Every one of us is aware of the success rate of 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.
1. Entrepreneurs Are Less Stressed Than Employees
One of the major myths or misconceptions 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 a hobby, you seldom worry about success or failure, but with the 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 the 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 a 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 have 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.
9. Entrepreneurship Means Get Rich:
Perhaps the biggest o fall reason 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, the 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.