The chapter discusses dispelling common myths about entrepreneurs, the different pathways one can take to become an entrepreneur, and how to prepare to become an entrepreneur. It outlines seven common myths, describes different entrepreneurial pathways such as home-based, internet, or corporate ventures. It also provides tips for preparing like finding a mentor, building skills, and conducting industry research.

1. Chapter 2
Preparing for the
Entrepreneurial
Journey

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Learning Objectives
• Dispel myths about entrepreneurs
• Understand the pathways to entrepreneurship.
• Prepare to become an entrepreneur.

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Seven Myths *
1. Entrepreneurs start businesses solely to make
money
2. It takes a lot of money to start a business
3. It takes a great idea
4. The bigger the risk, the bigger the reward
5. A business plan is required for success
6. Entrepreneurship is for the young and reckless
7. Entrepreneurship cannot be taught

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Pathways to Entrepreneurship
• The home-based entrepreneur
• The internet entrepreneur
• The serial or portfolio entrepreneur
• The traditional entrepreneur
• The nonprofit entrepreneur
• The corporate venturer

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Table 2.1: Challenges and Opportunities
with the Entrepreneur Career Path

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Preparing to be an Entrepreneur
• Find a mentor
• Build a network
• Learn about entrepreneurs
• Identify reasons for wanting to own a business
• Analyze personality and business preferences
• Improve or acquire critical skills
• Study an industry

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New Venture Checklist
 Do you have what it takes to make it as an
entrepreneur?
 Why do you want to start a business?
 What type of business would be good for
you?