The entrepreneurial myth is the “myth that most people who start small business are entrepreneurs” or “the fatal assumption that an individual who understands the technical work of a business can successfully run a business that does that technical work.” (Michael E. Gerber, “The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It”). Understanding the “technical work of a business” is totally different from understanding the “business that does that technical work.” Doing business involves capitalization, cash flow, marketing and a host of other factors. A technician-employee is concerned more of doing his job, leaving the problem of looking for clients and marketing to the manager. Please continue reading here.
A lot of people are turning entrepreneurs these days. What could be sad is that an increasing number of promising ventures ended as flops. I came to know of a couple of sad stories about people who ventured into some business but had to close for one reason or another. I am referring to people who opted to retire early and used their retirement money to get into business.
Maybe, Pinoys are not prepared to become entrepreneurs. Our school system primed us to become employees. To begin with, children are trained at home to eventually become employees when they grow up. The average mental set is to find a job after college, preferrably abroad. Turning to business is just relegated as an option or fall back position in case there is no job opportunity available yet.
Education has something to do with this. Our educational system needs to introduce the concept of entrepreneurship early on. Maybe, a topic on entrepreneurship can be included in the typical social studies curriculum in the elementary and high school.
What happens is that a budding entrepreneur gets a chance to know what business is all about when he is already in the business. There is little time for immersion. He may not be fully aware that he may lack something that makes up the business. For sure, what he has is 100% enthusiasm and idealism. But then, that makes up a good beginning.
Warrior,
Very well said. In fact, I’d like to quote your comment in a future post. Thank you.
You are welcome Atty. Fred. I am just happy to tell you that my little piece of a comment can contribute to your efforts. More power.