10 Wildly Inaccurate Myths of Entrepreneurship Debunked
Last update: 19 June 2023 at 12:52 pm
There are various myths about entrepreneurs that need to be busted when choosing whether or not establishing a business is good for you. Various beliefs and myths of entrepreneurship may deter you from starting your venture.
Not all of these misconceptions, however, are true.
Additionally, several business owner notions may urge you to establish your firm. Some of these may also be urban legends.
This article will dispel any misunderstandings you may have about entrepreneurship. Being an entrepreneur necessitates dedication. It also takes as much attention to keep your business functioning once it’s fully operational.
Myth: Entrepreneurs are High-Risk Takers
Entrepreneurs are frequently considered risk-takers. An entrepreneur, according to the dictionary, is someone who takes on commercial risks. Successful businessmen, like any prudent business owner, understand that taking excessive risks is a hazard.
Entrepreneurs, however, do not take too many risks. They love circumstances in which they control the result, and they enjoy challenges when the chances are in their favour.
They rarely act until they’ve considered all of the dangers involved in a project, and they have an intuitive ability to make sense of chaos. These also have characteristics that let them succeed where others fail.
Fact: Entrepreneurs take calculated risks after weighing the pros and cons.
Myth: Entrepreneurs Are Born, Not Made
For this myth of entrepreneurship, many individuals feel that entrepreneurs are born with specific abilities. It is also believed that entrepreneurs are born into rich families.
Experts, however, concur that most business owners do not come from a family of entrepreneurs; they are self-taught. This is supported by the recent rise in university and college courses on this subject.
Entrepreneurship is presently being taught with effectiveness. Some entrepreneurs do not opt for special degree courses but are still passionate and smart enough to start their venture without any backing.
One can’t stress enough how almost anyone can become a successful entrepreneur. Starting your own business, whether physical or eCommerce, is a big step, and you should be aware it will impact your life in numerous ways. All it takes is the zeal and passion to take something one truly believes in and build a successful business.
Fact: Entrepreneurs can be moulded with the proper exposure.
Myth: Entrepreneurs are Primarily Motivated by a Desire to Become Wealthy
Entrepreneurship is not a get-rich-quick scheme, as any successful businessman will remind you. It takes up to four years for a new business to break even.
If you break even before this period, you’re considered successful. During the early stages of a business, entrepreneurs avoid purchasing items they do not require, such as expensive cars or big houses. Most of them drive simple cars and put their extra cash towards debt repayment or reinvestment in the company.
These myths of entrepreneurship does not realise that an entrepreneurs’ main goal is to build a firm with a solid financial foundation that will expand in the future.
Money isn’t everything for entrepreneurs. However, being partly obsessed with money, as most business owners are, is nothing to be ashamed of.
Fact: Entrepreneurs are driven towards the growth of their business as much as they desire more money.
Myth: Entrepreneurs Don’t Pay Heed to Their Personal Lives
Successful businessmen work long shifts, which takes time away from their relationships. Entrepreneurs, however, are not the only ones that work crazy hours.
Many commercial CEOs and managers work more than the standard 40-hour workweek. The main distinction between an entrepreneur and a corporate employee is scheduling control.
You may not have command over your itinerary in the corporate environment. For example, you have no choice but to attend a Saturday meeting called in by the higher management. Entrepreneurs aren’t opposed to enduring 60 to 70-hour weeks.
However, they go to great lengths to protect their personal space. They organize essential conferences during the week to devote their weekends to their personal lives, which they value.
Most business owners pay little attention to their emotional needs. As an entrepreneur with a rapidly developing business, you will occasionally have to compromise your leisure time. This, however, does not mean you cannot pay attention to your personal life.
Fact: Many entrepreneurs learn how to balance their personal and professional lives, thanks to flexible schedules.
Myth: Most Entrepreneurs Are Tech Wizards
Everyone has heard of high-tech business gurus who have succeeded. The prosperity of these few entrepreneurs is, however, exaggerated in public. Tech-wizards have conceptualized only a handful of new businesses today.
