ANSWER:

1. Myths of Entrepreneurship :
• Myth 1: Entrepreneurs are doers, not thinkers.
• Myth 2: Entrepreneurs are born, not made.
• Myth 3: Entrepreneurs are always inventors.
• Myth 4: Entrepreneurs are academic and social
Misfits.
• Myth 5: Entrepreneurs must fit the (Profile).
• Myth 6: All entrepreneurs need is Money.
• Myth 7: All entrepreneurs need is Luck.
• Myth 8: Ignorance is bliss for an entrepreneur.
• Myth 9: Entrepreneurs seek success but
Experience high failure rates.
• Myth10: Entrepreneurs are extreme risk takers
(Gamblers).
2. Schools of Entrepreneurial thought :
• Macro View:
 Environment School of Thought
 Financial/Capital School of Thought
 Displacement School of Thought
(Political, Cultural, Economic Displacement).
• Micro View:
 Entrepreneurial Traits School of Thought
 Thought Venture Opportunity School of Thought
 Strategic Formulation School of Thought.
3. There are main 4 factor of variables in new venture
creation ( individual ,Environment ,organization and
the process ) :
• Individual :
 Need for Achievement
  Locus of Control
 Risk-Taking Propensity
 Job Satisfaction
 Previous Work Experience
 Entrepreneurial Parents
 Age
 Education.
• The environment:
 Venture Capital Availability
 Presence of Experienced Entrepreneurs
 Technically Skilled Labor Force
 Accessibility of Suppliers
 Accessibility of Customers or New Markets
 Governmental Influences
 Availability of Land or Facilities
 Accessibility of Transportation
 Attitude of the Area Population
 Availability of Supporting Services
 Living Conditions.
• The organization :
 Types of Firm
 Entrepreneurial Environment
 Partners
 Strategic Variables (Cost, Differentiation, Focus)
 Competitive Entry Wedges.
• The Process :
 Locating a Business Opportunity
  Accumulating Resources
 Making Products and Services
 Producing the Product
 Building an Organization
 Responding to Government and Society.
4. Conclusion on Born or Made as Entrepreneur. First,
let’s deal with the fundamental issue of inborn talent :
• Say that the answer is YES:
• Then we can identify the main characteristics
• If we have them, fine - No others need to apply.
 We could start spotting talent in kindergarten
 We could discourage people without these
talents from applying.
• Say that the answer is NO:
 Then schools could teach anyone
 It would become a "profession" like law or medici
 The real answer lies somewhere in-between
 The average age of today's entrepreneur is in the
mid 30's to low 40's - this means that they had to
be "educated" somewhere first.
 So, talent and education is the way.