What stories and lies have you heard?
Are you wondering if you have what it takes to become a successful entrepreneur?
There are numerous wrong myths out there about entrepreneurs that you ought to examine before you decide on whether or not entrepreneurship is the right path for you.
Entrepreneurs are Born
Most people think that entrepreneurs possess inborn genetic talents. Experts however agree that a majority of entrepreneurs learned the skills necessary for successful entrepreneurship. It is not something genetic.
The rapid increase in higher education courses on the subject of entrepreneurship discredit the myth that entrepreneurship is related to someone’s genetic makeup. This is a subject that is being taught with great success.
Almost anyone can become an entrepreneur. However, all aspiring entrepreneurs should take time to assess their abilities and readiness to before they decide to commit to a business.
Starting a business is in no way an easy decision. You must be prepared for the dramatic change it will bring to your life.
Entrepreneurs Are Mostly Motivated by Money
Any entrepreneur will tell you that starting your own business is not a shortcut to riches.
A new business will take time before it starts turning out profits. In most cases, the period lasts from between one to three years.
In the startup stage, entrepreneurs do a lot of bootstrapping. They don’t buy sleek cars during this stage. Instead they stick to their old cars and use their savings to pay off debts and reinvest in their business.
Of course entrepreneurs are usually hoping for financial independence. I doubt anyone would invest in a business where they were assured of a loss. However, money is not the only motivation for entrepreneurs. In fact, it is not their top motivating factor.
Most people who choose the entrepreneurship path are usually chasing a lifelong dream. Money comes further down the list.
Financial stability doesn’t necessarily mean having lots of cash and buying sleek cars. It simply means being in a position to take care of your needs without strain.
Some entrepreneurs are also driven by the desire to create a legacy that will outlive them.
More than 70% of workers believe their boss does not keep the team motivated. They find their jobs limiting and crave for more freedom. Entrepreneurs are motivated by this desire for freedom.
Entrepreneurs Don’t Have a Personal Life
People tend to think that entrepreneurs work day and night all through the year. They have no time for their friends, family or leisure activities. That could not be further from the truth.
While it’s true that entrepreneurs have to be very committed and invest many hours of hard work, it’s not true that they cannot have some personal time.
Being your own boss gives you a certain degree of control over your time. This means that even though it might not be possible to take time off whenever you feel like, you still have enough time left to spend with family or pursue your other interests.
Proper time management is key to your success as an entrepreneur. With a proper working schedule, you will always have some free time.
Entrepreneurs Take Too Many Risks
Entrepreneurs are risk takers.
They however don’t always place themselves in high-risk situations or take on too many risks.
Of course there are many risks associated with starting and running your own business. Business owners learn how to take measured risks. They don’t operate like gamblers, who invest their money in a high-risk situation and hope for luck. Instead, they try to balance the risk with the reward.
It’s impossible to reap any fruits if you are not ready to take any risks. If entrepreneurship was a risk free venture, everyone would be doing it.
It’s not uncommon for an entrepreneur to take a risk and end up losing. Failure is part of the game. The key to dealing with risks is by limiting your initial risk. You don’t want to take a risk that might end up costing you your company when it fails.
Entrepreneurs Raise Money from Venture Capital
Where do entrepreneurs get the money to start their businesses?
While it is true that some entrepreneurs get their funding from venture capitalist, the number is way lower than that of the business owners who take personal loans, credit, or borrow from their friends and family.
To set yourself on the path of entrepreneurial success, you have to put up your own money. You cannot count on getting your funding from angel investors, a banking institution or a venture capitalist.
Putting up your money, and some from your friends and family members is one of the risks you will have to take. This can however turn out to be a great thing. Knowing that the people close to you are counting on you to pay back what you owe might trigger extra motivation.
Entrepreneurs Have Great Ideas
Some people shy off from starting their own business because they lack an original idea.
You don’t have to be a genius inventor to start a successful business. You can take an existing idea and turn it into a business. There is nothing wrong with that, as long as you do not infringe on other people’s trademarks and copyrights.
Think of restaurants for example, their owners did not necessarily come up with a new concept. They simply decided to go with an existing idea. Lack of an original idea did not deter them from being entrepreneurs. It shouldn’t stop you either.
Entrepreneurship is not an easy journey. These and other myths about entrepreneurship can make it look even more difficult than it actually is. Fortunately, we have debunked the myths and hopefully set you free from the lies that you have been hearing.
Which of these myths about entrepreneurship has been holding you back? Feel free to share with us.
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Your personal branding coach
Hannah Muchuki Githuki