Entrepreneurship

1. Entrepreneurship Development

2. Businessmen invest energy, resources and time to run the business based
on an already existing model. On the other hand, an entrepreneur is
someone who invests energy, resources and time to build a model that is
original and has been evolved from scratch.
• Differences between a Businessman and Entrepreneur

3. 1. On the originality of idea
A businessman can make a business out of an unoriginal business or product idea. He enters into
existing businesses, such as franchising and retailing. He chooses a hot and profitable business
idea regardless of whether it is his original idea or borrowed from someone else.
An entrepreneur is an inventor and the first creator of a product. He invests time, energy and
money on his own idea. He doesn’t start a business from an unoriginal idea. That is why he starts
on a startup while a businessman starts on a business.
2. On the purpose of doing
Most businessmen are doing business for profit, livelihood, for reaching their financial goals, and
for becoming their own boss. Though, there are some business people who are not profit-
oriented but people-oriented, that is, they are more concerned on the welfare of their workers
and the satisfaction of their customers. Entrepreneurs are more concerned on changing the
world. They want to pursue their passion and achieve an ultimate goal. They are not keen on
financial returns, rather they are focused on what they can offer to the world. Their purpose for
entrepreneurship is simply to make a difference in this world.

4. 3. On the degree of risks taken
Businessmen take calculated and managed risks. They cannot afford to lose money and suffer
from bankruptcy. That is why they always do the Math when it comes to business. Entrepreneurs
are like sky divers. They take crazy risks. They often don’t care of losing time and money just to
pursue their passion. But since they do it with love, joy and passion, they often gain
extraordinary rewards. Entrepreneurs, since they do the things they love the most, they do it
with the best of themselves, resulting to greater success.
4. On how he treats employees
A business owner is an employer and a manager. He hires employees and workers to help his
business grow. An entrepreneur is a friend and a leader. He finds peers and PEOPLE, whom he
will never treat as machines. He invites them to help them grow.

5. 5. On how he treats customers
A business owner usually sees customers as his source of sales and revenues. For him, customers
are the lifeblood of his business. An entrepreneur sees customers as his source of duty and
fulfillment. For him, customers are his own life blood.
6. On how he sees the competition
A business owner tries hard to beat his competitors and win the competition. He also considers
cooperation rather than competition to achieve certain goals. An entrepreneur tries hard to beat
his worst competitor – himself.
7. On what he thinks of money
Losing money is one of the biggest worries of businessmen. Most business owners rely on a good
economy to start, operate and attain success in business, especially in the retail, franchising and
financing industry. Entrepreneurs do not worry a lot about money since they can always start
from a scratch. Some entrepreneurs don’t really care about money at all.

6. 8. On how he deals with time
A businessman doesn’t waste time. He always check the clock and doesn’t want any work or
output to be delayed out of schedule. He is fast and always on the go. An entrepreneur works
like an artist or a scientist in a lab. His product is his masterpiece. That is why he can be slow and
could spend a longer period of time to finish and perfect his product.
9. On how he sees the world
A businessman sees the world as an opportunity. He sees it as an opportunity to make a living.
He also sees it as an opportunity help the people living on it. An entrepreneur sees the world as
a duty rather than an opportunity.
10. On how he defines success
A businessman defines success as the success of his business and its stakeholders. Its
stakeholders include himself, co-owners, employees, customers, investors, and even his
community. An entrepreneur doesn’t define success. He simply do his job and let history defines
the success that he accomplished. Remember that this list is only according to my own opinion,
and I don’t mean to put one of them on top of the other. Both businessmen and entrepreneurs
are supposed to be the kind of people that our world needs. A businessman needs an
entrepreneur. An entrepreneur may also need a businessman. There can also be a person who is
partly a businessman and partly an entrepreneur.

12. Examples of well-known entrepreneurs include Bill Gates, Steve Jobs, Mark
Zuckerberg, Pierre Omidyar, Arianna Huffington and Caterina Fake.
The youngest entrepreneur is Tilak Mehta (16), who is the founder of
an app-based courier service in Mumbai known as 'Papers n Parcels'.

