Myths / Realities About Entrepreneurs

1. Myths / Realities About Entrepreneurs • Myth 1 (Timmons) Entrepreneurs Are Born, Not Made - Text : Not really. Experience provides self-development & pattern recognition leading to success

2. Myths / Realities About Entrepreneurs • Myth 1 (Timmons) Entrepreneurs Are Born, Not Made - Instructor’s Take Maybe so, but wanting and being willing to sacrifice whatever is required to lead an entrepreneurial life-style is a matter of personality, not experience.

3. Myths / Realities About Entrepreneurs • Myth 2 (Timmons) Anyone Can Start a Business - Text : True, but the hard part is sustaining and growing it. - Instructor’s Take : Agree

4. Myths / Realities About Entrepreneurs • Myth 3 (Timmons) Entrepreneurs Are Gamblers - Text : Not really. Entrepreneurs are calculated risk takers. - Instructor’s Take : Agree; and they are particularly good at recognizing the difference.

5. Myths / Realities About Entrepreneurs • Myth 4 (Timmons) Entrepreneurs Want the Whole Show To Themselves - Text : Not really. Entrepreneurs recognize that they must allocate responsibilities and empower others to grow, rather than make a solo living.

6. Myths / Realities About Entrepreneurs • Myth 4 (Timmons) Entrepreneurs Want the Whole Show To Themselves - Instructor’s Take : Well, yes and no. While the premise provided is true, it is also true that many want the authority that accompanies the responsibility.

7. Myths / Realities About Entrepreneurs • Myth 5 (Timmons) Entrepreneurs Are Their Own Bosses & Completely Independent - Text : Not really. Entrepreneurs often must answer to a number of stakeholders. They can however, make a number of ‘free choices’.

8. Myths / Realities About Entrepreneurs • Myth 5 (Timmons) Entrepreneurs Are Their Own Bosses & Completely Independent - Instructor’s Take : Agree, but more so. Nothing’s funnier than hearing : “you’re the boss, you can take off whenever you want”. Also, the number of ‘free choices’ you can make is limited.

9. Myths / Realities About Entrepreneurs • Myth 6 (Timmons) Entrepreneurs Work Longer & Harder Than Managers In Big Companies - Text : Not really. Some do, some don’t.

10. Myths / Realities About Entrepreneurs • Myth 6 (Timmons) Entrepreneurs Work Longer & Harder Than Managers In Big Companies - Instructor’s Take : Depends on the company. In general, successful entrepreneurs generally work harder and longer than the typical corporate manager.

11. Myths / Realities About Entrepreneurs • Myth 7 (Timmons) Entrepreneurs Experience a Great Deal of Stress & Pay a High Price - Text : Not really. While stressful & demanding, satisfaction and accomplishment is high. Also, they tend to be healthier & less likely to retire.

12. Myths / Realities About Entrepreneurs • Myth 7 (Timmons) Entrepreneurs Experience a Great Deal of Stress & Pay a High Price - Instructor’s Take : Health is not an indicator of lack of stress. Stress levels are never higher than when you’re the one that has to make a payroll, or someone’s kid can’t make the tuition payment this Fall. Also, many successful entrepreneurs pay a high price as internally rather than externally measured.

13. Myths / Realities About Entrepreneurs • Myth 7 (Timmons) Entrepreneurs Experience a Great Deal of Stress & Pay a High Price - P.S. : “Sometimes it’s hard to keep your momentum, When you’re the one you’re following” - Madonna (Evita)

14. Myths / Realities About Entrepreneurs • Myth 8 (Timmons) Starting a Business is Risky & Often Ends in Failure - Text : Sometimes, but while businesses fail, entrepreneurs learn.

15. Myths / Realities About Entrepreneurs • Myth 8 (Timmons) Starting a Business is Risky & Often Ends in Failure - Instructor’s Take : The unwillingness to even consider or accept the possibility of the failure of the business is the entrepreneur’s greatest source of fear, and at the same time, primary motivator. That’s why ‘sometimes’ is true.

