Entrepreneurship is only brooding in India and because of its ‘too-good-to-be-true’ nature, there are plenty of not-true myths circulating around the surface. Many aspiring business makers back off because of the negative halla-boo that encompasses the fruitful arena of entrepreneurship and business-making.
Here are the top 5 of those much-talked but not-true myths about entrepreneurs in India:
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.
Not true! In fact, every year Inc magazine profiles businesses that have started on $1,000 or less. And among Inc’s annual list of the 5000 fastest-growing private companies, there is no direct relationship between the amount of start-up capital invested and ultimate business success.
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 startup, you may be able to launch your business based on the results of a feasibility analysis and then get some traction with customers. Some Internet entrepreneurs, like Richard Rosenblatt of Demand Media, know how to get a website up and making money within a couple weeks. These savvy entrepreneurs know that testing the market is more important than spending the time to write a business plan.
Okay, 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.
You definitely do not have to be young to be a successful entrepreneur. In fact, a Global Entrepreneurship Monitor report found that the number of older adults who are self-employed outweighs that of young adults. Entrepreneurship is for all ages!
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