Many people see successful entreprenuers from Mark Zuckeberg to Bill Gates and dream of owning their own businesses, taking over the world, working on their own time and making their own money. The road to entreprenuership is glamourized as you hear stories of "overnight successes" and "born entrepreneurs". Many people spend time learning how to start a business, but not enough time questioning if they are cut out for that type of life. If you're thinking of starting your own business and you like the idea of "being your own boss", here are 5 common myths about entreprenuership to consider:
Myth 1: Entrepreneurs are born
People tend to believe that the people who become entrepreneurs are born with superpowers that allow them become super rich and successful in everything they do; that they have innate, genetic talents. This isn't true as people can learn to become entrepreneurs. Entrepreneurship is currently being successfully taught in business schools, colleges and universities around the world. People are taught to scan for business ideas, explore them until they can find and address the most promising ones. Like all disciplines, entrepreneurship has models, processes, and case studies that allow the topic to be studied and the knowledge to be acquired. If you are passionate, disciplined, have perseverance, determination and a great idea, you too can become an entrepreneur.
Myth 2: Entrepreneurs take extreme risks and never quit
The concept of risk is a major element in the entrepreneurial process. Many definitions of entrepreneurship and entrepreneurs include word "risk". However, the common perception of the risk assumed by entrepreneurs is usually exaggerated and distorted. Entrepreneurs don't "gamble" on wild chances. Successful entrepreneurs work on moderate, calculated, data-driven risks and pursue those risks with determination. Entrepreneurs work hard by planning and preparation to minimize the risks involved in any step so that they can have better control of their vision. Entrepreneurs know when to quit and go back to the drawing board. True success is knowing what to quit and when to quit.
Myth 3: Entrepreneurs are their own boss
One common reason for wanting to start a business is to be your own boss. This is another popular misconception about entrepreneurship. while it is true that you won't have a boss in the traditional sense, as a business owner, you're accountable to many people including your employees, your customers and your potential customers. . In many cases, your business becomes your new boss. It requires demanding work hours, especially in the early stages when you're still trying to do everything without much help. If you get funded by investors, your investors become your boss. There's more responsibility and less freedom in starting a business than in a regular job.
Myth 4: Entrepreneurs are deceptive individuals
Some people believe that to make it as an entrepreneur, you have to be deceptive, eliminate anybody who gets in your way, lie to people, be sly and be ruthless. On the contrary, this mode of operation doesn't work. A good, successful entrepreneur is diplomatic, knows how to negotiate and avoids unnecessary conflict. If you want a beneficial business relationship with suppliers, associates, customers and employees you have to maintain a good reputation with them and you can't gain this by being sly and deceptive
Myth 5: Entrepreneurship is fun and easy and anyone can do it
Starting a business is not an easy thing to do. 80 percent of business fail in the first year. It might be easy to come up with ideas and plans and what you'll do, but actually starting and running a business can be a difficult, demanding path. You might have a solid business plan, a lot of money to execute your plan, and a lot of connections to help you, but these do not guarantee a successful business. Doing what you love can be fun and exciting, but pursuing your dreams and goals can become frustrating especially when things aren't going your way. Entrepreneurship is hard and it boils down to discipline, determination, perseverance and willingness to get back up after being knocked down because you will get knocked down a lot. Not everyone is capable of pulling off owning their own business.
Starting a company is a big undertaking. Most likely, it won’t be anything like you expect it to be, so it is best to improve your business mentality and go into it with an open mind and without misconceptions.