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What are the myths of entrepreneurship? Explain

Topic Entrepreneurship Skills
Type Short answer type
Class 10
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1 Answer

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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.


Study more about Entrepreneurship Skills at Entrepreneurial skills Class 10

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