myths about entrepreneurship

The Most Common Myths About Entrepreneurship

Entrepreneurship is not for everyone. It’s all about working hard, having faith, and persevering through the tough times. If you have the right stuff, though, there’s nothing like it. It’s terrifying and exhilarating at the same time.

Many people dream of being their own boss, but few ever follow through. That comes as a result of some enduring myths about entrepreneurship. Myths that we’ll put to bed once and for all.

You Have to Wait Until the Time is Right

It’s true that you need to be prepared. It’s also true that there’s no “ideal” time to start a business. If you look hard enough, you’ll always find a reason to postpone your launch. The risk is that someone else may come up with the same idea and you’ll lose momentum.

Do your background research and then take the leap. You don’t need to wait for the stars to align, just make sure that you’ve got the basics in place and do it.

You Have to be All-Knowing

Yes, as an entrepreneur, you won’t just have one job. So yes, you’ll need to know more than the typical salaried employee. The good news is that you don’t need to know everything. Some things you can learn as you go along. The rest can be handed over to someone who’s got the requisite knowledge.

We’re living in a gig economy with access to freelancers in different fields across the globe. You can access the talent you need quickly and relatively inexpensively. If you need more motivation, you should know that 80% of businesses that have a staff survive the first year.

You Have to be Willing to Risk A Lot

This is quite a damaging myth. True entrepreneurs are willing to work outside of their comfort zones, but they are also excellent at minimizing risk. When the field is risky, a successful entrepreneur will carefully weigh all her options. She will do copious amounts of research and take calculated risks rather than just being a cowboy.  

You Must Have a Great Business Plan

This is the biggest myths about entrepreneurship. If you’re going to apply for financing, you’ll need a well-constructed business plan. If not, do you really need it? While it’s helpful to have some idea of where you’re heading, there are simply too many variables to create a highly detailed plan of action.

How many entrepreneurs actually follow a business plan to the letter? We’d say it’s better to set small goals as you’re going along. Take care of the details as they arise. That way, you don’t waste time planning for things that might never happen.

Money Solves All Your Problems

If you’re relying on a venture capital firm to solve all challenges, think again. Be aware that 75% of firms backed by venture capitalists fail. Money can cause more problems for you than it solves.

Think of it this way – if you’re bootstrapping it, you have to get creative with money.

That, in turn, keeps your running costs low from the start. You’ll also have to keep a closer eye on what’s working and what isn’t.

Money is nice to have for a new business, and it’s certainly better to have more than less. But if you think that’s all you need, you’re in for a rude awakening.

Final Notes

Have any of the myths about entrepreneurship discussed above held you back with your own business? Why not reconsider and get started building your dream company today? 

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