8 MYTHS about ENTREPRENEURSHIP you should know
Out of 7 Billion People, only 400 Million people globally are Entrepreneurs. This is just 5% of the total population. Entrepreneurship is a glamorous word but being an Entrepreneur isn’t a cup of tea for everyone. According to the statistics, 90% of start-ups fail in the first 3 years. It isn’t as easy and fun as it fell like.
Entrepreneurship is a dream for millions of people around the world but the courage to realize the dream is what the World requires. To succeed at Entrepreneurship you need dreams, Ideas, and passion but most importantly you need to debunk the myths from your mind and believe that its possible. This can help aspiring Entrepreneurs to figure out what’s truly necessary to achieve success with their fledgling company.
Here is a list of ten most common myths out there about Entrepreneurs and Entrepreneurship that may be worthwhile to examine as you embark on the journey of becoming an Entrepreneur.
Myth #1- The only requirement is a good idea.
Many people believe that all it takes to live the Entrepreneur dream is to have that one fantastic idea for a company. While the notion isn’t entirely false, it is misleading. Even the very best ideas -ones with the potential to disrupt an entire industry – need proper execution to become reality. Ideas are important, but so are planning, talent, leadership, communication, and a host of other factors.
Myth #2- You have to be young and restless to
be an entrepreneur
You definitely do not have to be young to be a successful entrepreneur. In fact, a Global Entrepreneurship Monitor report found that the number of older adults who are self-employed outweighs that of young adults. Entrepreneurship is for all ages!
Myth #3-Entrepreneurs Are High-Risk Takers
Entrepreneurs are often thought of in terms of the risk they assume. Even the dictionary describes an entrepreneur as one who assumes business risks. However, like all prudent business people, entrepreneurs know that taking high risks is a gamble. Entrepreneurs are neither high nor low-risk takers. They prefer situations in which they can influence the outcome, and they like challenges if they believe the odds are in their favor.
They seldom act until they have assessed all the risks associated with an endeavor, and they have an innate ability to make sense out of complexity. These are traits that carry them on to success where others fail. One way entrepreneurs can limit the risk they are exposed to is by choosing one of the best business ideas out there. Knowing which businesses to start and which to avoid is the first step towards success.
Myth #4- All responsibility falls on the entrepreneur.
Another misconception about running a new business is that everything depends solely on the entrepreneur. This might be true at the earliest stages, but taking this idea too seriously is also the best way to guarantee burnout. Collaboration and the art of delegation figure strongly in the health of a company. No one can do it all alone
Myth #5- Entrepreneurs Are Born
Many people believe that entrepreneurs possess innate, genetic talents. However, experts generally agree that most entrepreneurs were not born; they learned to become entrepreneurs. The recent proliferation of college and university courses on the subject supports this point. Entrepreneurship is currently being successfully taught. Again one can’t overemphasize the fact that almost anyone can be a successful entrepreneur. However, every aspiring entrepreneur should ask themselves these questions before committing to a business. Starting your own company is not an easy decision and you must understand that it will change your life in many ways.
Myth #6- Entrepreneurs Are Often High-Tech Wizards
We are all aware of a few high-tech entrepreneurial wizards who have made it. Media attention overplays the success of these few high-tech entrepreneurs. Only a small percentage of today’s personal businesses are considered high tech, and what was considered high tech just a few years ago is not considered high tech by today’s standards. It takes high-profit margins, not high tech, to make it as an entrepreneur. One has only to look at the recent problems that have plagued the computer industry to understand this basic principle. High-tech personal computers did very well when they made high-profit margins. The industry then went into a nosedive when profits fell.
Myth #7- You need a business plan to succeed
Sure, investors and lenders want to see a business plan before handing you a wad of cash, but if you don’t need these resources at start-up, you may be able to launch your business based on the results of a feasibility analysis and then get some traction with customers. Some Internet entrepreneurs, like Richard Rosenblatt of Demand Media, know how to get a website up and making money within a couple of weeks. These savvy entrepreneurs know that testing the market is more important than spending the time to write a business plan.
Myth #8-Starting a new business guarantees freedom.
The appeal of breaking out of the traditional, 40-hour workweek draws many to the prospect of starting their own business. What lots of people find is that while they leave behind their old schedule and creative limitations, they exchange them for new demands. Sure, there will be more freedom in some respects, but entrepreneurism often requires great sacrifices. It can consume every part of your waking life; the work doesn’t end when the clock strikes 5 p.m.
Hence all that matters in the entrepreneurial journey is the intensity of your passion to make the world a better place rather than the myths that stop you from becoming a successful entrepreneur.