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5 myths about entrepreneurship.
Discuss any 5 myths about entrepreneurship.
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2 Replies
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There are several myths associated with entrepreneurship that need to be quashed and the five main ones according to me are:
Owning a business i.e entrepreneurship does not mean you’ll get rich
There are several things that need to fall in place before a business can become successful and no that does not automatically mean that you get rich. Yes, typically the richest people in any demographic are the ones who run their own businesses but that does not mean that everyone who owns or runs a business will become rich. Owning and running a successful business is hard work and there are a lot more factors that contribute to making someone rich rather than the sole fact that they are entrepreneurs. Network, hard work, finances, the right human resources, innovative ideas, a USP, luck etc all factor into coffers overflowing and their successful intermingling is what indeed makes a successful entrepreneur rich.
Entrepreneurship is for everyone
This is simply not true. Just as everyone can’t be good doctors or good lawyers, so it is that everyone can’t be good entrepreneurs. While it is true that entrepreneurship does not require a degree per se, it does not mean that everyone is cut out for it. Different people have different skills and being an entrepreneur requires leadership skills, communication skills, networking skills, critical thinking skills and a whole bunch of other skills. And it is only people who have these skills that succeed in entrepreneurship.
You need to raise a huge amount of money to start a business
Now this is simply not true. You do not need to raise a lot of money from investors to get started. When you’re starting out try to bootstrap as much as possible i.e use your own resources and perfect your business trades and techniques. And when this is done and you are confident that your business will sell, you can then start scaling. Bringing a hoard of investors early on will not only add to the pressure of ensuring that the business does well but also creates an additional pressure of paying people back. If bootstrapping doesn’t work there are plenty of other options such as incubators and accelerators and even crowdfunding seems like a good starting point.
You need to be a risk taker to be a successful entrepreneur
This again is not true. While I agree that starting a business is a risk in itself, it does not mean that you have to take big risks for your business to succeed. There are some tried and tested methods in every business that have worked for others which are most likely to work for you too. So if you’re someone who would like to be an entrepreneur who doesn’t believe that they are gutsy enough to take risks, do not limit yourself. There are several safe entrepreneurs out there and successful ones at that too.
If you own a business you need to be the CEO
This is absolutely not true. A smart businessperson knows that if there is a candidate more qualified than they are for the position of CEO of the company or if they believe that they do not fit the bill for this position, such a person will hire more qualified and experienced talent for the same. This is not to say that they are relinquishing ownership over the business rather they may continue to hold ownership either through becoming a promoter or by assuming some other role that fits them best.
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Myth 1: You Gotta Raise Money To Start Or Grow A Business
It can be heard a lot by aspiring entrepreneurs about how they need money before they start their business or even early on in the business to keep growing.
This is one of the biggest myths and a biggest excuse that anyone who wants to be an entrepreneur can have. Someone has a so-called great idea. They start telling people about and people start taking interest into it. They explain there plan and design a model, start selling, get a few customers in a few months and now they want to expand.Start small. Circulate about business as much as you can. Give it time and to gradually grow. Analyze and adjust every detail of your company that needs upgradation You’ll know when you’re really ready to scale.
Myth 2: You Need To Just Work Hard, Everything Will Workout-
One needa to work hard and work smartly
Hard work is a huge variable to success, but if you’re working hard on the wrong things, you simply won’t build a successful business.You won’t build a successful business or brand, by just turning your wheels in the same place. You have to actually be going forward.
A lot of the time people confuse being busy with being productive.
Myth 3: Just Build It! They Will Come
People are not there for you brand waiting to come so they could get it. You will have to make your target audience. Advertise as much as you can . Initially spend money on advertising but make sure to advertise through appropriate media according to your target audience.
Myth 4: You’ll Be A Multi-Millionaire One Day!
Being an entrepreneur is hard work and by being practical from the beginning, you’ll be able to have realistic expectations for how successful you’ll be despite the amount of work you put in.
Not everyone will become a millionaire entrepreneur. In fact, the majority of people won’t even come close.
Myth 5: Anyone Can Be An Entrepreneur
Not everyone is meant for having there own business. If you have lots of money it doesn’t means you will invest on your idea and become a billionaire. It takes alot of patience, hard work, and smart work which does not happens in just one night.
