This document summarizes several misconceptions about entrepreneurship. It argues that: 1) Entrepreneurship is typically just a stage in a firm's lifecycle, not its defining characteristic. Most firms transition from entrepreneurial startups to more rigidly managed organizations over time. 2) Very little innovation actually comes from startup ventures. The vast majority are mundane, non-technology businesses that employ existing ideas rather than create new ones. 3) There is no single entrepreneur type or personality. Experience in a particular industry is more predictive of success than innate traits. People pursue business opportunities for diverse, often non-rational reasons.