10 Biggest Myths About Being An Entrepreneur

Every one of us is aware of the success rate of the entrepreneurial ventures. You can come up with a genuine idea, arrange the resources for it, do the homework and still face failure. To me the prime reason behind the failure of entrepreneurs despite all the homework is the wrong mindset, which primarily occurs because of basing the ideas about entrepreneurship on myths.

 

When the ideology of an entrepreneur is based on myths, the ultimate result is the failure, which they face sooner or later in their venture. Therefore, in order to become a good entrepreneur it is imperative that a person differentiates between myths and reality. Let me tell you the 10 biggest myths that are associated with entrepreneurs so that you can develop the right mindset that ensures success.

 

10 Biggest Myths About Being An Entreprenuer1. Entrepreneurs Are Less Stressed Than Employees

 

One of the major myths or misconception pertaining to becoming an entrepreneur is that it is a less stressful job compared to being an employee in some organization. People think that they should go for being an entrepreneur because it will lead to decreasing the stress they face at their work. This notion is wrong, being an entrepreneur is more stressful and pressurizing compared to being an employee where most of your stress finishes with the work timings.

 

2. Making Hobby a Business:

The other misconception people have regarding entrepreneurship is that if there is something that is a hobby of theirs and which can be monetized it can be converted into a business. A thing being a hobby is different from it being a business. With hobby you seldom worry about success or failure, but with business you have to take these factors into consideration and then move forward with the venture. Therefore, turning the hobby into a business might not be a good idea.

 

3.  Being An Entrepreneur Is A Better Career:

Another misconception about entrepreneurship is that people think that as the condition of market is not good, so being a business owner is better compared to being an employee somewhere. This conception is totally wrong as businesses fail at a greater rate compared to the job cuts. Therefore, considering career as an entrepreneur over being an employee just because of the market situation is a reason that causes failure.

 

4.  Entrepreneurship Is Genetic:

 

People think that if any of their family members is or has been in business, then starting or running a business is in their genetics. There is no such thing as that; rather business is a science that has to be learned. Therefore, if you are pursuing entrepreneurship out of this notion, then I am afraid you are on the wrong path.

 

5.   Having Investment Means Starting Business:

 

There is no denying the fact that the lack of capital is the major hurdle for most of the entrepreneurs in pursuing their goal, however, the availability of capital does not mean that you are ready to start a business. Instead of blindly investing your money into a venture, you need to first learn about things and then decide whether an investment is worth your capital or not.

 

6.   Become A Part-time Entrepreneur:

To be a successful entrepreneur, you will have to breath, eat, drink and sleep entrepreneurship. Therefore, in no way is it a part-time job. Hence, don’t take entrepreneurship as a source of supplementary income; rather consider it a full time job requiring all your dedication and commitment.

 

7.   One’s Own Boss:

 

Another charm that attracts people towards entrepreneurship is that in a venture they are their own bosses, hence they don’t have to respond to anyone. The fact is on the contrary, as being an entrepreneur means responding to creditors, suppliers, investors and above all customers. Therefore, if being a boss is your only motive for entrepreneurship, then think again.

 

8.  It Works Well For Others:

 

Another factor that attracts people towards entrepreneurship, which is also a myth, is that if it is working well for others it will work well for you as well. People think that someone in their circle of friends seems to be enjoying entrepreneurship, so they will also enjoy it. However, people forget that people have the tendency to lie and exaggerate, therefore, until and unless you are not aware of reality, don’t idealize becoming an entrepreneur just because of its charm.

 

Can-Money-Bring-You-Happiness9.  Entrepreneurship Means Get Rich:

 

Perhaps the biggest o fall reasons why people become entrepreneurs is they think that it is their train to becoming rich. Although every business comes with the chances of making money, however, the risk factor in business can never be ignored and the chances of failure are as great as the chances of success. Therefore, aim for achieving success in whatever small or big you want to do instead of becoming rich out of doing it.

 

10.   Helping the Society:

 

People think that by becoming an entrepreneur they will be helping the society. Although it is a good objective to have, however, it is only valid once you have made the business a success and that success is evident in the bottom line of the business. Therefore, first aim for making the business a success and then help society in whatever way possible.

 

Now it’s Your Turn!

 

What kind of myths did you have to overcome to be a successful entrepreneur? How did you debunk the respective myths? What truths have you realized about entrepreneurship? Please share your experiences in the comments section below.

 

To your Success,

Nate Leung

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    Nate Leung

    CEO & Founder @ NateLeung.com at NateLeung.com
    Nate Leung is the CEO and Founder of NateLeung.com, and author of "Virtual Entrepreneur: Live Free With the Business of Your Dreams". He has been an Internet Network Marketing professional since 2001. Nate specializes in blogging, generating highly targeted leads, prospecting, social media and driving traffic. You can find out more from Nate by connecting with him over at Google +. There is no greater passion he has than helping people to succeed in their business. He teaches people how to use the Internet to build a successful Network Marketing business. If you're struggling and or looking for help, contact Nate here.
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    18 Responses to “10 Biggest Myths About Being An Entrepreneur”

    1. donna merrill

      Hi Nate,

      I just love this post! I’ve been an entrepreneur for 30 years in various businesses. When you run your own business, you do have to live, breathe and run it well.

