Over the years, entrepreneurship has come to bear different meanings to different people which explain the various myths that people have regarding entrepreneurship. Tracing its roots, it is decipherable that it is a French term that originated from the word ‘entreprendre.’ The word has the meaning ‘to undertake’ which in a business context implies starting a business. A point of note, however, is that entrepreneurship does not just entail having a great concept or business idea. It also entails having a plan on how one will reach the potential customers in a way that is both efficient and affordable (Johansen 303). There are myths regarding entrepreneurship, and the essence of this article is to put these myths to rest by addressing one of them and proving it to be untrue. Perhaps, by so doing, a new perspective regarding entrepreneurship will dawn promoting a future of creativity and innovativeness in the business environment.
A myth that I found very provoking is the disturbing notion that entrepreneurs’ primary motivation is to get rich. A successful entrepreneur will agree that starting a business has never been a get-rich-quick scheme. For instance, a new company will normally take between one and three years before one can turn a profit. During that period, breaking even in that business is a sign that means the business is doing well. It is common to find entrepreneurs during the startup stage of their business not buying anything that they do not need. It will be difficult to find them driving fancy vehicles. The surplus funds that they have are re-invested in their businesses. The focus that they maintain is the creation of a company that owns a sturdy financial base that allows for future expansion.
A disturbing aspect of this myth is the fact that people hold the notion that getting rich is the primary incentive for entrepreneurs. Any organization in the market today has the primary objective of making a profit. It fails to make sense where an organization sets out to make a loss. Therefore, when an entrepreneur starts a business, the intention is to earn profits from his or her efforts. Getting rich is an eventual result that will occur as one becomes successful. Criticizing the entrepreneurs because of their courage to invest is nothing other than symptoms of unacceptance of change. Entrepreneurs are the embodiment of positive change especially in the economy because these investments that entrepreneurs undertake, in many cases, have ended up yielding exquisite results. Entrepreneurial organizations are many today meaning that they hold up important sectors of the economy of the world.
An example of an entrepreneurial firm is Warby Parker. It is a company that came into actualization in 2010 where they started selling prescription glasses over the internet. The reason they are an entrepreneurial firm regards the way they reached out to their customers. During their start up, they reached their clients without needing any intermediaries such as retailers or wholesalers. That is evidence of innovativeness because it was the only way the starters of this company could establish a sturdy customer base. The level of innovativeness in any organization is a measure of entrepreneurship in that organization. Having a one-on-one relationship with their clients is a sure way of earning the trust of the client. Once they see that the product is safe and reliable, their loyalty to that organization increases. Thus, Warby Parker qualifies as an example of an entrepreneurial firm.
Works Cited
Johansen, Vegard. "Entrepreneurship Education And Academic Performance." Scandinavian Journal Of Educational Research 58.3 (2014): 300-314.
