATs or GMATs You’ll Never Be a Successful Entrepreneur

- Text : Not true. A unique combination of many other characteristics is more important.

- Instructor’s Take : Pretty much agree. See next slide / section.

Traits of Successful Traits of Successful Entrepreneurs*Entrepreneurs*

Desire Initiative

/Aggressiveness Energy Low Support Needs Thrive on Ambiguity Perseverance

Responsibility Problem-Solving Persuasive Self-Discipline Value of Money Self-Confidence Ego Development Market Awareness

*FastTracII Handbook

Entrepreneurs’ Entrepreneurs’ Personal Criteria*Personal Criteria*

Job Security Money Lifestyle Power Age

Health Location Investment Attitudes Answer questions on Answer questions on

12-1512-15

*FastTracI Handbook

Entrepreneurs’ Entrepreneurs’ Business Criteria*Business Criteria*

Size & Growth Sources of

Money (Debt or Equity?)

Position in the System

Ownership

Control Legal Strategy Compensation Tax Strategy Answer Questions Answer Questions

on 20-21on 20-21

*FastTracI Handbook

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