Entrepreneurs..... Myths and Realities

Myth 1 - Entrepreneurs are risk takers

Reality: They do take calculated risks but spend a great deal of time and energy trying to minimise the risks.

Myth 2 - Entrepreneurs are born not made

Reality: They often serve an apprenticeship acquiring skills, contacts and experiences often over 10 years to enable them to start their business. This is purposeful practice.

Myth 3 - Raising money from the bank is the biggest blockage

Reality: 80% of start up capital is from personal savings, 30% from family and friends and only 15% from banks.

Myth 4 - Any good idea can be turned into a successful business

Reality: Entrepreneurs understand the difference between an idea - something they are passionate about - and an opportunity - something which solves a customer problem.

Myth 5 - Starting a business is risky and often ends in failure

Reality: Most businesses that end simply cease trading, they do not fail. Less than 2% actually go bankrupt.

Myth 6 - Entrepreneurs are egotistical, independent and want to be their own masters

Reality: Entrepreneurs are egotistical, independent and want to be their own masters!

There, entrepreneurial myths, sorted!