Being an entrepreneur is in the top list for a lot of people. In all likelihood, doesn’t everyone wish to work for bosses at minimum once in their lives? Many people have put off to start their own business mostly because they believe that there are a lot of myths surrounding entrepreneurship. I’ve listed the top 7 myths of entrepreneurship and am going to dispel these myths!
Entrepreneurship Myth #1: Entrepreneurship is Easy.
Many believe that entrepreneurship is easy once people see successful business owners earning huge sums of money, however what they don’t realize is the struggles they have gone through. If people look at a successful restaurant with a large number of customers and believe that a restaurant that is successful requires skilled chefs, delicious food, a comfortable environment, and facilities in a bustling area, then they’re wrong.
They think of opening an eatery with more features than the one they have already established. But, they can’t imagine them making the same amount of money as the same amount as. It is due to additional factors that need to be put into play. You need to think about marketing, training, R&D, Human Resource Systematization, and so on. Entrepreneurship may seem simple on the surface, but it’s not.
Entrepreneurship Myth #2: Entrepreneurship is Difficult.
I can imagine you saying “What? You’ve said that it’s difficult, but you now say that it’s not too difficult? Aren’t you contradicting yourself?”
Oops. Sorry for the confusion But I did not contradict myself. It’s not simple but it’s not too difficult either.
Like constructing an building, requires the time as well as effort. Spending time learning to start a business and then putting in the effort to implement what you have acquired.
It’s not that difficult when you have a successful strategy. Success leaves clues. In the event that you’re equipped with a plan for your journey, a list of tested and proven steps that you can follow and a mentor who can help and guide you when you’re not on the right track it’s not as hard as they appear since you’re aware that there is help available to seek out when you require.
Entrepreneurship Myth No. 3: Failure rates are extremely high.
Statistics have proven 95 percent of firms fail within the first five years while 95% businesses remaining will fail within the next five years.
So, based on the numbers and analyzing the data, we can conclude that the failure rate is high. However, your performance as an entrepreneur must not be determined solely by numbers. Statistics are useless and only numbers. The success of your business is the performance you have and not on stats or probabilities.
In all aspects of life, whether it’s college, business and sports activities, the percentage of people who fail is always more than the amount of those who succeed. The higher the prize is, the lower the percentage of people who succeed in it. Therefore, it’s common to see a large number of failed awards as well as a smaller proportion of successful.
The job of entrepreneurs is strive toward becoming the top one percent of successful entrepreneurs. You must also study how to be part among the elite 1% and not to be one of the lowest 99 percent. Learn from successful entrepreneurs, and you’ll know that you’re on the right path to the top 1percent.
Entrepreneurship Myth #4: High risk.
The risk I use to define is “not knowing what you’re doing”. The risk is in every single thing. There is a risk when eating fish balls. There is a risk of driving in a car.
It is impossible to completely eliminate risk however we can reduce the risk by being educated and knowing the right steps to take and what to proceed.
There is a lower chance of being choked by an unintentional fishing ball, than say a six month old baby because you are able to swallow your food and chew it. The best way to minimize your riskand increase your chances of successis to following the steps (footsteps) of those who have succeeded in achieving what you’d like to achieve. They’ve taken a high risk to draw out the blueprint. What you must do is obtain the blueprint and apply it. Naturally, the secrets of success aren’t shared widely so you must request them yourself. However, I can inform to you there’s truly friendly and helpful instructors who will share the secrets to their success.
Myth of Entrepreneurship #5 I require a huge amount of money in order to start an enterprise.
This isn’t a problem. An enormous sums of money are required to establish an enterprise using the brick mortar and mortar method. Costs for renovations and rent are likely to be in the thousands, not including the items and supplies must be stored within your personal warehouse and the salary of your employees too(if you employ). These are expenses that you will have to cover regardless of whether you have sold something or not. This means that you require a huge sum of money to begin.
But, it could be a lie too. Things have changed, and we’re living in the Internet age. There are many new opportunities to turn into an entrepreneur without the brick and mortar approach. It is possible to become an internet business owner, and I’ve personally known entrepreneurs online who have earned an income of five or six figures in their homes. It’s a venture that can be established without the expense of rents, no storage of products, and possibly with no employees, too. Network marketing can also allow the business to be built without massive investment costs. Therefore I would say that you do not need to put up a huge sum of money in order to start your own business.
Entrepreneurship Myth #6: I’m not a born Entrepreneur.
It’s not Bill Gates (Founder of Microsoft) nor are Robert Kiyosaki (author of RichDad, PoorDad) and neither do I have the genes to be entrepreneurs. A lot of people believe that those who are successful in their businesses could be because their parents were successful entrepreneurs, and entrepreneurial is in the blood of everyone. But, I am able to say that this is a complete mythsince billionaire Robert Kiyosaki’s actual father is a professor (that’s why he chose to call his father Poor Dad). …)
Nobody is born an businessperson. The reason that certain people are able to succeed in the business of their parents and succeed as entrepreneurs is due to the fact that they acquire entrepreneurial skills such as selling management, leadership, marketing and communication as young. They also get to know people who are entrepreneurial (like their parents who have succeeded) or who have established numerous successful business.
So, instead of pondering about the reasons you’re not a born entrepreneur, consider what you can do to become an entrepreneur in the near future and develop the abilities, and networking with other entrepreneurs in order to know more about their business. Keep in mind that your Net-Work is what you earn.
Entrepreneurship Myth 7 It is said that you can be an Entrepreneur only if you’re wealthy.
Okay, we could discussed this topic previously in Myth 5. 5. In Myth #5, we mentioned that being an entrepreneur isn’t a an investment of a large amount, given the advances in technology of today. You could build an Internet marketing or Network marketing company, instead of a large-scale brick and mortar enterprise. So, you don’t need to invest tens of thousand dollars in order to become an business owner. You can begin your Internet and Network Marketing business for under $200.
Many people claim that they’ll launch an enterprise when they’re wealthy. However, most people won’t create a company in their entire lives due to the fact that they’ll never have the funds to invest in it. If you’re looking to begin your own business, I would suggest an Internet or Network marketing venture, since it’s one of the businesses you can do part-time, and does not require massive capital investment. You should then set aside a set amount of money to fund the business’s investment, either in training materials or business expenses that will allow you to operate an Internet or Network marketing business part-time.
Here you go! 7 Entrepreneurship myths debunked! I hope you’ve learned a lot from this article, and you can begin your journey to entrepreneurship today (if you’re not already).