33. Factors affecting Entrepreneurship
Development
1. Economic Factors
2. Non-Economic Factors
Economic Factors
Economic environment exercises the most direct and immediate influence
on entrepreneurship. This is likely because people become entrepreneurs
due to necessity when there are no other jobs or because of opportunity.
The economic factors that affect the growth of entrepreneurship are the
following:
1. Capital
Capital is one of the most important factors of production for the
establishment of an enterprise. Increase in capital investment in viable
projects results in increase in profits which help in accelerating the process
of capital formation. Entrepreneurship activity too gets a boost with the
easy availability of funds for investment.
Availability of capital facilitates for the entrepreneur to bring together the
land of one, machine of another and raw material of yet another to combine
them to produce goods. Capital is therefore, regarded as lubricant to the
process of production.
France and Russia exemplify how the lack of capital for industrial pursuits
impeded the process of entrepreneurship and an adequate supply of
capital promoted it.
2. Labor

34. Easy availability of right type of workers also effect entrepreneurship. The
quality rather than quantity of labor influences the emergence and growth
of entrepreneurship. The problem of labor immobility can be solved by
providing infrastructural facilities including efficient transportation.
The quality rather quantity of labor is another factor which influences the
emergence of entrepreneurship. Most less developed countries are labor
rich nations owing to a dense and even
increasing population. But entrepreneurship is encouraged if there is a
mobile and flexible labor force. And, the potential advantages of low-cost
labor are regulated by the deleterious effects of labor immobility. The
considerations of economic and emotional security inhibit labor mobility.
Entrepreneurs, therefore, often find difficulty to secure sufficient labor.
3. Raw Materials
The necessity of raw materials hardly needs any emphasis for establishing
any industrial activity and its influence in the emergence of
entrepreneurship. In the absence of raw materials, neither any enterprise
can be established nor can an entrepreneur be emerged
It is one of the basic ingredients required for production. Shortage of raw
material can adversely affect entrepreneurial environment. Without
adequate supply of raw materials no industry can function properly and
emergence of entrepreneurship to is adversely affected.
In fact, the supply of raw materials is not influenced by themselves but
becomes influential depending upon other opportunity conditions. The more
favorable these conditions are, the more likely is the raw material to have
its influence of entrepreneurial emergence.
4. Market
The role and importance of market and marketing is very important for the
growth of entrepreneurship. In modern competitive world no entrepreneur
can think of surviving in the absence of latest knowledge about market and
various marketing techniques.

35. The fact remains that the potential of the market constitutes the major
determinant of probable rewards from entrepreneurial function. Frankly
speaking, if the proof of pudding lies in eating, the proof of all production
lies in consumption, i.e., marketing.
The size and composition of market both influence entrepreneurship in their
own ways. Practically, monopoly in a particular product in a market
becomes more influential for entrepreneurship than a competitive market.
However, the disadvantage of a competitive market can be cancelled to
some extent by improvement in transportation system facilitating the
movement of raw material and finished goods, and increasing the demand
for producer goods.
5. Infrastructure
Expansion of entrepreneurship presupposes properly developed
communication and transportation facilities. It not only helps to enlarge the
market, but expand the horizons of business too. Take for instance, the
establishment of post and telegraph system and construction of roads and
highways in India. It helped considerable entrepreneurial activities which
took place in the 1850s.
Apart from the above factors, institutions like trade/ business associations,
business schools, libraries, etc. also make valuable contribution towards
promoting and sustaining entrepreneurship’ in the economy. You can
gather all the information you want from these bodies. They also act as a
forum for communication and joint action.
2. Non-Economic Factors
Social Factors
Social factors can go a long way in encouraging entrepreneurship. In fact it
was the highly helpful society that made the industrial revolution a glorious
success in Europe. Strongly affect the entrepreneurial behavior, which
contribute to entrepreneurial growth. The social setting in which the people
grow, shapes their basic beliefs, values and norms.
The main components of social environment are as follows:

36. Caste Factor There are certain cultural practices and values in every
society which influence the’ actions of individuals. These practices and
value have evolved over hundred of years. For instance, consider the caste
system (the varna system) among the Hindus in India. It has divided the
population on the basis of caste into four division. The Brahmana (priest),
the Kshatriya (warrior), the Vaishya (trade) and the Shudra (artisan): It has
also defined limits to the social mobility of individuals.
By social mobility’ we mean the freedom to move from one caste to
another. The caste system does not permit an individual who is born a
Shridra to move to a higher caste. Thus, commercial activities were the
monopoly of the Vaishyas. Members of the three other Hindu Varnas did
not become interested in trade and commence, even when India had
extensive commercial inter-relations with many foreign countries.
Dominance of certain ethnical groups in entrepreneurship is a global
phenomenon
2. Family Background
This factor includes size of family, type of family and economic status of
family. In a study by Hadimani, it has been revealed that Zamindar family
helped to gain access to political power and exhibit higher level of
entrepreneurship.
Background of a family in manufacturing provided a source of industrial
entrepreneurship. Occupational and social status of the family influenced
mobility. There are certain circumstances where very few people would
have to be venturesome. For example in a society where the joint family
system is in vogue, those members of joint family who gain wealth by their
hard work denied the opportunity to enjoy the fruits of their labor because
they have to share their wealth with the other members of the family.
3. Education
Education enables one to understand the outside world and equips him
with the basic knowledge and skills to deal with day-to-day problems. In
any society, the system of education has a significant role to play in
inculcating entrepreneurial values.
In India, the system of education prior to the 20th century was based on
religion. In this rigid system, critical and questioning attitudes towards

