10 Myths and Realities of Entrepreneurship

Myths and Realities of Entrepreneurship

At least once in our lives, we have all thought or dreamt about starting our own business. However, there are several misconceptions surrounding entrepreneurship; sure, more than 10 myths and realities. And successful entrepreneurs can separate myths from reality to start their entrepreneurship journey.

Statistically, there are more than 582 million entrepreneurs worldwide by 2022; therefore, 62% of adults believe that entrepreneurship is a good career and 40% of them think establishing a business is a piece of cake, which is an indicator that they rely on myths and not facts. Because being an entrepreneur and starting a business is far from an easy job. It requires dedication and the willingness to learn from mistakes. However, there are several other misconceptions about the entrepreneurial world.

Let’s discuss the most frequent 10 myths and realities of entrepreneurship.

Myth 1: Entrepreneurs do not have a personal life

Business owners must make sacrifices to follow their dream and secure their business, and their business always comes first. Right?

We all have been told this over and over, and sometimes this has been interpreted that entrepreneurs should abandon their personal lives.

Reality 1:  Entrepreneurs have a personal life

The most successful entrepreneurs know how to balance their personal and professional lives, how to take a break and prioritize their responsibilities.

Work-life balance is as important for entrepreneurs as it is for other professionals, reducing the risk of burning out and increasing their productivity as a matter of fact people who have a normal work-life balance are generally more beneficial, and also this balance is good for their health.

Myth 2: Real entrepreneurs don’t quit 

It is probably of the most famous myths that have permeated our culture, if you are a real entrepreneur, you can never quit, and you have to keep going.

Reality 2: Real entrepreneurs can quit

The business world is full of examples of people who have quit, even fired, and still benefited from it. In one of the most popular speeches by Steve Jobs, the Stanford Speech of 2005, he talked about how he felt when he got fired from his own company. 

“I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.”.

Myth 3: Entrepreneurs do not have a boss

Once you start your business, you are the boss with absolute independence, and no one to control you creating your own island.

Reality 3: Entrepreneurs do have a boss

Entrepreneurs, just like the rest of the world, need to establish connections if they want their businesses to thrive. As John Donne once said, “no man is an island”. And because a happy client is a successful business your boss here, clients is much more difficult to please.

Myth 4: Entrepreneurs are rich

To be an entrepreneur you must be rich because if you start big you will remain big and grow faster and also because being rich means the best tools and facilities.

Reality 4: Entrepreneurs do not have to be rich

Entrepreneurship is not black and white only. Actually, some entrepreneurs started from nothing or almost nothing and have achieved their wealth, while others have not reached this privileged status.

Myth 5: The key to your success is to believe you will succeed

Once you believe, you will succeed and your business will thrive. We have been told, over and over, that believing in yourself and your business will grant you success.

Reality 5: Believing only is not enough

Business requires hard work, the capacity to understand your target and learn from your mistakes, and the willingness to innovate daily; those are just the basics to success. Believing in something will not automatically grant you success.

Statistically, 20% of small businesses fail in their first year, not because they don’t believe in it enough, but for some more common mistakes. Business requires more than perseverance.

Myth 6: Entrepreneurs Have to be Risk-takers

The myth says that business people are addicted to taking risks, a myth almost ingrained in the market and almost believed to be a fact. Risk-taking is more of an attitude when it comes to entrepreneurship.

Reality 6: Entrepreneurs Have to be Challenge-takers

As an entrepreneur, all you need to be is a relentless challenger, which encompasses taking risks as well as avoiding them. The most successful people on the planet are very good at calculating risks.

Myth 7: Entrepreneurs are Mainly Motivated by Money

Money can play a factor in why people start their business, and entrepreneurs are in it for becoming rich only, and this is the ultimate goal of having a business.

Reality 7: Entrepreneurs are Motivated by Passion

Money can play a factor in why people start their business, but usually, entrepreneurs are not in it for becoming rich. Passion is the biggest motivation because, for any new business, the first few years are all about reaching a breakeven; profits become a part once execution is patiently handled.

Myth 8: Anyone can become an entrepreneur

Surely, anyone can be an entrepreneur as it is so easy to start a business, and it is all about the idea.

Reality 8: Not Anyone can become an entrepreneur

This is an oversimplification. Not everyone will want to be an entrepreneur. And not everyone should be an entrepreneur. And it is not only about the idea.

Entrepreneurial success depends on spotting opportunities that can be converted into interesting business propositions and how to communicate them correctly.

Myth 9: Entrepreneurs are born

Intelligence, high scores, and family blood are what it takes to be an entrepreneur. This myth is repeated and interpreted as those entrepreneurs developing their big business plans in the womb!.

Reality 9: Entrepreneurs are made

You can learn how to start your business or become a leader. Intelligence, high scores, family blood, none of these actually guarantees your ticket to the top, and really nothing beats hard work, dedication, willpower, Courage, and persistence.

Myth 10: You have to Be young to be an entrepreneur

You have to be young and restless to start a business; middle age is not accepted; they lack energy and enthusiasm. Actually, this is not always right. 

Reality 10: You do not have to be young to be an entrepreneur

You can be an entrepreneur regardless of your age; being young has an advantage, and being old definitely has more advantages.

Here are three examples of entrepreneurs; who launched highly successful businesses later in life: 1- Ray Kroc started McDonald’s aged 52. 2-John Pemberton invented Coca-Cola aged 55. 3-Colonel Harland David Sanders launched KFC at 65.

We have introduced the most common 10 myths and realities of entrepreneurship and entrepreneurs. Now it is your time to start your entrepreneurial journey and remember instaDeel can support you in overcoming your journey struggles check this free startup consultation offer and let us know if further assistance is needed.

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