What myths have you heard about entrepreneurship? Perhaps you’ve heard or read in some articles some strange things about entrepreneurs; Like entrepreneurs are born not made, or entrepreneurship is a talent?
Even more important is that these myths are in some way discouraging you from starting a business and working hard to fulfill your entrepreneurial dreams.
There are lots of preconceived notions about entrepreneurship that may seem quite discouraging to try out the possibilities.
But most of these notions are myths or misconceptions that people have made up over time due to one false belief or the other.
Therefore, in this blog post, we will share the common myths about entrepreneurship and debunk them.
First, let’s explain the concept of entrepreneurship.
What is Entrepreneurship; Debunking the Myths About Entrepreneurship
As we all know, entrepreneurship is an act of creating an independent business with the sole aim of generating profit.
Or at least that is the definition we often hear.
This perspective of entrepreneurship can seem quite limiting as it does not include the whole concept of starting a business.
We think this is why people assume many myths about entrepreneurship because even the definition itself gives off the easy sides of the concept.
It can also seem a little bit too vague and leaves room for adding other translations.
One way of debunking the common myths of entrepreneurship is to identify more suitable means to define the phenomenon.
Here’s is what we believe sums up the concept of entrepreneurship.
Entrepreneurship is an all-encompassing process of generating a business idea, coming up with a business plan, starting a business, making mistakes/learning in the process, and building a successful business that satisfies people’s needs and helps you make profits.
To shed more light on the concept, let’s consider who an entrepreneur is?
Or who can be an entrepreneur?
An entrepreneur is an individual with a profitable business idea and the willingness to pursue this idea and bring it to fruition.
Secondly, anyone with the zeal and the right mindset can be an entrepreneur.
Sadly, many people get it all wrong.
This is why we deem it fit to discuss some of these misconceptions and correct them so those budding entrepreneurs can fully understand what it takes to be an entrepreneur and achieve their goals.
Myths About Entrepreneurship
Entrepreneurs are Born with Entrepreneurial Skills
Many entrepreneurs wannabes perceive that entrepreneurs are born ready with all the skills they need for business.
They feel that these skills are not learnable to anyone who commits themselves to it.
Whereas the reality is that anyone can become an entrepreneur, a successful one at that.
There are no set down rules that give an advantage to a certain group of people.
Individual differences may affect how fast people learn entrepreneurial skills, but this does not mean it’s innate.
You may even be born into a family of entrepreneurs and still have to learn.
Entrepreneurship skills are not innate.
Instead, it requires hard work, education, perseverance, and determination.
If you study books on the biography of prominent entrepreneurs, you will realize that these people come from and represent all works of life.
Every successful entrepreneur you see today had to go through a learning process.
Hence, the belief that entrepreneurship is a born skill should be discarded.
More so, let nothing stop you from pursuing your entrepreneurial dreams.
Instead, believe in yourself, get the required skills, and work hard to achieve your goals.
Entrepreneurship is a Life of all Work and Little Time for the Things that Matter to You
One of the myths about entrepreneurship is that business swallows up quality time.
Hence, people do not want to consider beginning an enterprise because they believe that entrepreneurs have no life separate from their business.
We understand that entrepreneurs are in charge and foresee many processes concerning their business, but that is no excuse.
Entrepreneurs make time for their families as much as other people do.
In fact, being an entrepreneur gives you more advantages than if you were working under someone because you could schedule your time for comfort.
However, this doesn’t mean that being an entrepreneur gives you the power to abuse working hours; neither is an excuse for laxity.
It only means that entrepreneurship could open up to you a life of freedom with proper time management and a flexible routine.
Also, time management is an important skill that every entrepreneur should have.
Indeed, entrepreneurship will bring about certain lifestyle changes and the possibility of working long hours.
However, with entrepreneurship comes the advantage of getting other people to work for you.
By this, you don’t necessarily need to spend all your days working long hours with little or no time for personal interests.
Everyone can be Entrepreneur; Myths about Entrepreneurship
Although entrepreneurs are not born but made, not everyone has the capability to handle a full-blown business.
Most people think that it’s all about starting a business, but this is often not true.
