The odds are good that most people have an idea or dream that could be turned into a business. Now, some have no real interest in pursuing this idea. But for others? They let the myths of entrepreneurship hold them back from even trying.
There are many myths surrounding entrepreneurship, some inflating core concepts of what it means to be an entrepreneur and others actively harmful. Here are some of the most common entrepreneurial myths holding people back.
Myth: Entrepreneurs Are Born, Not Made
People seem to be under the mistaken belief that one must be born an entrepreneur to succeed. This is simply not true. Becoming an entrepreneur takes time, research, and work. It doesn’t happen overnight. No one trait or talent defines entrepreneurship, and thus anyone can become an entrepreneur.
Myths: Entrepreneurs Have to Shoulder All the Responsibility
Most people picture entrepreneurs as being the backbone of their business. In a certain sense, this may be true, but the idea of an entrepreneur having to shoulder all of the burdens can be handsome. Entrepreneurs can and frequently lean on others, as delegation is an essential part of running a business. Remember, you can’t do everything alone. Having help is okay.
Myth: Entrepreneurs Have No Personal Life
Another common myth revolving around entrepreneurship is that entrepreneurs have no life. At least, people believe that they have a horrible work/life balance. While not all entrepreneurs have mastered the skill of balancing their work and personal lives, they certainly do still have both. Believing that you have to give one up for the other is unhealthy and will stop many people from pursuing their business ideas.
Myths: Entrepreneurs Need So Much Money to Start Their Businesses
Most people believe that it takes quite a lot of money to start a business. Again, this is incorrect. Many successful companies began on less than $1000. Yes, just as many businesses started with significantly more – but there is no hard and fast rule regarding how much money a company needs to begin with. More importantly, there’s no correlation between starting funds and success.
Myth: Entrepreneurs Have to Take Risks
Yes, starting a business is a risk; there’s no denying it. Yet, if one is careful and patient, many risks can be mitigated. The trick here is understanding the potential value of a business idea and research to help support it. So the idea of an entrepreneur tackling risks in every part of their life isn’t accurate.