There are some myths about the psychology of an entrepreneur.
There are no special properties that make one person an entrepreneur and another not. There are no special ingredients needed.
Perry Kamel, a senior business development manager for small and medium enterprises in Africa at Microsoft, busts those myths inSunMoney today.
“You often find that many entrepreneurs, who seem to have these mythical ‘common traits’, still fail while those who don’t, succeed.”
So, what are these myths?
You are a risk taker
Diving head first into your brilliant idea does not make you an entrepreneur. More important than risk is how you manage your risk when you take the wrong step.
You must have start-up capital
Catherine Young, owner of Thinkroom Consulting, said: “Many businesses can start with very little capital – particularly online shops.”
Small businesses often fail to sustain growth for the first 18 to 36 months. This is when you find owners grinding long hours, borrowing money from friends, anything to make it work.
Entrepreneurs don’t quit
Actually, they do. But when they fail, they fail quickly but recover quickly. When an idea doesn’t work, let it go and move on.
Entrepreneurs are extroverts
Not every entrepreneur is an extrovert. There are many “quiet” leaders with listening skills who have insight. All businesses need different kinds of people to work for them.
You need a business plan
“Don’t get caught up in business plans but focus on a business model,” said Kamel.
