Navigating through the modern corporate world is no joke. It’s a physically, emotionally, and spiritually draining process, requiring a high degree of risk-taking. It demands a leap of faith and a lot of patience. But if you stick to it and believe in your product, service, or idea, the ends are bound to justify the means.
With that being said, there are a lot of misconceptions about entrepreneurship, often dissuading people from embarking on this exciting and financially-rewarding journey. Today, we’ll discuss five of those myths with details on why they are wrong. Continue reading to learn more!
- Entrepreneurs are Born, Not Made
It is a common myth that entrepreneurs are born rich. Though this may be true to some extent, you need to remember that anyone can start a business. Some of the biggest companies and brands today started from practically nothing.
The only thing you need to prove to investors is yourself and the merits of your business idea. Likewise, numerous accelerators and incubators provide programs and seed funding designed to assist the launch of startup ventures. There are also crowdfunding apps like Indiegogo and Kickstarter where you can seek financial and operational support.
Last but not least, you could even turn to grants or bank loans when in dire need. When looking for potential sources of capital for startup funding, you need to be able to convince investors, lenders, and partners to believe in your idea as much as you do.
While there is no magic formula, anyone with the right skills, a smashing business idea and vision, and the passion to succeed can become an entrepreneur. You only need to have faith and confidence in your ability to turn your dream into a reality.
- Entrepreneurs are Impulsive Risk Takers
Though successful entrepreneurship involves taking risks, a common misconception is that running a business is a constant gamble. No venture can function without proper risk assessment and assuming liabilities. Business owners are prudent people, so it wouldn’t make sense if they didn’t calculate the consequences of their actions.
So many people take inspiration from Bill Gates, whom we know as one of the most successful entrepreneurs in the world. Although we all know that he dropped out of Harvard – which can be a huge risk for most people – he did it after setting multiple precautionary plans into motion. Gates only applied for a leave of absence after securing funding from selling software programs. He would’ve most likely gone back to school if his business idea hadn’t worked.
In essence, entrepreneurs will take risks as far as the conventional safety standards go. Though letting go of a stable job and steady income to work on your own business may sound unconventional and risky to some people, it doesn’t mean it’s a bad idea after all. It is just going against the status quo and challenging the conventional mindset. Their decisions are still based on a fair amount of research, calculation, and insights gathered from data.
3. You Need to be an Industry Expert
Though prior industry knowledge would help a lot, another common myth of entrepreneurship is that you need to know everything. As with most professionals, entrepreneurs are in a state of constant learning. These people thrive on improvisation, challenging social norms, and applying creativity to look for better solutions to common problems.
Most, if not all, founders of successful companies had humble beginnings. These people founded and built new industries
based on their innovative ideas, with almost no prior knowledge and minimal contacts. While one cannot deny that some entrepreneurs are born with charisma and a certain magnetism (Steve Jobs), successful entrepreneurship is based on skills that can be taught and learned, such as communication, listening, critical thinking, problem-solving, and teamwork.
Above all, entrepreneurship demands innovation, energy, and the ability and courage to think outside the box. It’s not about what you know – it’s about how fast you can learn and adapt.
4. Entrepreneurship is a Young Man’s Game
There is no defined age for becoming an entrepreneur. However, since younger people are more willing to take risks and they are also more likely to obtain financial support, it is easy to believe that age can play a decisive role.
Despite the prevailing myth that entrepreneurship is a young man’s game, no one has to be young to start a business. As long as you have an idea to commit to and the drive to succeed, you can be an entrepreneur (regardless of your age). Being older can even benefit you because you’d probably have more capital saved up that you could invest in your company and more experience in running the business.
The stats also refute the myth. According to a recent survey GEM record, adults aged between 25 and 44 years are the most likely demographic to start a business. The same report also indicates that, though age matters to an extent, it is not always a crucial factor. Some aspects are more critical, such as social, cultural, inward and outward migration, financial acumen, etc.
5. Business Owners Don’t Have a Personal Life
Though it’d make sense that the long working hours would interfere with your personal life, this isn’t an exclusive problem for entrepreneurs only. Almost all corporate managers are juggling their social and professional lives. Especially with a 40+ hour workweek, time management has become more vital than ever before.
As a result, if you don’t want the myth about entrepreneurs not having a personal life to be true, exercise better time management and schedule control. Managing your hours is one of the many perks of being your boss. You can use this to your advantage to bring more balance to your life and divide your time between work and social life.
Even if you have a hundred tasks due and sometimes feel overwhelmed, you need to remember that you seldom need to finish them all at once. Instead, prioritize between tasks, take up one challenge at a time, and stick to your schedule.
The Bottom Line
Though there are a lot of entrepreneurship myths and misconceptions out there, your takeaway should not be that becoming an entrepreneur is easy. A lot goes into initiating and growing a business that many people do not understand. If you want to be an entrepreneur and take up this career trajectory, it’s worth considering your dreams and ideas and wholeheartedly believing in them.
Successful entrepreneurs have the ambition to challenge the status quo and remain true to their ideals. They might not necessarily have an award-winning idea or a breakthrough. They have the will to commit to their goals. Each aspect of their business is undertaken and completed after correctly calculating risks, gathering information, raising capital, and balancing their work and social life simultaneously.