Considering that only a small population of the world succeeds in this endeavor should tell us that entrepreneurship is not for everyone.
How many people can stay motivated after a series of back-to-back failures?
How many people are ready to put in 100 hours per week to reach a productive end?
Who is brave enough to put in all their money to support ideas they are not sure of?
How many people have the available resources to start their business?
It may even be that you are born into a family business or have all means and resources available, but becoming a successful entrepreneur will seem a little bit far-fetched without the business mindset.
Let’s all admit that everyone has their interests which will influence what they become good at.
Therefore, not everyone can or will eventually become an entrepreneur.
Entrepreneurs Need to Have Special/Formal Training before Going into Business
Rid yourself of the thought that you need to have a business background before you can start a successful business.
We know that education may be important, but we are saying that it is not absolute.
Even if you don’t have the money to sponsor yourself through school, you could still learn business basics through reading or interacting with intelligent people.
In today’s world, many entrepreneurs never had formal education and are killing it in business today.
However, we do not advise that you start a business blindly without knowing anything about it.
Thanks to technology, there’s a lot of information on the internet in every field or aspect of knowledge.
All you need to do is to diligently research and find information relating to your type of business.
Overall, never delve into what you have not completely researched, or you will fail.
Put yourself out to experience new things and ideas.
Also, do not be reluctant to meet new people or ask for help.
Lastly, your experience/mistakes are the best forms of education that you will need to succeed as an entrepreneur.
Entrepreneurship is All About Having Massive/Stellar Ideas
Have you ever heard, “Oh, she must have great and unique ideas; that is why she is so successful.”
Well, there are people who, for some reason, think like this.
Indeed, successful entrepreneurship requires having innovative ideas.
However, other factors come to play.
Business is not all about having that idea that will make waves immediately.
There are successful entrepreneurs today who exhausted all their original ideas and still did not hit the jackpot.
Surprisingly, this myth has made many people unwilling to go into business because they feel they don’t have the groundbreaking ideas to make it.
Note that a good idea is only considered good when it can stand the implementation stage and be relevant.
Therefore, do not be tied down trying to come up with an original idea.
Sometimes, you can improve on existing ideas by twisting them to make them unique.
If this weren’t feasible, there wouldn’t be any businesses alike in the world.
Take a look at Amazon and eBay; they practically provide the same services but still maintain their originality.
In addition, it does not matter how unique your idea is. If it does not serve your customers, it is not even worth it.
Hence, if finding a unique idea seems hard, take a clue from any business around you and enhance its outputs.
Entrepreneurs Become Successful by Luck; Myths About Entrepreneurship
Some people may be so arrogant to think that entrepreneurs are only successful because they got lucky.
They completely ignore the learning process, failing, losses, hard work, persistence, dedication, and commitment entrepreneurs put into starting a business.
Even if you were born to inherit a family business, you would still need to devise planning strategies to handle problems, become relevant in the market by meeting people’s needs, etc.
Furthermore, even if you’ve seen what looked like an overnight success in any entrepreneurs’ life and business, dig deeper.
You’ll see that the entrepreneur had been silently and consistently breaking the rock until he met with diamonds.
Hence, never assume that success comes from luck.
Nothing is handed on a platter of gold till you work hard for it.
This essentially means that you can start a business and be successful if you’re willing to work hard for it.
Making Money is the Only Motivation for Entrepreneurial Ventures
This myth about entrepreneurship stems from the idea that the sole aim of starting a business is to make a profit.
This fact is true, but that is not the only reason why entrepreneurs want to start their own businesses.
There is a fulfillment you get when you know that you are meeting a need somewhere.
Being an entrepreneur presupposes that you are a problem solver.
Thereby helping you bring ease and comfort to people.
Being an entrepreneur also gives you the platform to help those in need, fund charity organizations, or take your services to areas where people cannot afford those services.
The fulfillment that comes with realizing that you are contributing to the growth of society in whatever little way you can and impacting lives massively is what drives many entrepreneurs on their journey.
Entrepreneurs Must Handle Every Aspect of the Business Themselves
You could not be more wrong if you are one of those who think this.
Although being a business owner entails being the captain of the ship, you’ll have to ask someone to help you, respectfully, of course.
