Mr. Ram has always been very reliable and a hard worker. For the past eight years Ram has been working in a large car service workshop. During this time he has made several recommendations to the owner regarding new services that could be provided to customers. One of these is called the fast lube. With this service, people who want to have their oil changed and their car lubricated do not have to leave the car and come back later in the day. Three service racks handle this job. It generally takes less than 10 minutes to take care of a car and most people can have the job completed within 25 minutes of the time they arrive. The service, which has become extremely popular with customers, resulted in an increase in overall profits of 5 per cent last year. Rams wife believes he has a large number of ideas that could prove profitable. You ought to break away and open your own shop, she has told him. Ram would like to do so, but he believes four things help account for entrepreneurial success and he has none of them. Here is how he explained it to his wife: To be a successful entrepreneur, you have to be a thinker, not a doer. Im a doer. Thinking bores me. I wouldnt like being an entrepreneur. Second, those guys who do best as entrepreneurs tend to be inventors. Im not an inventor. If anything, I think of new approaches to old ways of doing business. Im more of a tinkerer than an inventor. Third, youve got to be lucky to be a successful entrepreneur. Im hard working; Im not lucky. Fourth, you have to have a lot of money to do well as an entrepreneur. I dont have much money. I doubt whether RM50 000 would get me started as an entrepreneur. 1 Does Ram need to be an inventor to be an effective entrepreneur? Explain briefly.

2 How important is it that Ram has a lot of money if he hopes to be an entrepreneur? Explain briefly.

3 What is wrong with Rams overall thinking? Be sure to include a explanation and discussion of the myths of entrepreneurship in answer.