Do you have what it takes to be an entrepreneur?
If you will ask any entrepreneur who has built a startup, he or she will tell you that starting a company is just like having a baby. The slight line between the two is very sleek. And just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough.
Starting a business requires courage to take risks, patience to face the worse, and confidence to manage everything with panache. That being said there are plenty of ideas, notions, assumptions, beliefs, and most common myths that surround entrepreneurs.
Some of them might inspire a lot of you; while some of them might prove to discourage you to start your own business. However, these myths are far from true and superficial too.
Here is a list of all 5 common misconceptions about entrepreneurship that we will go through and debunk to present the truth behind them. If you are on the fence about building a startup, take a look at these myths getting debunked:
MYTH 1- Entrepreneurs Lack Personal Life
Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.
Part of being your boss means you can schedule your working hours and can take time off whenever you want. Certainly, this does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.
Also, one of the key skills to become a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time.
MYTH 2- Wait for the Right Time
A common misbelief where people believe that they should wait for the right time to launch a business can prove costly. Perhaps, this could be one of the reasons, why most of the excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready.
The secret behind the success of few entrepreneurs is that prepare themselves for the future by taking small steps. You can take all the time in the world to plan, build and then put it off for years, but if you don`t execute it, you are not going to go anywhere.
If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business.
MYTH 3- You need to Know Everything Before Taking the Leap
In the bestselling book, Rookie Smarts, author Liz Wiseman asks the million-dollar question- Is it possible that we can be at our best despite being under-qualified or trying something for the first time? The answer is yes- with the right, focused, and a positive mindset.
Being new, curious, and somewhat naïve is an asset in today`s dynamic world. Sounds strange, right? However, there is a logical reason behind it. To be successful at anything new requires energy, innovation, creativity, and the ability to step outside your comfort zone. It`s often not what you know, but how fast you can learn is that counts.
MYTH 4- Entrepreneurs take a lot of Risks
Entrepreneurs do take risks! However, this doesn’t necessarily mean that they put themselves in a high-risk situation. Entrepreneurship is generally considered a risky proposition and many risks are associated with your business. However, contrary to popular belief, entrepreneurs smartly plan their every step to reduce risk.
They follow a calculated learning and experimentation process, actively taking steps to mitigate risk early and continuously.
MYTH 5- Entrepreneurs are only Driven by Money
Would entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it. Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.
Then, comes financial stability. It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume.
Dreams and ideas are two fundamentals, but also you will have to believe that it`s possible to achieve them. More and more men and women are starting a business. Everyone can get the skillset and mind of an entrepreneur. But to be a successful entrepreneur passion, confidence and the willingness to never give up are the most essential.
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