Common Myths About Entrepreneurs Part 1

First lecture for BBDM3093 this afternoon. Pretty hot day. MU lost. Not enough sleep. Blur blur went for lecture. But once inside lecture hall, could feel the adrenalin rushing to the brain. Gave briefing with regard to coursework for this semester. That took almost an hour, and then we had a short break. So in truth there was only less than an hour for lecture. Wouldn't be able to finish what was planned, so quickly rushed through the definitions and focused on the myths about entrepreneurs, mainly because the tutorial case study next week is about these myths. In the text is listed ten common myths so I'm going to follow that. Anyhow, there might be others not listed here which you may have sourced elsewhere. It's perfectly okay - you can include others too as long as you can argue your point well.

Entrepreneurs are born, not made. It's all in your DNA - either you are born to be an entrepreneur or you are not. So you have to check your family tree see how many of your forefathers are entrepreneurs!!! If none, ha, you are not going to make it as an entrepreneur. This must be the biggest myth of them all - similar to the one about "leaders are born, not made" - but this must be worse. Nowadays, there are many training centers providing courses on entrepreneurship. The course that you are following now is coaching you to become an entrepreneur, not just an entrepreneur for that matter, but a pretty good and competent one too!!! Everyone can be trained to do an environmental analysis, to make decisions based on critical path, to do some calculations on risks, and so on and so forth. On top of that, we have all the hardware and software that you need to assist you. Most of us are trained to become an entrepreneur, either formally in institutions of learning or informally through our life and work experiences.

Entrepreneurs are doers, not thinkers. This is to imply that entrepreneurs are impulsive and tend to act on intuition, rather than taking stock of things and strategizing his courses of action. Put in other words - follow what the heart feels, not what the brain thinks. This is quite a debatable issue. On the surface of things, many entrepreneurs (having undergone training) would be doing a substantial amount of thinking - doing market analysis, competitors analysis, deciding on the business model to use and preparing a what do you call it - business plan? And where does the business plan end up after presenting to potential investors? It got lost somewhere. And what about the window of opportunity that act as the impetus for all the strategic thinking? Well, the window has closed. No more opportunity - you have wasted excessive time doing "thinking". On a personal note, if you really believe that there is a window of opportunity - don't "think" - JUST DO IT!!!! Time is the essence, time waits for no man. I believe that those entrepreneurs at the very top will make fast decisions. The detailed planning can wait. To me, top-drawer entrepreneurs are doers, not thinkers.

Entrepreneurs are always inventors. Why must "always"? It means 100% of the time, right? And if it is 100% of the time, how can it be right? Do you really need to invent your own stuff to be an entrepreneur? Can't you look at other people's invention and do a bit of tweeking here and there to improve on and add value to the product? Invention is just one type of innovation. We can also have duplication, right? You don't need to invent another Superman. You can duplicate a superhero in the form of Spiderman and lo and behold - you have another blockbuster series!!! Where did this idea of Spiderman come from? Oh, it's just a duplication of Superman, really, but one who is not sensitive to kryptonite. But whoever did the duplication made a ton of money!!! So, do you really need to be an inventor? No need la, copycat also can la.

Entrepreneurs are academic and social misfits. Meaning they drop out of college and are ostracized by society. You are a recluse - something like being anti-social, poor performance in school and lacking in social and communication skills. Some people may drop out of college and become an entrepreneur because they believe that there is another world outside college for them to conquer. It's not that they are morons or idiots but they are in fact pretty smart!!! And to state that entrepreneurs are social misfits is gross injustice, I would say. The nature of their endeavors would demand that they have good interpersonal skills - the ability to lead, motivate, influence, and convince. How can they be misfit? In fact, they fit in very, very well.

Entrepreneurs must fit the "profile". Meaning that there is a set of characteristics that all entrepreneurs must have. Look at Tony Fernandes. Compare him to Lim Goh Tong. Do they have the same set of characteristics? One is highly educated. The other one couldn't even speak English. One is trained, the other was opportunistic. But, they do have some common characteristics - that tenacity to overcome challenges and the unwavering will to succeed. There is no fixed profile for entrepreneurs - they can be as different as heaven from hell, but can be equally successful. Each has his own unique way of reaching out to the market, each has his own style of leadership, each with his own brand of personality - but, all are equally effective.

Part 2 will be in my next posting. I hope this blog helps you in understanding some important areas under this course. Let me know if you wish me to continue in this manner by putting in a few words of encouragement in the comment box below. Teachers need motivation from students too. :)) Thank you for reading.