The myths of entrepreneurship are as follows:-
(i) It is Easy to Start a Business:- This depends on the scale of the enterprise. Starting up a large entrepreneurial venture is a challenging process. Small-scale enterprises are easier to set up. Moreover, the rate of failure of new ventures is quite high all over the world. Just about one-third of all enterprises become profitable only after operating for several years.
(ii) Lot of Money is needed to Startup a New Venture Again:- this depends on the type and scale of the business venture. There are ventures that can be started with a small amount of money. Big ventures need a lot of investment.
(iii) A Startup cannot Borrow from the Banks:- Today our government is promoting startup ventures and offering them loans on easy terms under various government schemes such as MUDRA (micro-units Development and Refinance Agency) and MSME (Micro, Small & Medium Enterprises) scheme.
(iv) Businesses either Flourish or Fail:- This is not always the case. Some ventures initially falter or have lackluster growth rates. However, with the right pre-planning and effort, they may go on to achieve healthy growth.
(v) A Good Idea is the only Requirement for a Successful Enterprise:- Remember that even the best of ideas need proper execution to become a reality. Ideas are important, but so are planning, talent, leadership, communication, and a host of other factors.