THERE ARE LOTS of very wrong myths out there about entrepreneurs these days. It may be worthwhile for you to examine them before actually jumping into the field as it helps answering whether starting a business is right for you!
Myth No.1: Entrepreneurs Are Born
Many people, believe that entrepreneurs possess innate, genetic talents.
However, medically proven that entrepreneurial is not inherent and certainly entrepreneurs are not born; they learned to become entrepreneurs.
Though, entrepreneurship is a self taught and experienced driven field of subject but today globally many colleges and universities offers courses on the subject and in fact entrepreneurship is currently being successfully taught.
The fact that almost anyone can be a successful entrepreneur is undeniable but every aspiring entrepreneur should understand starting your own company is not an easy decision and you must prepare yourself for it.
Myth No.2: Entrepreneurs Are Mainly Motivated to Get Rich
Any successful entrepreneur, will tell you that starting a business is not a get rich quick alternative.
New businesses especially usually take years to turn a profit. During the business start-up stage, entrepreneurs do not buy anything they do not need, such as fancy cars, travel trips and so on.
Most of them use their surplus money to pay off debt or re-invest it in the business.
Their focus is on creating a company with a strong financial base for future expansion.
Myth No. 3: Entrepreneurs Are High Risk Takers
Even the dictionary describes an entrepreneur as one who assumes business risks.
However, like all prudent business people, entrepreneurs know that taking high risks is a gamble.
Entrepreneurs are neither high nor low risk takers.
They prefer situations in which they can influence the outcome, and they like challenges if they believe the odds are in their favor.
Like most humans, entrepreneurs generally seek the best risk in return reward situation. They are often are a little hesitant to risk everything and take wild chances.
Myth No. 4: Entrepreneurs Are Often High-Tech Wizards
The media often overplays the success of these few high-tech entrepreneurs where in reality only a small percentage of today’s personal businesses are considered high tech.
It takes high profit margins, not high tech, to make it as an entrepreneur.
In fact, very few businesses require high tech abilities Furthermore, most businesses are not even tech businesses at all.
Myth No.5: Entrepreneurs Have Limited Dedication
It is a myth that entrepreneurs are not dedicated to any one thing because dedication is an attribute that all successful entrepreneurs exhibit.
They are dedicated to becoming their own boss. To this end, they’ll work like a monster to make their business succeed.
Myth No. 6: Entrepreneurs Are Loners and Introverts
Though, entrepreneurs might work alone on a business idea but an astute entrepreneur knows that he or she must draw on the experience and ideas of others in order to succeed.
Entrepreneurs will actively seek the advice of others and will make many business contacts to validate their business ideas.
The entrepreneur who is a loner and will not talk to anybody will never start a successful business.
Entrepreneurs are willing to work independently if it is necessary to succeed but even independent-minded people can get lonely, especially if you are working day and night in small home-based business.
Myth No. 7: Entrepreneurs Are Job Hoppers
Successful entrepreneurs, worked for a large corporation for a number of years before they started their own business. In fact, most entrepreneurs have usually had a good track record in the workplace.
In every instance, they used the corporate structure to learn everything they could about the business they intended to establish before they started their own. Entrepreneurs are not job hoppers.
Myth No. 8: Entrepreneurs Finance Their Business with Venture Capital
Venture capital is capital invested in a project in which there is a substantial element of risk, typically a new or expanding business.
Entrepreneurs, know that venture capital money is one of the most expensive forms of funding they can get.
Consequently, they will avoid venture capitalists, using them only as a last resort.
Most entrepreneurs fund their business from personal savings, or by borrowing from friends or lending institutions.
Myth No. 9: Entrepreneurs Give Little Attention to Their Personal Life
All successful entrepreneurs work long hours, which cuts into their personal life.
However, long working hours are not exclusive to entrepreneurs. Many corporate managers and executives work well beyond the average 40-hour workweek.
In the corporate world, you may not have control over your schedule. Entrepreneurs have control over their time hence they can to preserve their private time.
Myth No. 10: Entrepreneurs Are Often Ruthless or Deceptive
Many people believe that to make it as an entrepreneur, you have to be deceptive and step on anybody who gets in your way.
On the contrary, this mode of operation doesn’t work for the entrepreneur.
The truly ruthless or deceptive entrepreneur will often alienate others and be forced to waste time and energy repairing relationships with employees, customers, and suppliers, or simply fail.