Answer to Question #210718 in Macroeconomics for geoffrey

Question

With clear illustrations, discuss the notion that entrepreneurs are born, not made. Outline the various myths associated with entrepreneurship.

Answer 1

An entrepreneur is a person or a group of people who start a business, whether it's a large or small one. He or she is a visionary with innovative business ideas, products, and services. This aids in the growth of a country's economy while also creating job possibilities. An entrepreneur has the capacity and talents to either lead him along the path of success or to stardom. They then look for new ways to expand their business. It may also lead to failure; in which case he will be exposed to financial dangers and may lose market favor. The age-old question that emerges is whether entrepreneurs are born or made. I'll talk about how entrepreneurs are born.

This statement that an entrepreneur is born has some validity to it. Entrepreneurs are born in two categories. The first is the child of a business-owning family. The second sort of entrepreneur lacks capital and investment knowledge, but is brimming with ideas. It is not required for an entrepreneur's son or daughter to follow in his or her footsteps. It is, however, rather simple for someone born into a family that already owns a business to join the family business. This is due to the fact that entrepreneurship runs in the family. Capital, land, and labor are all resources that entrepreneurs require. These are usually not difficult to attain because these resources are already present in the family business. The disadvantage in such instances is that the entrepreneur born into a business family is hesitant to establish their own business. He or she is solely concerned with continuing the family business and carrying on the family name for future generations.