Evolution Of Entrepreneurship Essay

867 words - 3 pages

Entrepreneurship is a term, which has evolved over the years. Previouslyentrepreneurs were doing so many things that it broadened the true definition of aentrepreneur. The definition of an entrepreneur "is one who undertakes to organize,manage, and assume the risks of a business" (Kuratko). In the 21st century entrepreneurare looked upon as innovator or developer who recognize and seize opportunity. Thesetypes of people are also responsible for converting the opportunities intoworkable/marketable ideas (Kuratko). The term entrepreneur went from meaning "risk-bearing" to now the 21st century meaning inventor, innovator, marketer, manager, andorganizer and risk taker. Those are the quality normally possessed by an entrepreneur.The Ten Myths Associated With Entrepreneurship1. Entrepreneurs are doers, not thinkers: Doing is great but if your not using yourhead, then your actions won't get you far.2. Entrepreneurs are born, not made: A person can be born with tenacity or goodcommunication skills but that doesn't mean these traits must be possessed to be agood entrepreneur. Today colleges are teaching entrepreneurship classes, these classeshelp future businessmen unlock the key ingredients to being successful.3. Entrepreneurs are always inventors: Some people re-invent the wheel to be moreefficient. Most entrepreneurs are taking something that is already established,slightly twisting the established product or idea and selling it.4. Entrepreneurs are academic and social misfits: This comes the media pushing thefact that many large and successful companies have owners or creators that were highschool or college dropouts. There are so many entrepreneurs today, and you only hearof the ones who are dropouts and doing well for themselves. How often do you hearabout the Harvard or Yale graduate who runs a multi-million dollar business? Thosekinds of owners are a dime a dozen.5. Entrepreneurs must fit the "profile": It's impossible to say that you must look acertain way to get ahead in life. If that's the case Bill Gates should work atMcDonalds. Today many Americans link success to good-looking people.6. All entrepreneurs' need is money: Money helps with just about everything. Itnormally takes a little money to earn a little money. This isn't always the case though,look at the small dot com businesses that started with college guys working out of abasement or garage. Through good financial planning and a well managed businessanyone can be an entrepreneur.7. All entrepreneurs' need is luck. Luck can certainly play a role in running asuccessful business. Although, proper planning and preparation are normally thereason behind such success.8. Ignorance is bliss for entrepreneurs. This relates a lot to luck, if you are obliviousto something within the business, it was luck that let you get by. Again, planning andpreparation are the core values a entrepreneur must possess to not just get by, but tosucceed in the long run.9. Entrepreneurs seek success but experience...

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