37. society were discouraged. The caste system and the resultant occupational
structure were reinforced by such education. It promoted the idea that
business is not a respectable occupation. Later, when the British came to
our country, they introduced an education system, just to produce clerks
and accountants for the East India Company, The base of such a system,
as you can well see, is very anti-entrepreneurial.
Our educational methods have not changed much even today. The
emphasis is till on preparing students for standard jobs, rather than marking
them capable enough to stand on their feet.
4. Attitude of the Society
A related aspect to these is the attitude of the society towards
entrepreneurship. Certain societies encourage innovations and novelties,
and thus approve entrepreneurs’ actions and rewards like profits. Certain
others do not tolerate changes and in such circumstances,
entrepreneurship cannot take root and grow. Similarly, some societies have
an inherent dislike for any money-making activity. It is said, that in Russia,
in the nineteenth century, the upper classes did not like entrepreneurs. For
them, cultivating the land meant a good life. They believed that rand
belongs to God and the produce of the land was nothing but god’s blessing.
Russian folk-tales, proverbs and songs during this period carried the
message that making wealth through business was not right.
5. Cultural Value
Motives impel men to action. Entrepreneurial growth requires proper
motives like profit-making, acquisition of prestige and attainment of social
status. Ambitious and talented men would take risks and innovate if these
motives are strong. The strength of these motives depends upon the
culture of the society. If the culture is economically or monetarily oriented,
entrepreneurship would be applauded and praised; wealth accumulation as
a way of life would be appreciated. In the less developed countries, people
are not economically motivated. Monetary incentives have relatively less
attraction. People have ample opportunities of attaining social distinction by
non-economic pursuits. Men with organizational abilities are, therefore, not
dragged into business. They use their talents for non-economic end.
Psychological Factors

38. Many entrepreneurial theorists have propounded theories of
entrepreneurship that concentrate especially upon psychological factors.
These are as follows :
1. Need Achievement
The most important psychological theories of entrepreneurship was put
forward in the early) 960s by David McClelland. According to McClelland
‘need achievement’ is social motive to excel that tends to characterise
successful entrepreneurs, especially when reinforced by cultural factors.
He found that certain kinds of people, especially those who became
entrepreneurs, had this characteristic. Moreover, some societies tend to
reproduce a larger percentage of people with high ‘need achievement’ than
other societies. McClelland attributed this to sociological factors.
Differences among societies and individuals accounted for ‘need
achievement’ being greater in some societies and less in certain others.
The theory states that people with high need-achievement are distinctive in
several ways. They like to take risks and these risks stimulate them to
greater effort. The theory identifies the factors that produce such people.
Initially McClelland attributed the role of parents, specially the mother, in
mustering her son or daughter to be masterful and self-reliant. Later he put
less emphasis on the parent-child relationship and gave more importance
to social and cultural factors. He concluded that the ‘need achievement’ is
conditioned more by social and cultural reinforcement rather than by
parental influence and such related factors.
2. Withdrawal of Status Respect
There are several other researchers who have tried to understand the
psychological roots of entrepreneurship. One such individual is Everett
Hagen who stresses the-psychological consequences of social change.
Hagen says, at some point many social groups experience a radical loss of
status. Hagen attributed the withdrawal of status respect of a group to the
genesis of entrepreneurship.
Hage believes that the initial condition leading to eventual entrepreneurial
behavior is the loss of status by a group. He postulates that four types of
events can produce status withdrawal:
1. i. The group may be displaced by force;