Entrepreneurs are versatile, and their thought process ranges from being creative in the kitchen to develop a model for sustainable living. While not all these entrepreneurs may get the recognition they deserve, they belong to different industries and usually follow what they are passionate about rather than the trend.
Fact: Most entrepreneurs come from different walks of life.
Myth: Entrepreneurs are Introverts and Social Misfits
While most business owners may work alone on an existing idea at first, they are generally outspoken and confident enough to pitch their idea to different people and sometimes investors.
To thrive, an entrepreneur understands that they must depend on others to fulfil their dream. They proactively seek advice from people around them and develop several business relationships to reinforce their business concepts. A lonely entrepreneur who refuses to speak to anyone can never build a successful firm.
While most people believe that entrepreneurs are interested in working alone, they look to build a team for their business idea to flourish.
Fact: Entrepreneurs feed off the energy of others and look to work in a team rather than alone.
Myth: Entrepreneurs Switch Jobs Often
According to a recent analysis based on successful businessmen, most entrepreneurs were employed with organizations for several years before starting their own business. During their work tenure, they learned from these businesses and learned everything they could about the business idea they wanted to launch.
Most entrepreneurs have a higher rate of success in their jobs. Before venturing out, the majority of them had spent years working for others. However, not all follow this pattern. Most entrepreneurs start businesses without working for an organization.
Fact: Entrepreneurs like stability and are not open to change very often.
Myth: Entrepreneurs’ Do Not Depend on Finance From Others
Most entrepreneurs believe in their idea and will do whatever it takes to bring them to fruition. Although many people believe entrepreneurs are self-made and do not depend on others, whenever financial assistance is offered, an entrepreneur will jump at the chance to secure funding as long as they don’t have to shell out too much of their company stake to venture capitalists.
It is a competitive world out there, and financial investment from venture capitalists is crucial for a business to succeed. While this doesn’t mean that entrepreneurs without financial investment fail, it might take them longer to get there than entrepreneurs who accept financial investment.
Fact: Entrepreneurs accept financial backing when it seems beneficial to the growth of the company. While some do use their personal savings, not all can afford to do this.
Myth: Entrepreneurs are Ruthless
Some people feel that entrepreneurs must be deceitful and trample on anyone who stands in their way. This practice, however, does not benefit anyone. Deceitful entrepreneurs usually alienate people. This hampers their productivity and eventually leads to the business plan failing.
Entrepreneurs are usually warm-hearted, outspoken and friendly people. They look to establish a name in the market, and impressing others is one of the ways they get that done. If anything, they try to be as compassionate and understanding as possible for that to happen.
Fact: Although some entrepreneurs may seem distant and cold, they are anything but deceitful. Their methods of working may be different, but most of them seem to work anyways.
Myth: Entrepreneurs Lack Dedication
Most people wrongly believe that entrepreneurs aren’t focused on a single goal. All successful entrepreneurs are devoted to their work, and they are committed to being their own boss.
While most entrepreneurs work as hard as they can to succeed, a few may change directions more quickly than others. This, however, does not mean that they lack dedication in any way. It simply means they are quick to identify the shortcomings of their business plan and switch to a new one to minimize losses.
Fact: Entrepreneurs are quick thinkers and adapt to circumstances quickly. They are committed to their idea, but they often try different paths to see what works best.
Conclusion on Myths of Entrepreneurship
It is not easy to set up your business. Majority of those who initiate the process of launching a business might fail at the first attempt to complete it. This does not, however, mean they give up. It means they try with a fresh approach. Entrepreneurship is all about adapting, adjusting, and making changes to the current business model to make it successful.
Entrepreneurs are also highly social, and their life does not revolve around work. This, however, does not mean they are any less committed to the job. Most entrepreneurs know how to get the job done more efficiently without wasting too much time.
Entrepreneurs are resilient, committed, and easy to mould, whether self-taught or with a robust, educational backing. The urgency to be known as an entrepreneur and the drive keep them going, even during tough times. The best part is they don’t give up easily.
If you are looking to become an entrepreneur and need some help getting started, take a look at some qualified eCommerce agencies who can make your business dreams a reality.