10 MYTHS ABOUT ENTREPRENEURSHIP
Are you an entrepreneur or do you want to be an entrepreneur? Then you must read this blog. Each year thousands of entrepreneurs start new businesses. These entrepreneurs feel bright and full of hope. But within five years more than 50% of startups fail.
For the entrepreneur, even the best business opportunities will fail if entered for the wrong reasons. It’s very important for would-be and current entrepreneurs to seriously rethink their principles. Robert H. Schuller said, “Tough times never last but tough people do”. If you are an entrepreneur then you have to keep trying to achieve success.
I want to share with you some myths about entrepreneurship
Myth#1: entrepreneurs stick to their project
We all grew up being told that if you want to be successful in your life then never quit. But not every successful person follows this unspoken rule. If you know that your business is not going to work then you should end that project and start again with a new one. But when you are walking toward your success then you should not quit. Sometimes ending a project leads toward greater opportunities. If you are sure that you are walking towards your success then ‘quit’ is not an option for you.
Myth#2: Invest in something if you want to be successful
You must invest in something if you want to become a successful entrepreneur. That is a very wrong statement. Entrepreneurship is not about investing something, it’s about inventing something. But all entrepreneurs are not inventors. Invention comes from creativity and to find solutions for the problems. Sometimes solutions are already out there; you just have to find a better one. Most entrepreneurs came with a solution for public welfare.
Myth#3: success depends on luck
So many people tell the successful entrepreneurs that, ’you are lucky’. But this is not true. To become successful you need to do lots of research, read a lot of books, invest each minute, and do hard work. There is no overnight success. There are hundreds of failures before success. You have to invest your time and your money in a project and give it your 100% to make it successful. After achieving success it is more important to maintain it. There is a lot of hard work and patience before becoming a successful entrepreneur.
Myth#4: entrepreneurs live a very easy life
Indeed, entrepreneurs don’t have to report to superiors. Once you enter the entrepreneurship world, you will find that it is a very demanding job. Sometimes you have to work 12 to 15 hours a day. You can’t take any leave because it’s your own business and you can’t afford the loss. You have to work harder than those who work 9-5 jobs.
Myth#5: entrepreneurs need a proper plan while starting a business
Some entrepreneurs may have a clear goal or plan, but the majority of entrepreneurs have no idea how to start a business. Many times they don’t know what they may end up in. entrepreneurship is a flexible and never-ending process. As an entrepreneur, you have to create your future.
Myth#6: entrepreneurs are born not made
Most people stick to their job even if they hate doing it and refuse to start their own business. They just say, ‘I am not born an entrepreneur. Entrepreneurs start from zero and become billionaires. A person who has an open mind, courage, desire to change the world, convert a problem into an opportunity can become an entrepreneur.
Myth#7: entrepreneurs need a big idea
Most people drop their idea just because they think it is not big enough. Amazon, Facebook, etc. were not very big ventures when they started, they started small and grew to as big as they currently are. Always keep in mind small stuff leads to big business. You have to work hard to make it a big success.
Myth#8: entrepreneurs need money to start
Many would-be entrepreneurs think that you need enough cash stacked aside before starting a business. Some businesses need huge cash but others only require a few thousand to start a business, especially online business. So many entrepreneurs start their business in their room without any cash
Myth#9: entrepreneurs are job-hoppers
This is not entirely correct because entrepreneurs and job-hoppers are different things. If you are always moving from one job to another, that doesn’t mean you are an entrepreneur. It would be more accurate to call yourself a restless soul that hasn’t found its place. If you want to be an entrepreneur you have to stay in a field longer to become an expert.
Myth#10: entrepreneurs do not have a boss
This myth is half true. Technically you do not have a boss above you but entrepreneurs still have at least three bosses they have to report to. If you borrowed money from an investor then you have to send him reports every month related to your progress. Your creditors, bankers are going to be your bosses. Your most important boss is your customer. You have to create a strong relationship with them by providing valuable things.
So, if you believe in yourself and dare to start a business then don’t wait. You don’t need lots of money and not lots of people to become successful entrepreneurs.