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Richard Branson
Founder at Virgin Group

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The Misconceptions of Entrepreneurship

August 12, 2013

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In the past few decades entrepreneurship has been transformed from a dirty word into one of the most aspirational careers people strive for. So what does being an entrepreneur really mean? Weve discussed how you would define the word entrepreneur on LinkedIn before, but The Economists excellent Schumpeter column got me thinking about the subject again when it described entrepreneurship as: The modern-day philosophers stone: a mysterious something that supposedly holds the secret to boosting growth and creating jobs. The article points out the confusion around the purpose of entrepreneurship, as well as the motives behind what makes entrepreneurs tick. As the term has to encompass so many different personalities, businesses and viewpoints, it is only natural that misconceptions crop up. Nevertheless, there are some common traits in entrepreneurs such as finding worth in the worthless and possibility in the impossible. I was intrigued by Daniel Isenbergs interpretation; he believes entrepreneurs are contrarian value creators. They see economic value where others see heaps of nothing. And they see business opportunities where others see only dead ends. Here, along with his opinion that policy makers need to remove barriers to entry for all sorts of businesses, I wholeheartedly agree. However, I completely disagree with his view that the main motivator for entrepreneurs is the chance of making big money. If you get into entrepreneurship driven by profit, you are a lot more likely to fail. The entrepreneurs who succeed usually want to make a difference to peoples lives, not just their own bank balances. The desire to change things for the better is the motivation for taking risks and pursuing seemingly impossible business ideas. Although there is healthy debate over entrepreneurial motives, (almost) everybody agrees it is a concept that should be encouraged and celebrated. So how should we go about stimulating the job creators of the future? Mentorship and guidance are just as important as location and funding. At Virgin Unite we are trying to inspire more businesses to become forces for good. We support entrepreneurs through initiatives such as the Branson Centres of

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The Misconceptions of Entrepreneurship | LinkedIn

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Entrepreneurship and are on a mission with The B Team to prioritise people and the planet alongside profit. There is much more to be done to encourage and nurture the crazy diamonds of tomorrow. Where do you think entrepreneurship will go in the coming decades? And what misconceptions do you come across?

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James C. Take hold of you learning and shape your future. Arrange a FREE consultation to set out your educational goals. It is interesting that Schumpeter saw the demise of capitalism and the rise of socialism through the process of endless innovation and destructive creationism. Small businesses that ultimately become large will subsume the role of the entrepreneur. The business cycle is telling us something very significant at the moment as more and more talk of a need for entrepreneurship to be driven by social gains. Socialism as achieved via big governments is defunct - business must assume the mantle of social provider and a desire to create a fairer society must dictate our economic goals
J'aime Rpondre il y a 35 minutes

Vasant M. -I agree with your description of a real entrepreneur as someone who while making some profit for himself/herself finds also a way of doing something positive for the society. However in some countries, especially in USA there are many entrepreneurs who believe in enmassing wealth by hook or crook. Part of the blame for this also rests with the way Economics and Business Management are taught these days in many known institutions. It seems they believe that "what cannot be counted does not count" and the realization of the goal is emphasized without emphasizing also the manner in which goals are realized. I would support Mahatma Gandhi's approach that in a modern, responsive and moral society both the means and the goals have to be justified. Vasant Moharir
J'aime Rpondre il y a 3 heures

Steven N. Director. (plasterer) at Artplas ltd Very good. I agree with everything said. Business is not just about money its personal relationships and knowing your creating work. Making money is part of it, of course in the beginning.
J'aime Rpondre il y a 6 heures

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The Misconceptions of Entrepreneurship | LinkedIn

Yvonne D. CompanyOwner at Mija Entertainment Hello I would like to say more but for some reason my first message was never sent, Focusing on Entrepreneurship ambition should be satisfying needs, hopes, dreams and the quality of life, this is the real payoff, making a profit for me is about employing people and to reinvest and improve upon current goods and services, and to also have a level of comfort for yourself while doing it. Entrepreneurship is alive and well and growing. with today's technology the World is beginning to get closer. Our options of communication broader, this is a very exciting time to become and Entrepreneur and Business owner, No time for misconceptions. I want to say thanks to Sir Richard Branson for always thinking of us out here, challenging our minds and encouraging our souls Yvonne DeLaine Mija Entertainment
J'aime Rpondre il y a 12 heures

Mary L H. Independent Natural Health & Beauty Consultant I agree regarding the "seeing worth in the worthless and the possibility in the impossible" trait. As a former entrepreneur, I can say that one of the ways America can stimulate job creators of the future is to decrease the massive amounts of legislation that inhibits (the cost and creativity of) doing business, especially for small businesses or startups. Other ideas may include: reining in the racketeers that handle credit card processsing, find new ways to decrease transportation costs (facilitate transfer of items to market), incorporate the psychology of innovation as a social norm beginning in grade school, encourage future generations to think and dream big, and develop excellent problem solving skills from the time they are babies.
J'aime Rpondre il y a 13 heures

