Entrepreneurship is enjoying a worldwide renaissance in defiance of the global economic downturn, according to a recently published Economist report.
In a bid to better understand what is means to be an early 21st century entrepreneur the report seeks to dispel a number of myths about business trail blazers.
In summary these myths are:
1. Entrepreneurs are not loners - they might not follow the rules but they are well aware of the need to develop strong social networks in order to succeed
2. Most entrepreneurs are young - on the contrary, research suggests 39 is the average age of tech company founders when they start out
3. Venture capital makes entrepreneurship happen - not so, many start-ups are funded by the 'three Fs' – friends, fools and families
4. Entrepreneurs make world-changing products - successful start-ups often develop new processes rather than new products, e.g. Richard Branson, who turned flying into a more entertaining experience
5. Big companies can't accommodate entrepreneurship - large companies often support start-ups by contracting out innovation; examples mentioned include Microsoft, which works with a global network of 750,000 small companies
If all this puts you in the mood to read a gripping tale or two about entrepreneurs in action, check out Inc magazine's slideshow of the world's greatest fictional business innovators here.
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