Being an Entrepreneur – The Real Story!

August 30, 2010 12290 Comments2010-08-30+11%3A25%3A38Ben+Nash

For the next few days, DailyHRTips.com will explore the facts and the myths about being an entrepreneur, in the hope that you can apply some of this information to your own job. Whether you are starting your own business or you are a corporate superstar, incorporating entrepreneurial characteristics into your work flow can have a profound affect on everything from your productivity levels to your ability to innovate. As we all know, in order to instigate change we have to recognize where it is we would like to end up; so today we will explore the definitions and “realities” of being an entrepreneur.

The word entrepreneur is derived from the French word entreprendere which means “to undertake”. So, an entrepreneur is someone who undertakes to organize, manage, and assume the risks of a business. A new word “intrapreneur” has become commonly used to describe people who act in an entrepreneurial way in a corporate setting. So what are the realities and some of the myths about being an entrepreneur? Here are three entrepreneurial myths and realities:

Entrepreneurial Myth #1: Entrepreneurs are Doers, Not Thinkers:

Although it is true that entrepreneurs tend to be action oriented people, they are also thinkers. They are actually often very methodical people who plan their moves carefully. They emphasize the creation of clear and complete business plans and they see planning and thinking activities as equally important to the “doing” activities.

Entrepreneurial Myth #2: Entrepreneurs are Born not Made:

Many people believe that entrepreneurs have some mystic abilities that cannot be learned. Not true! Some of the personality traits that people ascribe to entrepreneurs include aggressiveness, drive, and risk taking. Studies have shown that many successful entrepreneurs are frequently not aggressive people who do not take unreasonable risks and have an average amount of drive. In fact entrepreneurial skills can be learned!

Myth #3: Entrepreneurs are always inventors:

Again not true! Although many entrepreneurs are also inventors, it is not always the case. Entrepreneurs such as Ray Krok of McDonald’s hamburgers fame did not invent the hamburger or fast food franchising, but his innovative ideas made McDonald’s the largest fast-food enterprise in the world. Innovative behavior comes in many forms – not just invention.

Tune in again tomorrow for more in our discussion of “Being an Entrepreneur – The Real Story!”