Neil H. Associate Bowenwork Practitioner at Bowtech Health Center You become successful when you provide a service that serves a need of the people. Providing what people need makes all of your clients or customers promoters of your service or business.
J'aime Rpondre il y a 14 heures

Raimundo R. Retail manager at Walmart, Inc A passion for providing great service and making life better for the community is imperative to making it on your own.
J'aime Rpondre il y a 15 heures

Scottie F. Chief Operations Officer at RNA Worldwide Exceptional - in particular I liked the part about "...making a difference in people's lives..."
J'aime Rpondre il y a 15 heures

Charles R. President CEO at Veteran's Recreation & Rehabilitation Center Working on Veteran challenges across America. We embrace challenges and change to make the future better. Thank you
J'aime Rpondre il y a 15 heures

Elizabeth G. Accepting new challenges Tampa Clearwater area I agree! Thanks for the insight.
J'aime Rpondre il y a 17 heures

Paula N. Surgical First Assistant at Frederick Memorial Hospital In order to succeed...be open to anything, be appreciative, be honest, and willing to .embrace change. No human is perfect...its not in our DNA most importantly, I work in healthcare...and believe me when I tell you, life is way too short! You are not promised tomorrow, so live for today!
J'aime (2) Rpondre il y a 17 heures

Yolanda C. et Tabatha V.

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The Misconceptions of Entrepreneurship | LinkedIn

Eric F. Professional Driver/Writer As an American who is not an Entrepreneur but an admirer there of, I am discouraged that the entrepreneurial ventures gaining ground right now is within the American Government... Where is our next Howard Hughs, or Bill Gates... Or Richard Branson?? Entrepreneurs who build meaningful enterprises?
J'aime Rpondre (1) il y a 17 heures

1 rponse Charles Kilmer Affiliate at Revived Media Judging by the stock price of Tesla, many people think the next Hughs/Gates is Elon Musk.
J'aime il y a 17 heures

Stephen M H. Founding Partner 1978 at Miracle Maintance Company I really appreciate the attitude of , being more concerned with the world than with your bank balance. My friend in the picture "Hot Rod" , agrees and She works for peanuts! " Yesterday is a history Lesson , and only defines how today , creates a successful tomorrow!" Harrelson '13
J'aime (2) Rpondre il y a 17 heures

Tabatha V. et Scottie F.

David C. Owner, Quercus I know I have little in common with a "peer" when they cannot find "worth in the worthless"...place, people, or notably my design profession and how it can improve lives! Great points as always.
J'aime Rpondre il y a 17 heures

Brenda I. Experienced Personal Coach | Business Coach | Consultant | Coach | Mentor | "It's Time To Move Forward" I love Richard Branson' statement that entrepreneurs find worth in the worthless and possibility in the impossible. They also focus on the greater good for people and making the world a better place. I worked in corporate america for 25 years and in most cases it was all about making profit, not caring about the people. Becoming an entrepreneur and a life coach has provided me with an opportunity to give to others and help make the world a better place. I am proud to say "I am an Entrepreneur"! Brenda Williams
J'aime (2) Rpondre il y a 19 heures

Cindy H. et Debra M.

David B. Director/CEO at Snack Shacks How right you are Sir Richard...but who knows what will change in the future...especially here in Australia, our Banks do not do very much to encourage and nurture the crazy diamonds of tomorrow...unless of course they have a lot of " Bricks & Mortar " assets they own out right and are prepared to " Put their money where their mouth is ". Banks 5 years ago... laughed and looked at you as "Crazy" if you asked them for a small loan to build a website...now a days it appears if you don't have one the bank frowns on you for not having it. And how true it is...to change things for the better is the motivation for taking risks and hopefully to make enough profit to stay in business, long enough possibly to prosper and grow. Amazing how some of the Banks views can change...so Sir ...you never know !
J'aime (1) Rpondre il y a 20 heures

Jeremy H.

Linda H. REALTOR, Lyon Real Estate Great to have such a successful person share!
J'aime Rpondre il y a 20 heures

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The Misconceptions of Entrepreneurship | LinkedIn

Turk A. Visionary Entrepreneur: Off Leash Dog Training Richard, never a day passes that I don't try to follow your example. I do think that Non-American Entrepreneurs tend to understand the Philanthropist Capitalism ideals a bit better. As T.Friedman said In America we have ME culture where rest of the world has WE culture. Can you share your thoughts on that some time. All the best to you. I hope to see you at Necker one day.
J'aime Rpondre il y a 20 heures

Jeanne S. Business Development Manager at DBA Construction Inc. It's obvious to see how the man got to his position of success. My guess is he was raised with high expectations but also allowed to make mistakes. He probably also had mentors who challenged him throughout his career. Sometimes a bad example can be as much of a learning experience as a good one. I love reading his insights.
J'aime (1) Rpondre il y a 20 heures

Nancy K.

Vanessa C. Project Administrator at Straub Martin Harris a Joint Venture This article is so true that with time the significance of entrepreneur has changed, it is not just about make the big bucks but about making something out of what others believe to be nothing while making a difference and creating new progressive and amazing businesses or ventures.
J'aime Rpondre il y a 20 heures

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