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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
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