8 Myths About Entrepreneurship You Should Never Believe

ideaslane lll.jpgFor every young person trying to have a career in entrepreneurship, there are hundreds of unfounded myths waiting to misdirect him. If necessary care is not taken, even the most innovative potential young business owner may fall victim of such unfounded beliefs. Perhaps you have heard people say that everyone can become an entrepreneur or entrepreneurs are college drop-outs. The truth is, none of these things are really true; they are mere myths. The following write up debunks about 8 of such myths. As you read, be sure to purge your mind of all the erroneous assumptions you once had.

1. Everyone can do it

The notion that entrepreneurs must have special abilities or circumstances is often negated with the myth: ‘everyone is capable of working for themselves’. In reality, not everyone is capable of pulling it off. There are important qualities entrepreneurs particularly need to possess which everyone does not have. If you are the kind of person who does not have the patience it takes to grow a business before making reasonable profit or you cannot work without external pressure, then self-employment is probably not a realistic goal for you.

2. Entrepreneurship is the trend 

True, more people are hopping the entrepreneurial boat in recent times, but people have always been entrepreneurs. Entrepreneurship is not a trend; it’s a way of life. So it will be fool-hardy for you to start a business simply because many of your friends have become entrepreneurs and you can’t possibly resist the urge to belong.

Related Article: Top 10 low-cost businesses for African students

3. Entrepreneurs are high tech wizards

Due to rising technological innovations and increasing tech driven businesses, many people erroneously think that only the tech gurus can become entrepreneurs or own startups . Other than tech startups (businesses run using technology), there are many businesses that do not necessarily require technology and many people have been successful in them.

4. Entrepreneurs are introverts and loners

You don’t have to be an introvert or a loner to be a successful entrepreneur if you are not burn that way. Whether or not you an introvert is a function of your temperament and social upbringing. I have seen several successful entrepreneurs; some extroverts, some introverts, what really matters is who you are and what you want to achieve, not your temperament.

5. They have control over their time

Yeah, entrepreneurs have relative control over their time, but they do not have that time. Entrepreneurship is not as simple as A B C; to be a successful one, you must burn the late night candles. So tell me, how an entrepreneur can have control over his time when he can’t even sleep when he should.

Related Article: 5 ways to combine school with business successfully

6. They finance their businesses with venture capital

This is a big lie! Most entrepreneurs do not finance their businesses with venture capital; they grow their startups with their own savings or money from family and friends. There is a shortage of venture capitalists who are willing to put their money into growing a startup and for this reason, many businesses look elsewhere for finance.

7.Entrepreneurship is the ticket to financial success

Many of those who rush to become entrepreneurs will fail. In fact, more than 89% of entrepreneurs fail in less than two years after starting up. So, if you thought entrepreneurship is that golden key to success, you need to rethink it. Haven said that, if your business offers needed solution to a profitable market segment, through consistency and hard work, you are sure to win ‘hammer’ someday.

 8. Entrepreneurs don’t quit

In fact, entrepreneurs are the best quitters! No entrepreneur wants to risk a business that would not be profitable for one reason or the other even if he has invested in it. A lot of times, entrepreneurs quit their businesses only to start another or look into other market segments. So, whoever says entrepreneurs don’t quit. But that said, the passionate entrepreneurs will always come back and better.

What other beliefs have you heard about entrepreneurship and entrepreneurs?

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