5 myths about entrepreneurship…
Do you have what it takes to be an entrepreneur?
Starting a business and launching your own startup successfully requires you to have great patience and thoroughness. There are a lot of things to learn before jumping on the entrepreneurship bandwagon.
There are certain ideas and notions about entrepreneurs that may discourage you from starting your own business.
These myths aren’t necessarily all true.
Furthermore, there are some theories about business owners that might encourage you to create a startup company.
Some of these are myths as well.
These 5 myths about entrepreneurship will help clear up any misconceptions you might have about entrepreneurship.
1. Anyone Can Be an Entrepreneur
Truthfully, this statement is not accurate. Not everyone can be an entrepreneur. Entrepreneurs make up a small amount of the population compared to other professions across the world.
Not everybody has what it takes to start and run their own business. Not everyone has the personality or resources to do this either. Not everyone has the actual desire or the capacity to achieve this. It takes a good amount of self-awareness to become one. You need to be highly motivated to be a successful entrepreneur.
If you wish to dive into this, ask yourself these questions:
Can you sell products or services? Can you run a team? Are you absolutely comfortable being your own boss and leading the charge? It takes a strong degree of managerial skills. There’s a good degree of stress you’re going to have to handle. Getting into the right mindset is the first hurdle.
2. Entrepreneurs Don’t Have a Personal Life
One of the keys to being a successful entrepreneur is mastering your time management skills. Lots of people think that entrepreneurs work 24 hours a day, 365 days a year. Working nonstop means that you won’t have time for your family, friends, and leisure activities.
While it’s true that entrepreneurship can take grueling hours and commitment, it’s not true that you can’t have a personal life.
Part of being your own boss means that you can schedule your own hours – to some extent. I’m not saying you can take time off whenever you want, but there’s still enough time for family and social activities.
If you can establish a proper working routine, you won’t have trouble finding free time. Sure, it can be overwhelming when you have 100 things on your to-do list that need to get done. But you can’t do everything at once – you can only do one thing at a time. Stick to your schedule.
3. A Good Idea Is All You Need For Success
Another myth about entrepreneurship is that a good idea is all you need. Ideas are rather a crucial aspect to achieve success. But a mere idea will not go anywhere without any action. An idea should be executed with complete dedication. That being said, you do not need a great and spectacular idea at first. What you need is a desire and drive to be an entrepreneur along with the strengths of an entrepreneur such as resilience. This will help you remember why you need to go along the ups and downs. It will also remind you to not give up in the middle of your achievements.
4. Entrepreneurs in the 21st Century Do Not Need Business Plans
With the right idea, you will be successful. Unfortunately, that’s just not true. A concerted effort is needed if you want your startup to last. You need to be able to market your idea and have a strategy for growth. Without a business plan, and a way to get the word out, your good idea isn’t likely to take off.
Business plans are helpful in two ways. First, if the founding team has thoroughly analyzed all the important aspects of the business, it is bound to exude confidence when it pitches the venture to customers and resource providers. Second, if the founders want stakeholders to commit their resources to the venture at the seed or early stages when uncertainty is very high, the business plan can help them have a structured conversation.
5. You Can Leave Whenever You Want and the Business Will Take Care Of Itself
You can’t really take time off, it’s essentially a 7 day work week. However, you can schedule the activities to suit you. Since you’re so involved in this company you don’t really have the ability to step away. You are always working and that won’t change if you want your company to grow. It’s something that you need to be okay with. This is your baby, so you have to be with it at every step and every moment.
Yes, becoming an entrepreneur is difficult and a good amount of hard work. But, it’s also extremely rewarding. This might scare you off this path, and that’s okay, but if it doesn’t, this might be the journey for you.
If you’re on the fence about starting your own business, take a look at this post’s 5 myths about entrepreneurship thoroughly. Then you can make a more informed decision about your future.
We hope you enjoyed reading this article.
If you’re finding it difficult to start all over in your business, book a session with us today and we will not only help you define it, we will also help you develop clear strategies that are tailored to your business needs to help increase your revenue by 300%.