there are several myths on entrepreneurship. How we wish the busting of these myths is included in the Discovery channel, the Mythbusters Some of them are:
l. That entrepreneurs, being mostly contrarian thinkers are "orphans and outcasts", Don Quixote battling the windmills to reach the impossible dream. That they are geeks, lonely intellectuals. Nothing can be further from the truth. Entrepreneurs are social animals who partner with other people, suppliers, customers, bankers and are therefore socially adept.
2. That most of them are very yooung. It is true. Most start young when they can still find jobs in case they fail. But we have the founder of KFC, Col Harland Sanders was 65 when he started the business. Herb Kelleher, the drinking lawyer who started the very successful no frills Southwest Airlines was 40 when he founded the business. Garry Burrell was 52 when he left Allied Signal to start Garmin, a GPS giant now.Henry Sy and John Gokongwei of the Philippines continue to start new businesses when they are well past their 70's.
3. That most are due to venture capitalists. Most venture capital sponsored firms are mostly high tech: computer, Silicon Valley type business. The three common sources of basement/start up financing are the 3 f's: friends, families and fools.
4. That you need an earthshaking new product to make it big. Untrue. Richard Branson just made flying convenient. with Virgin Air, (so with Herb Kellleher), Fred Smith just improved product delivery, Michael Dell just sold computers direct, Oprah Winfrey just made a good package of her show and herself using branding strategy.
5. Only small companies foster entrepreneurship. "Small is beautiful". Big companies like J & J, 3m, Nokia, Microsoft, P & G are very entrepreneurial than most of the small companies are. It depends on the corporate culture whether a thousand flower is allowed to bloom.
Having destroyed the urban legend on entrepreneurship, what are you still waiting for?
Herb Kelleher
Col Harland Sanders
Richard Branson
"Every generation needs a revolution an ENTREPRENEURIAL REVOLUTION."
l. That entrepreneurs, being mostly contrarian thinkers are "orphans and outcasts", Don Quixote battling the windmills to reach the impossible dream. That they are geeks, lonely intellectuals. Nothing can be further from the truth. Entrepreneurs are social animals who partner with other people, suppliers, customers, bankers and are therefore socially adept.
2. That most of them are very yooung. It is true. Most start young when they can still find jobs in case they fail. But we have the founder of KFC, Col Harland Sanders was 65 when he started the business. Herb Kelleher, the drinking lawyer who started the very successful no frills Southwest Airlines was 40 when he founded the business. Garry Burrell was 52 when he left Allied Signal to start Garmin, a GPS giant now.Henry Sy and John Gokongwei of the Philippines continue to start new businesses when they are well past their 70's.
3. That most are due to venture capitalists. Most venture capital sponsored firms are mostly high tech: computer, Silicon Valley type business. The three common sources of basement/start up financing are the 3 f's: friends, families and fools.
4. That you need an earthshaking new product to make it big. Untrue. Richard Branson just made flying convenient. with Virgin Air, (so with Herb Kellleher), Fred Smith just improved product delivery, Michael Dell just sold computers direct, Oprah Winfrey just made a good package of her show and herself using branding strategy.
5. Only small companies foster entrepreneurship. "Small is beautiful". Big companies like J & J, 3m, Nokia, Microsoft, P & G are very entrepreneurial than most of the small companies are. It depends on the corporate culture whether a thousand flower is allowed to bloom.
Having destroyed the urban legend on entrepreneurship, what are you still waiting for?
Herb Kelleher
Col Harland Sanders
Richard Branson
"Every generation needs a revolution an ENTREPRENEURIAL REVOLUTION."
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