Explain the following myths related to entrepreneurs.

• Entrepreneurs are gamblers.
• Entrepreneurs are High Tech Professionals.
• Entrepreneurs Have to be rich.

6Marks A.20

(i)Entrepreneurs are gamblers: Entrepreneurs take risks and exploit opportunities as gamblers do but they do not invest time, money and other resources in unpredictable situations. They cannot be called as gamblers as they do not try to assimilate others’ money by unfair practices. They get rewarded for their hard work.

(ii)Entrepreneurs are high-tech professionals: Technology competence is not a basic requirement for an entrepreneur to prove his skills. If an individual has entrepreneurial skills, he can prove his mettle through an entrepreneurial venture. Semi-skilled or skilled artisans can also become a good entrepreneur provided they have entrepreneurial skills.

(iii)Entrepreneurs have to be rich: Wealth does not ensure creativity. If an individual has knowledge of the places where resources are available and can work out a strategy to mobilise the resources, he can venture into entrepreneurship.