7 Myths Busted — about being an Entrepreneur
Do you dream of starting the next TikTok or Tesla? Have you observed that too many business owners fail to take their businesses further because they fall victim to the common misconceptions? With an abundance of business ‘success stories’ permeating every corner of the media, most aspiring entrepreneurs donot get to hear about the reality of what business ownership is like for most people who start a new venture.
It is important to educate yourself on the realities of business today. And not dwelling on ‘how they made 20k in 48 Hrs.’. In this new age of entrepreneurship, such posts may not be based on fact and following them as beliefs can be a very quick way to go out of business.
Here are seven of the most common myths about entrepreneurship you need to know before getting started.
1). Entrepreneurs (Businesspersons) are “born”.
This statement alludes innate skills to an entrepreneur as what drives them to start a business venture. That they are born with skills necessary for business success.
The deep-seated need to build a business that people think entrepreneurs are born with does not necessarily arrive at birth. This drive could easily arise due to a developed passion or circumstances people face in their lives. To be an entrepreneur has less to do with what is, what you know or what your experiences are, but everything to do with the willingness to do the work required to succeed, the keyword being ‘thewillingness’.
While it is true that some people are born with qualities that support their entrepreneurship achievements like having a natural inclination for planning or being meticulous but in reality, these natural traits still need to be sharpened through practice. Entrepreneurs come in all shapes and sizes which makes it possible for anyone to be able to acquire the necessary traits that support successful businesses no matter how they started. Entrepreneurship is a skill and can be learned regardless of what you are born with.
Great entrepreneurs are perfected and groomed through determination and diligence.
2). The ‘great’ Idea is all you need.
Most people that are yet to try out business think that what you need to start that business is ‘great’ idea- business concept.
While a great idea is usually the foundation of a business, it is wise to recognize that even the best ideas can end up failing if they are not appropriately supported. It forms part of a successful business. Great ideas are admirable,but the execution is by far more important. Ideas that may not be considered good or reasonable can end up being profitable when properly executed. In my understanding, finding a good idea is the easy part and the execution, the hard(or harder) part.
Never think that just because you have a great idea or product, starting your own business will be a sure thing. Your idea is certain to change (and will for an entrepreneur) and is tied to many other variables. I know many great ideas that failed due to poor execution, likewise some less impressive ones that succeeded due to a good mix of innovative Business Plan and the right team. I can tell you that there are no ‘million dollars’ ideas, but just million-dollar executions.
What you need is that great idea and great execution for your company to be on its way to being the next unicorn.
3. You will do more of what you love.
So, it is a general belief that if you love to do something, you will get to do more of it when you run a business. No!
On the contrary, when you run a business, you have an all-important obligation to do and oversee so many functions ─ from HR to marketing to accounting to customer service and more. You actually spend less time doing whatever it is you enjoy doing when you eventually analyse it. Your job as an entrepreneur is to run a businessand not to do one particular task ‘you love doing’.
So, if you love to wear multiple hats and are excited by the idea of managing all aspects of a business, and you think that it is a good fit for your skills and experience, you are headed in the right direction. If not, tread with caution.
4. An easy way to get rich. It is easy!
Some entrepreneurs are misguided by this general long-time myth that starting a business will put them on the fast lane to earning extensive amounts of money.
While some companies can be immediately successful, others may take a little more time to get there. Some do not even get there at all. Entrepreneurship poses a path to wealth-building that has a strong potential for success, especially where the right variables are aligned with it. However, this does not suggest that entrepreneurship is a get-rich-quick scheme. You will need to invest significant resources into your business, including both time and money. Even with all the right things in place, you still may not have a guarantee of that success.
If you start a business solely because you want to be rich, then you may bring disappointment and sorrow upon yourself. Most new entrepreneurs believe they have the key to success especially with tested ideas and they think they have the “secret weapon” that will make them successful. This is almost always an illusion. There is high uncertainty with entrepreneurship and unfortunately, most businesses fail more than they succeed.
