20 Myths and Lies Many People Believed About Entrepreneurship

20 Myths and lies many people believed about Entrepreneurship

20 Myths and lies many people believed about Entrepreneurship

20 Myths and lies many people believed about Entrepreneurship


There are a lot of lies people have believed about entrepreneurship that discouraged them from starting. Some even go as far as spreading those lies and myths to other people. If investigated, most of these myths aren’t true, they are just what they are – myths.

Entrepreneurship is rewarding, but it is not for everyone. As painful as that may sound, it is not for everyone. Some people have to be employees. When you start your business, it takes a lot of effort to keep it up and running, and not everyone can go through the rigors of that. Not everyone can take the risk that is required to run a business.

You shouldn’t go about believing myths and lies that people tell you if you’re about to start your business. You shouldn’t be discouraged even before you start. If you’re able to debunk some lies you’ve been told about entrepreneurship, then it will be easier for you to go into business with confidence.

Below are some of the myths and lies

  1. Entrepreneurs don’t have a personal life

Many people think entrepreneurs work 24/7, all through the year, with no time to rest or have time for themselves. Entrepreneurs work round the clock, but it doesn’t mean they have no time for family, friends and fun. You can work all round and still have a personal life.

  1. Entrepreneurs are their own bosses

There’s this belief that founders are the ultimate bosses in any company. There’s nothing farther from the truth. Entrepreneurs start up the business but they also answer to someone, whether the board, investors, or customers. Customers are the main reason any business exist, so no matter what, you have to answer to them.

  1. Entrepreneurs do all the work when they’re just starting out

One of the business skills an entrepreneur should have is delegation. There will be times that employing people to do some things will be a waste of resources, because the work is not much. But a time will come when you have to outsource some of your works to people. No one can succeed by doing it all alone. Delegating some less important tasks when you’re just starting out helps you to focus on the major things that’ll bring massive returns to your business.

  1. Starting a business is the best way to get rich

If your main motive of going into business is to get rich, then you’ve got it all wrong. You can get rich in business, but it is not the easiest or most guaranteed way. You can as well just invest in yourself, perfect your skill, build a strong network, and you’re on a path to financial freedom than most business owners.

  1. Entrepreneurs are motivated by money

Financial gain shouldn’t be the only motivation for business owners. No business will continue if it isn’t generating profits, but that shouldn’t be the first thing on the list. There are other things that motivates an entrepreneur other than money. Financial stability, achieving your dream, are motivations also. Money is also a motivator, but it is not the only one, and definitely not the most important one.

  1. It’s all about the product

This is another common belief in the business world. People believe that once you build a product, then that’s all you need. The truth is products don’t win, businesses do. There are probably a lot of other companies who have those same products, but you have to beat them. Your marketing and sales skills should be better than those of your competitors.

  1. You should keep your products secret until it’s ready

Ideas are the most overvalued currency in the business world. But if you keep your ideas to yourself, they won’t bring you any profit. If you go for a pitch and you want to sign the NDA before you say anything about your product, then you’ve got it wrong. A brilliant idea in your mind is as good as nothing, if not properly executed.

20 Myths and lies many people believed about Entrepreneurship

  1. Entrepreneurs take a lot of risks

It is no doubt that entrepreneurs take lots of risks, but not to the extent of putting themselves at high risks situations like people think. There are a lot of risks associated with starting and running a business, but entrepreneurs take calculated risks. They know how to balance the risks and the rewards.

  1. Entrepreneurs have great ideas

Most people think you need to have a great, unique idea before you can start a business. You don’t have to come up with a new thing to be an entrepreneur. You can take an existing idea and make your own business out of it. As long as you’re not encroaching on someone else’s patents or trademarks, then it’s all good.

  1. Entrepreneurs need to have formal education

You don’t need to study business to be a successful entrepreneur. You don’t have to obtain a college degree before you can start a company. Education has its own role, but it is not all that necessary.


Read Also: 10 Ways to Know If Your Personality is Suited For Your Business


  1. Everyone can be an entrepreneur

Not everyone can be an entrepreneur. If everyone can be an entrepreneur, then the over 7 billion people in the world would be. Based on statistics, only a small portion of the people in the world are entrepreneurs. Not everyone has what it takes to own their businesses. It is not everyone that can take the risks associated with being an entrepreneur.

  1. Entrepreneurs raise money from venture capitalists

Not all entrepreneurs raise money from venture capitalists. Some of them put up their own money. You can’t always guarantee on securing your finances from banks and external investors. Putting your own money for your business is part of the risks you need to take. Starting a business might not require as much money as you think, and your savings can cover up for it.

