Entrepreneurs are not always big shot millionaires with high end connections. Most times they face normal challenges like you and I. Here are some popular myths about entrepreneurs.
1. If you come from a family of successful entrepreneurs, you will be successful
This is a popular myth as many of us believe that children from entrepreneurship backgrounds will automatically grow to take over the business. Children can indeed pick up certain traits and qualities that can position them to become entrepreneurs but this is not always the case. Entrepreneurship is more about passion and an inner drive to make things happen.
2. You must innovate something to become an entrepreneur
Entrepreneurship is not really about coming up with something new and innovative but it’s more about identifying a problem in society and coming up with a sustainable solution. Your solution doesn’t have to be new, it should however be a solution that brings in a fresh perspective and adds value.
3. Having an innovative product = Business success
If you have this great idea that is cool and innovative, having only that is not enough. There are a couple of critical issues that you need to deal with like marketing, budgeting, networks, seeking investment, etc. A good place to start is finding your way into start up accelerator functions where you can meet potential investors and pitch your idea.
4. Entrepreneurship takes a lot of your time
Entrepreneurship is all about striking a balance and setting your priorities right. Yes, it takes a lot of commitment to run a business, but if you are able to balance your personal and business life, you will be just fine.
5. You need a clear business plan/strategy
Of course banks and certain investors will ask to see a business plan before lending you money, but this does not mean you need to have it all figured out with a plan before you take off. You can always start with your small savings to set up and start your operations and get customers before seeking the help of the bank or an investor.
6. You have to start young to be a successful entrepreneur
There is no age limit to being an entrepreneur! You can be 60 and still start a business and be successful. A good example is KFC founder, Colonel Sanders who started KFC at age 65.
7. Entrepreneurs are well connected
When you see a seemingly successful entrepreneur, it’s easy to assume that they have connections in high places. However, it takes work to go out, network and establish connections and even then, most connections do not even lead to anything.
8. Entrepreneurs Overwork
Entrepreneurs may work weekends and during personal time but they also have time to rest and nurture their relationships.
9. Entrepreneurs have a lot of money
When someone ventures out to start a business, we tend to think that they make more money that in reality they don’t make. On the flip side, most entrepreneurs have to wait a couple of months before profits start flowing in.
10. Entrepreneurs have no boss
The term ‘be your own boss’ is most times misunderstood as entrepreneurship relieving you from the stress of having a boss. However, starting a business makes all your client’s or customers your bosses.
Do you have any myths we haven’t shared? Share them with us in the comment section…