      Many people say to me that I have such an easy life. NOT! When you consider that you are the CEO, all the way down to the janitor of your business it is not an easy thing to do.

      I became an entrepreneur long ago because working “for the man” didn’t fit in my life. I started young, and I can write a book here of how much it takes running your own business.

      You need to have a good product, stand behind it 100%, give more than people expect, and most of all put others before yourself. Even if you have to work till the wee hours of the morning, You have to show up!

      The thing that gets me all the time is people think just because I work at home, I’m always available for fun times, visits, etc. When I try to explain I cannot do that, they do get a bit of an attitude.

      But…no worries. If those around me cannot understand me, well they just have to melt away from my life style.

      Now don’t get me wrong, I’m not a work aholic. I do take time in the middle of the day to do something for me…like exercise, taking a walk, anything that gets me away from work.

      To be an entrepreneur, one must be structured, disciplined and know how to handle people.

      -Dona

      [Reply]

    2. marilyn cada

      Yep. Many for fall the myth that entrepreneurship can make you rich. In many cases, all businesses experience losses but many of them gave up since they started entrepreneurship with the idea of getting rich. They did not know that all businesses experience failure and they only become successful once they overcome those failure and use it to their advantage.

      [Reply]

    3. Sophie Bowns

      I’m not 100% sure about number 4 either. It was a really interesting post though!

      [Reply]

    4. Heather Cameron

      Great post Nate. They are all true. Although I slightly disagree with #4. If you come from an entrepreneurial family you learn what being one is all about. I grew up knowing that it is hard work, it is more stressful, etc. I think it prepares you more and you learn lessons and skills that are not taught in school. For example my father was a great teacher about setting pricing and selling the value about what I do.

      [Reply]

    5. Ryan Biddulph

      LOL on 1 Nate! People think Kelli and I live a stress free life. Yeah, right 😉 We love our lives but encounter much more stress, living our dreams, traveling the world, and both being entrepreneurs. I’m thankful for it though;it’s made me grow!

      [Reply]

    6. Frank Joseph

      Being an Entrepreneur is attractive, you work when you want to work and all that stuffs.

      And you make decisions that will either mar or make you.

      [Reply]

    7. Misty Spears

      I think the biggest one for me was thinking I would work fewer hours. In my first business that I started back in 2002, I proved myself wrong within the first month and continued it for about 8 years before I finally woke up and stopped slamming my head against a wall.

      [Reply]

    8. Jeanne Melanson

      Entrepreneurship is DIFFICULT! It takes hard work and much dedications. It’s like you say, there is no “part-time” about it. You have to eat, breath and sleep your business. If you want to become successful, that is. Get rich quick? Stress-free? Uh-uh. You’re right on with all the points you mention here, Nate. I appreciate you taking the time to write it out and share with us. Thanks.

      [Reply]

    9. Francene Stanley

      Huh! You’ve admitted that entrepreneurs lie and exaggerate. That’s hysterical, but of course they do. That’s the nature of the business. Not everyone can be as successful as Richard Branson.
      The myth I need to overcome is that a writer is important. They’re not. But I want to achieve success so I’ll go on trying.

      [Reply]

    10. Bonnie Gean

      These are all valid reasons why someone may want to become an entrepreneur, but it all boils down to attitude and mindset.

      With the proper dose of each, your business won’t last. :)

      [Reply]

    11. John Engle

      Hey Nate,

      Well put!

      Two things come to mind from your post… the stress is lower as an entrepreneur.

      Being an entrepreneur is definitely more stressful due to the fact that when you are an employee for somebody, you don’t have to worry about wondering if the bills are paid, bringing the work home with you, etc, you just do a specified job and earn a paycheck.

      The part-time entrepreneur: As Daymond John from the TV show The Sharktank says, “The most important part of being an entrepreneur is loving your product, service, etc., You must be obsessed with your business – every single day.”

      If you want to succeed in business, you must be obsessed, eat, sleep and breath whatever you offer, and do it full-time 24/7.

      Thanks for a great article.

      John Engle

      [Reply]

    12. priya

      Great post and an eye opener. I always love the way you are write diligently.

      [Reply]

    13. Donna L. Ward

      Great post of information – and I agree with each – liking #10 – I can better help society after I have business success.

      [Reply]

    14. The Great Gordino

      These made me giggle Nate!
      Some of these myths, or downsides, are also the reason that being an entrepreneur can be so wonderful!

      The entrepreneur life can be so full of contradictions, and this post sums it up perfectly!
      Cheers,
      Gordon

      [Reply]

    15. Richard Harer

      110% True with this.. thats why i am saving an investment now 7 years from now i will become an entrepreneur. I love the number 6.

      [Reply]

    16. Carolyn Coleman-Grady

      Nate, excellent content. I think I too had some of these Myths too. Mindset: this serves a part two. Thanks for sharing.

      [Reply]

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