Perhaps you have heard that most successful entrepreneurs of today are college drop-outs, or that entrepreneurs are people who take wild risks to survive. The fact is, none of these things are quite true.
There are many myths about entrepreneurship and today we would like to set the record straight by busting the top 10 most common ones. Have you ever been a victim of any one of these?
Myth 1: Entrepreneurship Is a Direct Ticket to Financial Success
Photo Courtesy: Kenya Airways.
Reality: Most of those who rush to become entrepreneurs fail. In fact, 90% of entrepreneurs fail in less than 24 months after starting out. Surely, that does not sound like a direct ticket to success, or does it?
Myth 2: It takes a lot of Money To Start a Successful Business
Actually, you don’t need a lot of money to start. If you believe in your idea and have the courage to knock on all the right doors then we see no reason why you shouldn’t be able build the next business empire from the little capital
you have right now.
Myth 3: I will Be Happier in Life as an Entrepreneur
Reality: No amount of money or success will make you happier than you are right now. If you are looking for ways to lead a happy life then we would advise you to first change your attitude towards everything in life. Entrepreneurship will not make you a happier person.
Myth 4: I will not have a Boss When I Become an Entrepreneur
Reality: “Entrepreneurs are their own bosses, right?” – WRONG. Even when you are in own business you have to submit to the requirements of your clients and the tax-man. Sometimes you’ll be forced to wake up at wee hours of the night just to attend to the needs of your business.
Myth 5: I will Have More Freedom and Work-Life Balance
Reality: Entrepreneurs are (almost) always busy solving complex issues to do with their companies. In fact, if you are not careful, you might be so immersed into your line of business until you forget that you have a life to live.
Myth 6: I Have To Take Wild Risks to Succeed In Business
Reality: Yes you need to take risks once in a while as an entrepreneur but those have to be well calculated ones. So, forget about draining your entire bank account to invest in a pyramid scheme. There is a very thin line between “calculated risks” and “wild risks”.
Myth 7: The More Customers I Get, the Better
Reality: It is the quality of the clients that matters. So don’t focus too much on the numbers to a point that you forget about offering real value to the few who matter the most to your existence.
Myth 8: Entrepreneurs Are Born Not Made
Courtesy: Daniel Priestley
We had an extensive debate about this sometime back. Click here to catchup with the debate
. The Verdict? Anybody can become an entrepreneur so long as they are willing to learn the ropes.
Myth 9: Entrepreneurs Are Job Hoppers
Who is a job hopper? – A person who keeps changing jobs simply because he isn’t getting the satisfaction he wants wherever he goes.
Reality: According to research
, majority of today’s top entrepreneurs actually worked for a large corporation for a number of years before they started their own business. In every instance, they used the corporate structure to learn everything they could about the business they intended to establish, before they started. Entrepreneurs are not job hoppers.
Myth 10: I My Hate Bosses, I’ll Become an Entrepreneur
Reality: Contempt of authority is not the same thing as being entrepreneur-minded. It is a character problem. There are better reasons to start a business and “hating your boss” is certainly not one of them.
Myth 11: Entrepreneurs Are College Dropouts
Reality: Just because Steve Jobs (APPLE) and Richard Branson (Virgin-Atlantic) are successful college dropouts does not guarantee that you’ll also succeed if you quit school for business. Academic papers are important and this is Africa not America.
Myth 12: I’ll Make EASY Money As an Entrepreneur As Compared To When I’m An Employee
Reality: If you are looking for a quick way to make money then forget about being an entrepreneur. Most business are not overnight successes. Even if you have the best business idea in the world, you may not start making easy money in the first three or four years – that’s the harsh reality!
Myth 13: Hide Your Idea from Others So They Don’t Steal It
Reality: Keep telling your idea to the right people – this will help you to build long-lasting networks. Note that we are not telling you to go bragging to everyone who cares to listen.
Myth 14: If I Accept a White-collar Job My Entrepreneurial Spirit Will Diminish
Reality: Who said that you cannot start off with an office job and then move on to become a successful entrepreneur? Some of these jobs are actually a perfect spring-board to launch your business from. In fact, you can use them to save for your start-up capital.
Myth 15: I will wait for Kuza Biashara to Give Me Business Ideas So That I Can Start “Thinking”
Still waiting to be served with an idea?
It’s upon you to look around and examine various possibilities that exist. Kuza Biashara
can only do so much to give you that ultimate idea. In other words, keep researching.
The Kuza team is always sharing tips, tricks and advice , and how-tos with entrepreneurs around Kenya and Africa. We’re always here to answer questions or just chat with you…so feel free to share a few more myths with us.