16. Myths / Realities About Entrepreneurs • Myth 9 (Timmons) Money is the Most Important Start-Up Ingredient - Text : Money is one of the least important ingredients. - Instructor’s Take : Agree; particularly in the case of service companies.

17. Myths / Realities About Entrepreneurs • Myth 10 (Timmons) Entrepreneurs Should Be Young & Energetic - Text : Age is no barrier. - Instructor’s Take : Some people are born 60. Persistence, energy, and commitment are omnipotent.

18. Myths / Realities About Entrepreneurs • Myth 11 (Timmons) Entrepreneurs Are Motivated Solely By the Quest for the Almighty Dollar - Text : Money is a tool, and used to keep score. Entrepreneurs are capable of delaying gratification.

19. Myths / Realities About Entrepreneurs • Myth 11 (Timmons) Entrepreneurs Are Motivated Solely By the Quest for the Almighty Dollar - Instructor’s Take : Stated in such a polarized way, hard to disagree. Importance varies from individual to individual. Generally not inconsequential, except among those born wealthy (personal opinion).

20. Myths / Realities About Entrepreneurs • Myth 12 (Timmons) Entrepreneurs Seek Power & Control Over Others - Text : Power and influence are natural outcomes, not goals or objectives.

21. Myths / Realities About Entrepreneurs • Myth 12 (Timmons) Entrepreneurs Seek Power & Control Over Others - Instructor’s Take : Agree, but take careful note that in starting up and managing a small business, nothing may turn out to be more critical than who you hire.

22. Myths / Realities About Entrepreneurs • Myth 13 (Timmons) If An Entrepreneur Is Talented, Success Will Happen In A Year or Two - Text : Rarely is a new business established solidly in less than 3 or 4 years.

23. Myths / Realities About Entrepreneurs • Myth 13 (Timmons) If An Entrepreneur Is Talented, Success Will Happen In A Year or Two - Instructor’s Take : Depends on how one describes or measures “success’.

24. Myths / Realities About Entrepreneurs • Myth 14 (Timmons) Any Entrepreneur With A Good Idea Can Raise Venture Capital - Text : Only 1 out of 3 is funded - Instructor’s Take : If ‘.com’ is the name of the company, a good idea may not even be necessary, though.

25. Myths / Realities About Entrepreneurs • Myth 15 (Timmons) If An Entrepreneur Has Enough Start-Up Capital, He or She Can’t Miss - Text : The opposite is often true. - Instructor’s Take : Agree; and in some examples, more so.

26. Myths / Realities About Entrepreneurs • Myth 16 (Timmons) Entrepreneurs Are Lone Wolves & Cannot Work With Others - Text : Successful entrepreneurs build strong teams and work well with others.

27. Myths / Realities About Entrepreneurs • Myth 16 (Timmons) Entrepreneurs Are Lone Wolves & Cannot Work With Others - Instructor’s Take : Yes, but not the entire story. Many individuals have a difficult time working with the entrepreneur due to intimidation or variability in work ethics.

28. Myths / Realities About Entrepreneurs • Myth 17 (Timmons) Unless You Attained 600+ on Your SATs or GMATs You’ll Never Be a Successful Entrepreneur - Text : Not true. A unique combination of many other characteristics is more important. - Instructor’s Take : Pretty much agree. See next slide / section.

29. Desire Initiative /Aggressiveness Energy Low Support Needs Thrive on Ambiguity Perseverance Responsibility Problem-Solving Persuasive Self-Discipline Value of Money Self-Confidence Ego Development Market Awareness Traits of Successful Entrepreneurs* *FastTracII Handbook

30. Job Security Money Lifestyle Power Age Health Location Investment Attitudes Answer questions on 12-15 Entrepreneurs’ Personal Criteria* *FastTracI Handbook

31. Size & Growth Sources of Money (Debt or Equity?) Position in the System Ownership Control Legal Strategy Compensation Tax Strategy Answer Questions on 20-21 Entrepreneurs’ Business Criteria* *FastTracI Handbook