39. 2. ii. It may have its valued symbols denigrated;
3. iii. It may drift into a situation of status inconsistency; and
4. iv. It may not be accepted the expected status on migration in
a new society.
3. Motives
Other psychological theories of entrepreneurship stress the motives or
goals of the entrepreneur. Cole is of the opinion that besides wealth,
entrepreneurs seek power, prestige, security and service to society.
Stepanek points particularly to non-monetary aspects such as
independence, persons’ self-esteem, power and regard of the society.
On the same subject, Evans distinguishes motive by three kinds of
entrepreneurs
1. Managing entrepreneurs whose chief motive is security.
2. Innovating entrepreneurs, who are interested only in excitement.
3. Controlling entrepreneurs, who above all otter motives, want power
and authority.
Finally, Rostow has examined inter gradational changes in the families of
entrepreneurs. He believes that the first generation seeks wealth, the
second prestige and the third art and beauty.
4. Others
Thomas Begley and David P. Boyd studied in detail the psychological roots
of entrepreneurship in the mid-1980s. They came to the conclusion that
entrepreneurial attitudes based on psychological considerations have five
dimensions:
1. First came ‘need-achievement’ as described by McClelland. In all
studies of successful entrepreneurs a high achievement orientation is
invariably present.
2. The second dimension that Begley and Boyd call ‘locus of control’
This means that the entrepreneur follows the idea that he can control
his own life and is not influenced by factors like luck, fate and so on.
Need-achievement logically implies that people can control their own
lives and are not influenced by external forces.

40. 3. The third dimension is the willingness to take risks. These two
researchers have come to the conclusion that entrepreneurs who
take moderate risks earn higher returns on their assets than those
who take no risks at all or who take extravagant risks.
4. Tolerance is the next dimension of this study. Very few decisions are
made with complete information. So all business executives must,
have a certain amount of tolerance for ambiguity.
5. Finally, here is what psychologists call ‘Type A’ behavior. This is
nothing but “a chronic, incessant struggle to achieve more and more
in less and less of time” Entrepreneurs are characterize by the
presence of ‘Type A’ behavior in all their endeavors.
EDP Programmes
As the term itself denotes, EDP is a programme meant to develop
entrepreneurial abilities among the people. In other words, it
refers to inculcation, development, and polishing of
entrepreneurial skills into a person needed to establish and
successfully run his / her enterprise. Thus, the concept of
entrepreneurship development programme involves equipping a
person with the required skills and knowledge needed for starting
and running the enterprise.
Objective of EDP Programmes
a. Develop and strengthen the entrepreneurial quality, i.e.
motivation or need for achievement.
b. Analyse environmental set up relating to small industry and
small business.
c. Select the product.
d. Formulate proposal for the product.
e. Understand the process and procedure involved in setting up
a small enterprise.

41. Entrepreneurial Training Programme offer a
comprehensive combination of courses to help young
entrepreneurs develop their business ideas and self-confidence.
These training courses are available to start-up ventures or those
who want to expand their businesses. The Entrepreneurial
Training Programme offers great resources to help you develop
a solid business and learn what it takes to build a thriving
business.
 Put your business idea to the test
 Build a business plan that will attract investment
 Explore real-world possibilities
 Reduce costly trial and error and increase your
chances of success
 Get answers to your tough questions from our
experienced facilitators and instructors
 Use case studies, activities and readings to learn how
others like you succeeded
 Utilize weekly feedback to make your plan work
 Learn how to alter your plan early on to increase your
chance of success
Traits of an Entrepreneurs
1. Economic and dynamic activity:
Entrepreneurship is an economic activity because it involves the
creation and operation of an enterprise with a view to creating
value or wealth by ensuring optimum utilisation of scarce
resources. Since this value creation activity is performed
continuously in the midst of uncertain business environment,
therefore, entrepreneurship is regarded as a dynamic force.
2. Related to innovation:
Entrepreneurship involves a continuous search for new ideas.
Entrepreneurship compels an individual to continuously evaluate

42. the existing modes of business operations so that more efficient
and effective systems can be evolved and adopted. In other
words, entrepreneurship is a continuous effort for synergy
(optimization of performance) in organizations.
3. Profit potential:
“Profit potential is the likely level of return or compensation to
the entrepreneur for taking on the risk of developing an idea into
an actual business venture.” Without profit potential, the efforts
of entrepreneurs would remain only an abstract and a theoretical
leisure activity.
4. Risk bearing:
The essence of entrepreneurship is the ‘willingness to assume
risk’ arising out of the creation and implementation of new ideas.
New ideas are always tentative and their results may not be
instantaneous and positive.
An entrepreneur has to have patience to see his efforts bear fruit.
In the intervening period (time gap between the conception and
implementation of an idea and its results), an entrepreneur has to
assume risk. If an entrepreneur does not have the willingness to
assume risk, entrepreneurship would never succeed.
Entrepreneurs vs Intrapreneurs/Managers
 Entrepreneurs are people that notice opportunities
and take the initiative to mobilize resources to make
new goods and services.
 Intrapreneurs also notice opportunities and take
initiative to mobilize resources, however they work
in large companies and contribute to the innovation
of the firm.