  1. Everything needs to be scalable

Most new entrepreneurs have the belief that everything they start with has to be scalable. They think, “if it won’t work later, what’s the point of wasting time on it now?” But the truth is, the strategies you need now aren’t the same ones you’ll need as you grow. You will need to do a lot of things that don’t scale up at first, and keep growing.

  1. Entrepreneurs are young

People have reservations about starting their own business because of their age. There is no limitation with age when it comes to entrepreneurship. Whether you’re young or old, you can start your business. Even though entrepreneurship is on the rise for young people, it doesn’t overrule older people too. They have more experience, and can manage money better. So, nothing can be farther from the truth that all entrepreneurs are young.

  1. Entrepreneurship is genetic

Nobody is born an entrepreneur. You don’t inherit it from your patents. Even if your family runs their own business, it doesn’t guarantee that you’ll be an entrepreneur. The fact that your parents own their business does not mean you’ll automatically go into business too. You might not face as much challenge as someone that has to start from the scratch, but it is not a guarantee to succeed.

20 Myths and lies many people believed about Entrepreneurship

  1. Entrepreneurs don’t quit until they succeed

The mentality of entrepreneurs may not want to accept failure, but failure will always come. Entrepreneurs fail, but they also succeed with proper planning and expertise. You need to accept failure as a possibility in business. But if your business is going to fail, you need to do whatever you can to minimize the damage. You can quit as an entrepreneur if is not working, it doesn’t mean you giving up, but learning from your mistakes to make something else work.

  1. Everyone shares your problems

Just because you as an entrepreneur have a particular problem, does not mean your customers have the same problem. We’re all vulnerable to believe that other people share our problems and our beliefs. It is not always so. Most times, you’ll have to deal with convincing people about your business ideas before they can believe in them. It might make sense to you, but it doesn’t to them, and you have to show them results before they accept it.

  1. Founder dilution is not a problem

Every time you dilute your ownership, you deprive yourself from the success of the business. It’s a dangerous place to be if you’re committed to your business for years before seeing results, and you still operate in dilution.

  1. You need to rent an office

Having an office is not one of the things your business needs at the early stage. You can work from anywhere, your home, coffee shop, to build the business before you start thinking of spending money on an office space. If you must have an office at the early stage, then get one you can comfortably afford.

  1. If you can have just one big customer, you’ll win

This is very common amongst first time entrepreneurs. They keep chasing huge potential clients, putting their all into them, and then if the client’s walk away, you’re left with nothing but a huge setback. Thinking you need just one huge customer, is just a form of distraction to your business. And banking the success of your business on them is very dangerous.

Hope you enjoy this article?

Share your thoughts in the comment session.

Contact us today for your business consultancy and business advisory services. We can help you fine tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write business plan and help with fund raising strategies and Grant applications. We can help you start, grow and expand your business.

Call or WhatsApp us now on 081 0563 6015, 080 7635 9735, 08113205312 or send email to dayohub@gmail.com  and we will solve any of your business problem.


Enter your name and email and get the weekly newsletter.. Joining is FREE!

Dayo Adetiloye Logo

Dayo Adetiloye Business Hub is a grassroot business development service provider with a 6 year of track record of excellent service delivery for local and international clients.

As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).

Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.

Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.

We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.

Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community

Mission Statement:
– Provide bespoke management and business planning consultancy
– To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
– To inspire, empower and champion entrepreneurship in the global online community.

Business Goals and Objective

– Engender national prosperity by contributing to the creation of at least 100 new businesses every year
– Become a go-to brand for outstanding business development services for MSMEs
– Strategic partnership with local and international organization to empower start-ups
– Continuous innovation to serve our clients better

Core Values:
Opportunity Maximization
Personal Development (Capacity Building)
Excellent Customer Satisfaction

Share this:

GI Vital Soft Gel

Grant Winning Blueprint

How to Turn Yourself into a Live Breathing Cash Machine

Ecommerce Business

Follow me on Facebook

Follow me on Twitter

Share this:


No Responses

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

About Us

Dayoadetiloye.com is a property of Dayo Adetiloye Business Hub committed to connecting entrepreneurs with resources.

We are one stop Business Resource Center where we help you discover, Develop and Fulfil your business potentials.

On this platform, we help you develop business plans and strategies, connect you with funding opportunities and share with your business opportunities.

Facebook Community: https://www.facebook.com/groups/156197005130352/

Twitter: www.twitter.com/dayoadetiloye

Email: Dayohub@gmail.com

Copyright 2023 All rights reserved