These 5 Surprising Myths About Entrepreneurs Just Aren't True (and Here's the Brutal Truth)

To understand how entrepreneurs think, you first need to drop a few myths or stereotypes you may be carrying around. Given the media’s ongoing love affair with entrepreneurs, it shouldn’t surprise you that these myths have grown up around them.

Myth #1: Entrepreneurs are born, not made

This is the same as saying that you can’t teach entrepreneurship. According to management guru Peter Drucker, entrepreneurship is a discipline that can be learned. Passion and persistence may be in your genes, but it takes work to develop the skills that entrepreneurs have.

Myth #2: It takes a lot of money to start a business

Not true! In fact, every year Inc magazine profiles businesses that have started on $1,000 or less. And among Inc‘s annual list of the 5000 fastest-growing private companies, there is no direct relationship between the amount of start-up capital invested and ultimate business success.

Myth #3: You need a business plan to succeed

Sure, investors and lenders want to see a business plan before handing you a wad of cash, but if you don’t need these resources at start up, you may be able to launch your business based on the results of a feasibility analysis and then get some traction with customers. Some Internet entrepreneurs, like Richard Rosenblatt of Demand Media, know how to get a website up and making money within a couple weeks. These savvy entrepreneurs know that testing the market is more important than spending the time to write a business plan.

Myth #4: Entrepreneurs are in it for the money

Okay, some entrepreneurs do think that making money is what it’s all about, but the #1 reason that most entrepreneurs start businesses is independence — the ability to create something they can call their own instead of working for someone else. Entrepreneurs want to control their destiny.

Myth #5: You have to be young and restless to be an entrepreneur

You definitely do not have to be young to be a successful entrepreneur. In fact, a Global Entrepreneurship Monitor report found that the number of older adults who are self employed outweighs that of young adults. Entrepreneurship is for all ages!

Maria Dehn

Maria Dehn has held editorial management positions for numerous print and Web publications. She has more than 17 years of Information Technologies and journalism experience and has written many reports on cloud computing. You can reach her on Twitter @MariaDehn

Maria Dehn

Maria Dehn

Maria Dehn

Maria Dehn

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Maria Dehn

Maria Dehn has held editorial management positions for numerous print and Web publications. She has more than 17 years of Information Technologies and journalism experience and has written many reports on cloud computing. You can reach her on Twitter @MariaDehn