43.  Intrapreneurs often become entrepreneurs.
 Learning organizations encourage intrapreneurship.
Organizations want to form:
 Product Champions: people who take ownership of
a product from concept to market.
 Skunkworks: a group of intrapreneurs kept separate
from the rest of the organization.
 New Venture Division: allows a division to act as its
own smaller company.
 Rewards for Innovation: link innovation by
workers to valued rewards.

44. Entrepreneurship is classified in Nine Types;
1.Administrative Entrepreneurship.
2.Opportunistic Entrepreneurship.
3.Acquisitive Entrepreneurship.
4.Incubative Entrepreneurship.
5.Imitative Entrepreneurship.
6.Private Entrepreneurship.
7.Public Entrepreneurship.
8.Individual Entrepreneurship.
9.Mass Entrepreneurship.

45. 1. Administrative Entrepreneurship
The entrepreneurial activity under this category is centered around administrative techniques
and functions.
It gives a new option to handle prevailing or future situations in a more effective way that
provides advantages and a competitive edge.
Total Quality Management, job redesigning, new techniques of doing things, participative
management or management by consensus are a few of the examples of administrative
entrepreneurship that increase overall organizational efficiency and that nukes the firm
successful and sustainable in the competitive market environment.
The old-age pension scheme is such administrative entrepreneurship of the government.

46. 2. Opportunistic entrepreneurship
There is a proverb “Hit! while the iron is hot”. It is the best exhibit of the characteristic of this
category of entrepreneurship.
Environmental changes always offer new opportunities. But everybody is not equally capable of
identifying and to utilize that opportunity on time.
The entrepreneurship that identifies, exploits and executes the opportunity in the first hand
regarded as opportunistic entrepreneurship.
3. Acquisitive entrepreneurship
The entrepreneurship that learns from other competencies is called acquisitive
entrepreneurship.
It acquires something new of value front, the competitive environment or achieves the
competitors’ technical capacities. It keeps entrepreneurship sustainable in a competitive
environment.
The failure never restraints them from acquisition but motivates them further to discover such
a thing with a new visitor.

47. 4. Incubative entrepreneurship
This category of entrepreneurship generates and nurses new ideas and ventures within the
organization.
It productively executes them and ensures material gain for the organization.
They pursue and help to get differentiated technologies to promote creations and innovations
Microsoft, Nokia, etc. always incubates new varieties types of product and creates product
differentiation in the market.
5. Imitative entrepreneurship
The entrepreneurship that imitates a good or service operating in the market under a
franchise agreement is the imitative entrepreneurship. It is the medium that spread
technology over the world.
It adopts an existing technology in countries over the world. It also adopts an existing
technology with minor modifications appropriate to the local condition.

48. 6. Private Entrepreneurship
The entrepreneurship that is initiated under the private sector is private entrepreneurship.
The government gives various support services through private and public concerns that
encourage private initiative in taking entrepreneurial ventures.
A layer and mutual relationship between private and public sectors would make economic
development speedy and balanced.
7. Public entrepreneurship
The entrepreneurship that is undertaken by the government through its various development
agencies is defined as public entrepreneurship.
All countries, developed or underdeveloped, take a public initiative in venture ideas to fulfill the
initial deficiency of private entrepreneurs.

49. 8. Individual entrepreneurship
The entrepreneurship that is undertaken by an individual or a family with his initiative is called
individual entrepreneurship.
9. Mass Entrepreneurship
This type of entrepreneurship emerges in an economy where a favorable climate of motivation
and encouragement exists for developing a wide range of entrepreneurship among general mass
is mass entrepreneurship.
It increases small and medium enterprises in a country.

