Debunking Entrepreneurial Myths
Approximately two in every 10 people worldwide have a business or are considering the idea of starting a business. Many entrepreneurs launch a business to pursue opportunity. On the other hand, some entrepreneurs do so out of sheer necessity because it is the most promising way to earn a living. Whatsoever may be your reason, motivation or location for starting a business, all entrepreneurs can benefit from learning what the role really entails.
This can be done by taking a look into the various myths and misconceptions surrounding entrepreneurship. Exposing these misconceptions can help startups to figure out what is truly necessary in achieving success with their business. The points below provide some of the most common assumptions about entrepreneurs and also explain its falseness.
- Entrepreneurs are Born
Some people assume that entrepreneurs are born that way and that they are the only ones with natural talents. But the truth is that almost anyone can become an entrepreneur if they can learn the necessary skills. It is true that some people may adjust to the demands of the role more quickly. However, there is no rule that says only certain types of people can establish businesses. The act of entrepreneur is learned, it is not a natural-ability. They could be extroverts or introverts or big-picture thinkers or even more focused on the finer details of executing an idea.
- It requires only a good idea and Boom!
There are also people that believe that all it takes to be a successful entrepreneur is just to have an excellent idea for a company and boom! The money starts rolling in. This notion is not entirely false but also misleading. Those with even the best ideas and even potential to disrupt an entire industry require proper execution to become a reality. While ideas are important, it is also important to take into cognizance of planning, talent, leadership, communication and many more factors as relates to a particular business.
- Starting a business guarantees freedom
The feeling of breaking out of the traditional 40-hour work week draws many prospects of starting their own business. Many people discover that while they leave behind their old schedule and creative limitations, they pick up new demands. Of course there will be more freedom in some respects but this chosen field requires great sacrifices. It is going to consume every part of your everyday life; there is no closing hour, wok is not over once it is 5 o’clock.
- Starting a business will automatically make one wealthy
Many entrepreneurs mistakenly believe that starting business will put them on the fast track of earning large amount of money very quickly. In spite of that, some companies or businesses are immediately successful, while others take a little more time to arrive at that point. Adequately timing the expansion of the company and sustaining growth are the two tasks that an entrepreneur should pay attention to.
- Only money motivates employees
There is this ‘get-rich quick’ myth that money is the best way to motivate employees. But research has shown that millennial who largely constitute the majority of the workforce would rather earn less at a job they enjoy than secure a higher paying job doing something they hate. In order to change this narrative, the entrepreneur is obligated to develop a business model that generates revenue as well as a culture that engages employees.
- Business either Flourishes or Fails
Another notion is that of ‘businesses either flourish or fail’. This is because a select few startups that skyrocket out of the gate receive the bulk of press attention, therefore it quite easy to adopt an all-or-nothing outlook towards entrepreneurship. Businesses that startup and fold up just seem to confirm this idea. Nonetheless, business executive need to understand that there are a lot of patience and strategy involved in getting a company off the ground and keeping it afloat. Many companies that initially falter or seem to be recording slow growth tend to achieve healthy growth in the long run.
- All Responsibility falls on the entrepreneur
One other myth about running a new business is that running the new business is so solely dependent on the entrepreneur. It may be true at the earliest stages but taking this idea too seriously is also a sure ticket to burning out. Partnership and the art of delegation factor strongly in the health of a company. No one is an island says a wise man.
- A Secret Key to Success
In entrepreneurship, many smart businessmen give the impression that they have found some kind of secret key to success. But, it does not take into account the entrepreneur’s previous ideas that failed, the sacrifice of hard work and patience and also many other factors that are necessary to keep the company afloat, make it strong and of course, better. In a nutshell, there is no single key to success in entrepreneurship. It takes a combination of smart ideas, resources and people to come together at the right time and in the right place to achieve success.
- That You Have To Have A College Degree To Run A Business
Never make the mistake to confuse value and necessity when it comes to entrepreneurs and business. No doubt that formal education provides immeasurable benefits but also, the business sphere does not require entrepreneurs to have a college degree or any other business degree to run one. Many startup owners have degrees that are unrelated to business but they use their technical knowledge and skills to identify gaps and devise solutions.
- Only Losers Quit
This myth stands out in all of these points. The point still remains that not every idea will blossom into a sustainable enterprise. Smart entrepreneurs often cycle through and try many different ideas before deciding to stick with the one that they could find their foot in. To quit may look like failure, but often times that is a common part of the entrepreneur’s journey and can provide important and real life experience. To know when to back off and move on to the next idea is crucial on that journey.
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