Does Paul need to be an inventor?
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Paul does not need to be an inventor in order to be an effective entrepreneur.
Entrepreneurs do not have to invent new ideas in order to be successful. A successful entrepreneur does not have to come up with original products or services for the market. They only need to exploit the ideas that exist for profit. Inventing is not a necessity for Paul since an entrepreneur is a person who is able to make a business out of ideas that might be original or modifications of already existing ideas. Paul has already demonstrated his ability to make a business out of already existing ideas by adjusting them to suit the needs of the market. With his ability to identify areas of need and transform the way in which business is conducted in order to serve customer needs, Paul will be able to succeed without the need for new inventions. Paul’s innovativeness, therefore, sets him up to be an effective entrepreneur without the need for being an inventor.
How important is having a lot of money?
It is not very important for Paul to have a lot of money in order to succeed as an entrepreneur.
While money is an important aspect of starting up a business, it is not the only necessity for success. Money is necessary to provide the capital needed for Paul’s business to start and survive. However, the amount needed for this function does not have to be excessive. Having a lot of money will not protect Paul’s business from failing. Paul should learn to view money as a resource that if used effectively can lead to success and not as an assurance that he will be a successful entrepreneur. Even with a modest amount of capital, Paul still has a chance of becoming an effective entrepreneur. With his innovativeness and useful ideas, Paul can create products that the market needs and therefore make a profit. Having a lot of money is therefore not a requirement for Paul to become an entrepreneur.
What is wrong with Paul’s overall thinking?
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Paul’s overall thinking is flawed since he seems to believe in the myths of entrepreneurship. These myths have caused him to think that he cannot be an effective entrepreneur. The first myth that Paul believes in is that one has to be a thinker to be a successful entrepreneur. While the ability to carefully plan and make strategies is important, being able to execute the set plans is even more crucial. Paul’s action-oriented nature therefore marks him out to be a good entrepreneur. In spite of his innovativeness, he believes the myth that one has to be an inventor. He does not realize that his ability to innovate is one of the characteristics of an entrepreneur. His belief that entrepreneurs need luck is based on a myth. What might appear as luck is in most cases determination, skills, and preparedness on the part of the individual. If Paul becomes prepared and ready to seize opportunities, he will not need to rely on luck to succeed. Paul also believes in the myth that a person needs a lot of money to be an entrepreneur. This thinking is wrong since it ignores the many other factors for success in entrepreneurship. With the diligence and innovativeness that Paul has, he can become a successful entrepreneur even with the modest capital that he currently has.