50. 12 Myths about Entrepreneurs
Myth 1 Entrepreneurs are born, not made
While entrepreneurs may be born with a certain native intelligence, a flair for innovation, a high level of energy, and a core of other inborn
attributes that you either have or your don’t, it is apparent that merely possessing these characteristics does not necessary make you an
entrepreneur. The making of an entrepreneur occurs through a combination of work experience, know-how, personal contacts, and the
development of business skills acquired over time. In fact, other attributes of equal importance can also be acquired through
understanding, hard work, and patience.
Myth 2 Anyone can start a business. It’s just a matter of luck and guts.
Entrepreneurs need to recognize the difference between an idea and a real opportunity to significantly improve their chances of success. If
you want to launch and grow a high-potential new venture, you must understand the many things that you have to do to get the odds in your
favor. You cannot think and act like a typical bureaucrat, or even a manager; you must think and act like an entrepreneur. That often means
initiating action even if conditions are uncertain and existing rules have to be pushed to the limit.

51. Myth 3 Entrepreneurs are gamblers
Successful entrepreneurs only take what they perceive to be very carefully calculated risks. They often try to influence the odds by getting
others to share the risk with them or by avoiding or minimizing the risk if they have the choice. They do not deliberately seek to take more risk
or to take unnecessary risks, but they will not shy away from taking the risks that may be necessary to succeed.
Myth 4 Entrepreneurs want to run the whole show themselves
Owing and running the whole show effectively limits the potential for the business to grow. Single entrepreneurs can make a living, perhaps even
a good one, but it is extremely difficult to grow a business by working single-handedly. Most successful ventures typically evolve to require a
formal organization, a management team and a corporate structure.
Myth 5 Entrepreneurs are their own bosses and completely independent
Most entrepreneurs are far from independent and have to serve a number of constituencies and a variety of masters, including partners,
investors, customers, employees, suppliers, creditors, their families, and pressures from social and community obligations. They do not have the
choice, however, to decide whether and when to respond to these pressures.

52. Myth 6 Entrepreneurs work longer and harder than corporate managers
There is not evidence at all that entrepreneurs work harder than their corporate counterparts. Some do, some don’t. Both are demanding
situations that require long hours and hard work. However, as owners they are tied to the business and responsible in ways that are different from
employees’ roles.
Myth 7 Entrepreneurs face greater stress and more pressures, and thus pay a higher personal price in their jobs than do other managers.Being
an entrepreneur is undoubtedly stressful and demanding. But there is no evidence it is any more stressful than numerous other highly demanding
professional roles, such as being the principal partner in a legal or accounting practice or the head of a division of a major corporation or
government agency. Most entrepreneurs enjoy what they do. They have a high sense of accomplishment. For them it is fun rather than drudgery.
They thrive on the flexibility and innovative aspects of their job and are much less likely to retire than those who work for someone else.
Myth 8 Starting a business is risky and often ends in failure
This statement is undoubtedly true in many instances. Some studies have indicated that upward of 80% of new business start-ups fail within
their first five years. However, success tends to be more common than failure for higher-potential ventures because they tend to be directed by
talented and experienced people able to attract the right personnel and the necessary financial and other resources.“We didn’t lose any games
last season, we just ran out of time twice.” Vince LombardiOwning your own business is a competitive game, and entrepreneurs have to be
prepared to run out of time occasionally. Businesses fail but entrepreneurs do not. Many well-known entrepreneurs experience failure,
sometimes several times, before achieving success.

53. Myth 9 Money is the most important ingredient for success
If the other important elements and the people are there, the money tends to follow. But it is not true that entrepreneurs are assured of success if
they have enough money. Money is one of the important ingredients of new venture success.
Myth 10 New business start-ups are for the young and energetic
While youth and energy may help, age is absolutely no barrier to starting a business of you own. However, many people feel there is some
threshold for an individual’s perceived capacity for starting a new venture. Over time you gain experience, competence, and self-confidence:
These factors increase your capacity and readiness to embark on an entrepreneurial career. At the same time, constraints such as increases in
your financial and other obligations grow and negatively affect your freedom to choose. The trade-offs between individual readiness and these
restraints typically result in most high-potential new businesses being started by entrepreneurs between the ages of
Myth 11 Entrepreneurs are motivated solely by their quest for the almighty dollar
Growth-minded entrepreneurs are more driven by the challenge of building their enterprise and long-term capital appreciation than by the
instant gratification of high salary and other rewards. Having a sense of personal accomplishment and achievement, feeling in control of their
own destiny, and realizing their vision and dreams are also powerful motivators. Money is viewed principally as a tool and a way of “keeping
score.”

54. Myth 12 Entrepreneurs seek power and control over other people so that they can feel “in charge”
Successful entrepreneurs are driven by the quest of responsibility, achievement, and results rather than for power for its own sake. They thrive on
a sense of accomplishment and of outperforming the competition, rather than a personal need for power expressed by dominating and
controlling other people. They gain control by the results they achieve.