5 Common Entrepreneur Myths and Realities
Being an entrepreneur means that you have to have a stronger insight to look what is coming your way. A business requires efforts to start and a solid platform to continue its prospects.
There is a bunch of concepts related to entrepreneurship out of which few are based on hoax. It is important to differentiate entrepreneur myths from the facts to make this concept crystal clear.
You probably have guts to become a successful entrepreneur and to lead a whole new business. Planning to start an entrepreneurial journey leads to many misconceptions which are demotivating towards taking this step.
Many reasons behind this, including your own perception and media (of course).
These entrepreneur myths are not true but sound rational.
You may have heard many myths regarding entrepreneurship which have made a whole new concept in your mind. Through this article, we would like to debunk 5 common myths of entrepreneurship so you can decide whether or not to start your own business.
Myth#1: Entrepreneurship is about taking risks
Business demands taking risks.
Being an entrepreneur, you have to deal with certain unexpected situations while leading your business. It is said in general that entrpreneur takes high amount of risks while establishing themselves in the market.
Entrepreneurship is not gambling where you could take enormous risky decisions which later prove awful. It is about balancing between low and high risk rates. It is about analyzing the scenerio before taking any step.
Entrepreneurs do take risks but precisely. They tend to look keenly towards business insights.
Of course, luck decides the fate of risks but ultimately you can not depend upon luck to decide the course of your business. The hard work together with risk taking strategies work for entrepreneurs.
Myth#2: Entrepreneurs are always on their job
It takes time to establish a business. Extra efforts & extra time.
While establishing a business, putting efforts is a must. Sometimes, you may put efforts which do not show output.
It is a common perception among people that entrepreneurs work 24/7 without any gap. This is another reason that discourage people.
Its a fact that entrepreneurs work to meet the commitments for which they have to spend some extra hours. But it would be absurd to say that they do not own a personal life.
In every working sector, time management is the key. There must be a balance between personal life and business life. No one compromises on it.
Being an entrepreneur, you may have 1000’s of things to do but once you choose to prioritize the tasks, it gets fixed. Eventually, you will get time to spend with your loved ones.
Myth#3: The more clients, the better results
This is where most of the young entrepreneurs get troubled.
More clients sound tempting which is why entrepreneurs mostly rush towards maximum clients. It makes one tired.
Quality over quantity is the trick to get success. A large number of clients and their orders is not always a temptation. It can lead to quality crashing.
Market your business to the potential clients who would contact you again and again for further placement, no matter what. It is a fact that not every client is reliable. Some of them can be negotiators, uncertain or even fake.
Surrounding yourself with too many clients too soon could lead you to compromise over credibility. It ultimately causes harm to the whole brand.
Too many clients not neccessarily bring you the right kind of output.
A happy client is all you need at the end.
Myth#4: An entrepreneur is powered by Money
Entrepreneurship doesn’t require you to be rich genetically.
So from where do they get money to start their own business?
Well most of them, precisely 60-70%, start business through their savings or bank loans. This risk does not necessarily pay back at the very beginning.
Risking money is a big step to take as an entrepreneur. They do not spend their money lavishly and save it as a backup plan for dark times.
Not neccessarily you need lots of money bags to start your business. it can take lesser than that depending upon the size of industry. Kick out the concept of having lots of capital in hands for being a successful entrepreneur.
Myth#5: Anyone can be an entrepreneur
Entrepreneurship is not common everywhere. Not everyone is an entrepreneur and not everyone is thinking of starting his own business.
It takes a good idea and lots of efforts to start this endeavour. Besides that not everyone is opting for it. Because it is not everyone’s cup of tea.
Get your mind out of ‘Anyone can be an entrepreneur’ thing. Entrepreneurs make up a small portion among other professions around the globe. It takes a mindset to handle the different situations and manage the resources.
Not everyone is born with that mindset.
Similarly, not everybody risks with his money or savings. People prefer 9-5 jobs over entrepreneurship because they do not want to take risks. Entrepreneurism is a learned skill and not a born-quality. It takes courage to take a start towards changing lifestyle and routines. It takes guts to accept entrepreneurship owing your future.