Busting different Myths of Entrepreneurship
Entrepreneurship is fraught with myths and misperceptions. These myths of entrepreneurship are typically based on the stories of the founders who actually did not know what they were doing when they started their businesses. Entrepreneurship requires a lot of courage and determination. But it is also an attractive career option in the competitive world. There are many myths about entrepreneurship, but the first-hand experience can help you see the reality of things.
One of the myths of entrepreneurship is that it is only for techies, programmers, and people who have been working for computer companies for a long time. In fact, entrepreneurship can be pursued by anyone with an idea and a passion for implementing it in real life. This entrepreneur myth has been busted when we see many professionals from different fields pursuing entrepreneurship- from artists to doctors to scientists. The key here is that one should not be afraid of failure and should always stay motivated.
Myths of Entrepreneurship:
Myth 1 - Entrepreneurship is more expensive than you think
There are many myths of entrepreneurship that are associated with entering the entrepreneurial world, but the cost of starting a business is one of the most common. According to Forbes, it can be as low as $30,000 to $60,000 and sometimes less depending on your location and the industry.
Many people find it hard to raise money and sometimes they think that they don't have enough capital to start their business. But if you think about it more carefully, it's possible for anyone to start a business without having a lot of money. In reality, it all depends on what kind of business you want to start and how ambitious or small-scale your venture is. You should have a lot of money to be financially strong, which is one of the most prevalent myths of entrepreneurship.
Costs also fluctuate from country to country as well as state to state depending on where in the world you want to start your business. Entrepreneurship is more popular than ever before and it doesn't seem like there will be a day that's coming when entrepreneurship isn't an option.
A popular myth is that the cost to start a business is higher in the manufacturing setup and low in the case of the service industry. This myth has been debunked by research studies which have shown that, on average, there isn't much difference between the manufacturing and services sector in terms of startup costs.
Myth 2 - Entrepreneurship is a field for people with lots of time and resources
The start-up world has multiple myths about entrepreneurship. One of these lies in the belief that entrepreneurship takes a lot of time and resources. Yes, it does take more time than working in a job at the beginning but it doesn't need to be that way if you have a dedicated staff and systems integrated.
Entrepreneurship is possible for everyone who sees opportunities in different markets for businesses and products in need. On the other hand, it is a big and tough job that requires one to sacrifice time, resources, and sometimes even their emotions. But it is not something that should be done with a lot of time invested. It's best to start small and grow your business gradually while delegating tasks.
The USC Marshall School of Business professor David Liu says that entrepreneurism doesn't take a lot of time, at least not if you use the right resources. He states that entrepreneurship is easier than ever with technology, such as online tools making it possible for entrepreneurs to start up quickly and work remotely.
If done right, entrepreneurship takes half the time you spend in a full-time job and can provide you with a life worth living. A survey found that most entrepreneurs work only 20 hours a week while they focus on their business full-time. Instead of focusing on the negatives, it's important to realize that most people who are scared away by this myth about entrepreneurship don't do enough research and have no idea what they're getting into
Myth 3 - Entrepreneurship is not for everyone
There are many myths about entrepreneurship that discourage people from pursuing it. But this is a misconception that entrepreneurship is too hard and is not for everyone. While it might be a tough journey, if you have the grit and determination, it is worth every sweat drop to pursue your dreams.
Going on to start your own business is not easy, it requires hard work and dedication to be an entrepreneur. It is important to understand what you are getting yourself into before you start your business journey so that you can have an idea of your potential payout.
It's true that startups have a higher failure rate than other businesses, but that doesn't mean every entrepreneur should avoid it. Entrepreneurship isn't easy, but it's worth it in the end when you succeed in creating something out of nothing and seeing your startup bloom into a profitable venture. Entrepreneurship is not for everyone and people who say this, have a misconception that you need to invest a lot of money to start out. It is one of the most common myths of entrepreneurship.