While it is the exception than the rule that many people do become wealthy running a business, it takes a lot of hard work to get there. Business ownership is not that magic bullet for financial security and you should be prepared to be in it for the long tug.
5. Business is about you(what I want).
When you start a business only after you thought of what you can get, then it is about you and for you.
We have more products and services available to us today than we would ever want or even need. Thanks to the entrepreneurial landscape we have now that is very different than it was about fifty years ago. The gap in the market that customers are desperate for a solution to and willing to pay for is the only damn good reason to start your business. Nothing more, nothing less!
Remember, Colonel Harland David Sanders didnot establish the fast-food chicken restaurant chain, Kentucky Fried Chicken (KFC) because he was bored or unfulfilled; he did so to meet a need. Successful businesses have always been about serving customer needs.
If you desire to do something that is all about you, then seek out a hobby or possibly get a job. Don’t start a business as you are not cut for it.
6. You need lots of cash on hand to start a business.
You have heard that you cannot start a business especially a startup without a lot of money in your bank account.
Money is the lifeblood of the business world, but that doesnot always mean that you need a huge pile of it to get a company up and running. In fact, if you are waiting around for a cash injection from an outside source, you may never get off the ground to start that business. Although there are ways to start a business with little or no money, this factor should not determine whether you should start your business. While capital helps, you don’t always need large financial investment to launch a successful venture. More money would not solve all your startup problems.
You do not need money to be an entrepreneur; you need goals and determination. Money is necessary but do not fear to start your business because you don’t have the cash to pump into it. Some investors will tell you that many startup businesses failed due to having too much money too early. They try to grow too fast, stop looking for innovative solutions, or try to buy their way into markets.
If you know how to run a business and you have taken the right steps to start a business, money shouldn’t stop you. Start small instead of not starting at all.
7. Entrepreneurship means more personal time
Too many people say they want to become entrepreneurs because they want a flexible lifestyle- that entrepreneurs ‘don’t have to work more than 40 hours a week’.
Indeed, entrepreneurial success usually gives people the liberty to dictate their own hours and spend more time doing what they want which coincidentally is usually heavily related to their work. Entrepreneurs usually have to work more hours especially at the point of getting the business off the ground. When you listen carefully to entrepreneurs talking about themselves and what they do, you will realize that their concept of ‘who they really are’ is tightly tangled with ‘what they do’.
They are more of the same entity with the business, especially in the early years. They get obsessed with the business work that they struggle to turn off for ‘personal time’. The truth is that changing the world takes hard work and Time Management skill is very useful for an entrepreneur.
Elon Musk, the SpaceX and Tesla CEO had attested to this on his twitter handle when he wrote, ‘There are way easier places to work, but nobody ever changed the world on 40 hours a week. I had endured an “excruciating” year that sometimes drove me to sleep on my factory’s floor and work more than 120 hours a week.’ The billionaire says he has since pulled back to a more “sustainable” 80 to 90 hours a week.
Don’t kid yourself and think that becoming an entrepreneur will allow you with limitless free time. Your ability to manage the time is key for your mental sanity. Work smart and you will make a distinction between work time and personal time.
Bottom Line.
On a final note, that you can do somethingis not the same as ‘you should do it’or that it is the best choice for you.Learn to look at the rewards of your opportunity and see if they justify the risks ─both financial and otherwise.
Imagine that you trade your salary and maybe risk more savings for an opportunity where you are making the same or less money. You as an entrepreneur will additionallywork more hours and have more stress. Make sure that the risk-reward tradeoff makes sense for you and to whoever hears about it. If it will not significantly improve your current situation then it is not worth yourattention, not even commitment.
Entrepreneurship, I would always say, is not for the faint-hearted; so, make sure to do a thorough assessment of what you are getting into before you make that leap.Do not underestimate the time, money, and effort required to make your business a success!