For the most part, taking care of everything could be possible at the start when the business is still young.
However, as the business grows, you’ll have to bring more people on board.
Even if you tried, you would not be able to do everything yourself.
As time goes on, what will make the business stronger is teamwork.
You could still be very active in the business and handle other major aspects of the business.
However, taking on the whole task/duties in the business is a recipe for failure.
In business, you need people; Jeff Bezos understands this. Little wonder adopts a leadership style that treats people as valuable assets in the business.
Entrepreneurship You Being Ruthless
The idea that entrepreneurs have to be ruthless to run a business is just ridiculous.
In fact, it is the opposite because if you are unkind, no one would like to be approached by you talk less of working for you.
If you would like to have an honest and hardworking team, you should be meek enough to lead by example.
You may be their superior in the business, but your company’s success largely depends on the people working for you.
Be willing to listen when being talked to.
Try to handle situations mildly.
Nobody wants to work for a dictator who cares about only their input.
Also, learn to say sorry and thank you when it is necessary.
Entrepreneurship Requires Huge Capital; Myths about Entrepreneurship
This myth about entrepreneurs is not always the case.
In fact, this has killed more entrepreneurial dreams than you could imagine.
Many people give up on their entrepreneurial dreams, saying they have no money for start-up capital.
Even more, many people procrastinate, saying when they have the money, they’ll start, and they never really do.
Indeed, some entrepreneurial ventures require huge start-up capital.
However, this doesn’t mean that all businesses should follow that trend.
Many businesses out there started with less than $200, and today, they’ve grown to become multi-million dollar businesses.
Hence, let go of the fact that you need more money than you already have to start your business.
Instead, start within your available resources and make plans to expand as the business grows.
All Entrepreneurs Start Young; Myths About Entrepreneurship
Are you someone a little advanced in age, and you’re too old to pursue a business venture and succeed in it?
You could not be more wrong.
There is no timeline for success or failure.
The regular age of people who start large-scale businesses in many countries ranges from 45- 50.
If you possess the right motive and resources, then dive into it.
It’s not too late to begin your dreams of wanting to become a business owner.
Read those business books, attend those classes and seminars.
Socialize with the younger generation.
Learn new trends.
Several successful business people started at an advanced age and still made it.
In fact, you may even have certain advantages because you have had much more experience in life.
Overall, it is never too late to try.
Hence, do not let the myths you hear about entrepreneurship quench your desire.
Becoming an Entrepreneur Means Instant Wealth
Some myths about entrepreneurship make people think entering into a business will trigger a sudden flow of income; this is not true.
One of the characteristics of a business that will stand the test of time is failure and losses.
Hence, do not rush into business expecting to make profits too soon.
Research shows that of 50% of businesses that start, 35% experience losses in the first few years.
Do not think of the first few years of the business as the time to reap but plant.
Those early years will prepare you for the challenges that will come in the later years.
As a business owner, be willing to plant and wait for the harvest.
The profits will not come instantly, but the sacrifices you make and your persistence will make them more deserving of them when they do.
Entrepreneurs are High-Risk Takers
These days many people confuse risk-taking with making uninformed and uncalculated decisions.
However, that’s not what it means to take risks, at least not to an entrepreneur.
Entrepreneurs take risks but not just for the purpose of taking risks.
Instead, they take well-calculated, informed, detailed, and purpose-driven risks that can yield more results than not taking the risk.
Hence, keep this in mind as you embark on your entrepreneurial ventures.
Conclusion on Myths About Entrepreneurship
When we started this discussion, one of our goals was to define entrepreneurship in its wholesomeness.
We have realized that it is quite hard to do that since entrepreneurship covers a broad range of skills, values, and visions.
However, we hope that we have given you a picture of what entrepreneurship is all about.
Starting a business is quite a daunting experience, although not impossible.
It is important to get ourselves acquainted with the perks of a concept before we try it out.
Do not listen to everything you hear or think.
Some of these myths about entrepreneurship might just be made by those who have no experience or whatsoever.
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Let us know in the comment section the myths you heard about entrepreneurship and how you felt when you discovered they were false?