In reality, starting out as an entrepreneur is not as difficult as many people think. There are many ways to start up your own business without having a large bank account, such as starting an online business or getting funding from a VC.
Myth 4 - Entrepreneurship is all about the idea you have or opportunity that comes your way
This is one of the most common myths of entrepreneurship, especially among people who have never tried to build their own business before. There is no such thing as an idea being worth more than any other idea; these judgments are made by society rather than by business owners themselves. Success relies on execution – if you execute your idea well, you will be successful irrespective of what your idea was or how good it was originally perceived. And of course, it requires hard work and skill to succeed in this industry.
Entrepreneurship is about working hard, putting in hours of work every day, and being patient. One cannot just come up with an idea and hope for business success. This is another myth about entrepreneurship. The concept of working hard goes hand-in-hand with success in entrepreneurship as you will always need to work harder than everyone else, even if you already have a successful business.
Successful entrepreneurs have three characteristics in common: they are persistent, they have a clear vision of their future self, and they are tenacious in pursuing their goals- no matter how difficult it may seem.
Entrepreneurship is not just about the ideas and opportunities that come your way. The rewards are there when you make efforts and find the right opportunity, don't sit and wait for the opportunity you should work towards gaining it.
Myth 5: It's all about luck
The luck factor is one of the most common myths of entrepreneurship. It refers to how it's easier for some people to be successful than others due to their genetics or family background.
Many people think that entrepreneurs are born with a silver spoon and not made. But as many studies show, success is not determined by how much money you have in your bank account, but by how hard you work at your business. Does it mean that luck doesn’t play a role in your journey?
Many successful entrepreneurs like Elon Musk and Richard Branson have said that they are just in the right place at the right time. It might play a role but the secret to good lucks is “ exploring all the opportunities that come along your way”.
With that being said, nobody can predict if they will succeed or not. However, not everyone can believe in this myth about entrepreneurship. To help prove this point, we must see how entrepreneurs who have succeeded in different industries and markets were able to do so. The following are examples of entrepreneurs who have managed to achieve success despite the luck-deficient nature of their lives: Steve Jobs, Elon Musk & Bill Gates all have made it big from humble background or their garages.
We also learn from their failures. For example, Steve Jobs failed on his first business idea but he was able to bounce back and create Apple Inc., a billion-dollar company that revolutionized the world with its products and services, this isn’t luck, it's pure persistence and determination.
Myth 6: Entrepreneurship is Easy and everybody can do it
Entrepreneurship is a dream pursued by many people. They want to be their own boss and make their own rules. They believe that it is easy to come up with a business idea, start it and make it successful. However, the truth is quite different. It's one of the most prevalent myths of entrepreneurship. Entrepreneurship requires hard work, dedication, and time management skills. Entrepreneurship can be difficult and rewarding. But it doesn’t mean that it is easy to start a business from scratch. Many entrepreneurs are still struggling with the phase of getting the required capital to build their company and identifying the tasks that need to be done in order for their startup to succeed.
But despite all these, entrepreneurship is a key to success in itself and people are doing it every day. They are creating businesses on their own, taking risks, and building empires. It's not really easy to build a successful career and business out of nothing. It takes a lot of time and effort for an entrepreneur to establish his/her brand in the marketplace.
Entrepreneurship is not easy, but entering into any kind of business can provide you with a great lifestyle, freedom, and opportunities. The fact that it is difficult doesn’t mean it should not be done. However, entrepreneurs need to be clear on what their goals and motivations are because there will be times when some of those goals and motivations could take a completely different course.
Myth 7: There are plenty of shortcuts
As an entrepreneur, you need to understand that there is no such thing as shortcuts. There is always hard work and dedication that should be put into your business ventures if you want them to succeed. If you think that you can work out a get-rich-quick rich scheme from your entrepreneurial journey then this is one of the biggest myths of entrepreneurship you've encountered.
The old saying goes, "No one ever won the race without going through the tunnel." This saying is true because if shortcuts were used, there would be no need for hard work and dedication. Entrepreneurship isn't for everyone and you need to be determined and passionate about it. Many people are trying to find the 'easy way out by using shortcuts but this leads to failure in most cases debunking one of the biggest myths about entrepreneurship. To be successful, you need good ideas and a strong passion for your idea.
Elon Musk is one of the most famous entrepreneurs in the world. He has been on top of the headlines recently for his Tesla car company and SpaceX space ships. However, Musk's entrepreneurship journey was not an easy one. It took him years to reach where he is today, without shortcuts, he attributes his success to pure dedication and passion. "Hard work and perseverance are the best shortcuts in any field."
Myth 8: You don't need any capital to be successful
Many people are still in the dark about the myths of entrepreneurship. Entrepreneurs don't need any capital to be successful; however, some capital is required for startup investments.
This myth is supported by a popular quote from Steve Jobs saying, "I have . . . money I never earned… I have spent a lot of time thinking about how to make money."
If you're an entrepreneur, you've probably heard the old saying "an entrepreneur is someone who creates and runs a business without using a bank." In today's world, it is very difficult for anyone to start a business without the help of any financial assistance but we have Investors and venture capitalists out there who may accept your idea based on your project's feasibility.
VCs will be willing to invest in your idea if it has potential. There are a lot of myths about entrepreneurship and the need for capital in the entrepreneurial journey. This can be attributed to the fact that people have not been able to see the success stories of individuals who didn’t have the riches but still succeeded.
A lot of startups and entrepreneurs start with very little money, and they are able to succeed in their goals by leveraging resources creatively and finding new ways of generating revenue.
Some organizations have also started up "crowdfunding" platforms like Kickstarter or GoFundMe as a way for them to raise funds for their projects that might be small-scale but would be important for their cause.
Myth 9: A business will make you rich overnight
Some of the biggest myths about entrepreneurship and the idea of starting a business include: making money will come easy, you don't have to work hard, other people will invest in your business for you, or someone will buy your company for you.
Entrepreneurship is complicated and requires a lot of work and effort. It is not something that will happen overnight.
The idea of starting a business overnight can never be done. It takes time for any business to grow, which is true in some cases but not in all. Some businesses do take forever to achieve success, but there are also many examples of businesses that have taken just a few months or even weeks to succeed.
The truth is that it will take hard work, in most cases, about three to six years before the business starts seeing significant profits. Some people suggest that you should start your own business with moderate expectations and find out how much time and dedication it takes to build a successful and sustainable business.
Myth 10: Starting a business is similar to being self-employed
There is a common misconception that starting a business is similar to being self-employed. However, this couldn't be further from the truth and a huge myth about entrepreneurship.
In reality, business owners have to put in significant resources and effort in order to successfully grow their businesses. The goal of entrepreneurship should not be just making money but also creating something meaningful and worthwhile.
There are many similarities between running your own business and being self-employed – you work when you want, set your own hours, use the skills you already have in your existing job, etc. However, there is also a major difference between these two concepts which is how long it takes to start up and make money with either endeavor. Businesses take almost 2-5 years to rake up significant profits whereas if you are self-employed, you can start making profits from day one, as you don't have rent and salaries to pay to your employees.
There are different risks involved in starting a business, not just that it might be difficult to find work but also the financial risk of losing money from a startup.
Failed startups can lead to huge losses that are not covered by health insurance plans or workers’ compensation programs for self-employed individuals. Being an entrepreneur and a self-employed individual is completely different and if we're one of them who thought they need the same effort and hard work, then one of the biggest myths of entrepreneurship has been debunked for you.
As an entrepreneur, it is hard to avoid facing the myths of entrepreneurship. It is a difficult process and we need to be rigorous and diligent in our approach. There are many common misconceptions about entrepreneurs that are not true at all.