Have you started a Business? Or a Startup? Or in Planning Stage? I thaught, you may have spent many hours on thinking about the business you want to start or started. Surely, You may possess passion, idea to start your own Business. There are a lot of myths and misconceptions about entrepreneurship, mostly, which are believed as truth by people, and yet these are barriers, which stops you to get success in your business.
Here are some common myths or misconceptions about entrepreneur.
Dictionary describes an entrepreneur as one who sets up a business, taking on financial risks in the hope of profit. However, entrepreneurs also knows that taking high risks is gambling, and ended up with bankruptancy. Entrepreneurs are neither takes high risks nor low risks.
Entrepreneurs limit there risks, they take, by choosing one of the best business idea (thinking out of the box for Product or Business Idea). Knowing which business to start and which to avoid is the first step towards success.
Sometimes and most probaly, we heard that the higher the risk you take, higher the return you get. But each risk you take, is usually calculated as the reputation of business, time and investment.
Entrepreneurs Are Born
Many people believed that entrepreneurs are unataught and have some genetic talents. However, Reasearches generally shows that most of the entrepreneurs were not born, they learned to become entrepreneurs by taking a business training course, attending seminars or by learning from books. I might think that, Almost, anyone can become a successful entrepreneur.
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Successful entrepreneurs will tell you that starting a business is not getting rich quikly. When you start a new businesses, it usually take from one to three years or more to earn profit. During the initial stage of the business, entrepreneurs do not buy anything they do not need. They use there surplus money, which they saves, to pay off there debt or reinvest it into the business.
For entrepreneurs, money isn’t everything. It is OK to make money, build a business, and help to build your local economy.
Another myth is that all the entrepreneurs get off from work at noon and have a lot of free time for there personal life. However, entrepreneurs work for long hours to stand there business, to stay on the top of the game at all times. Entrepreneurs don’t mind for working 60- to 70-hour weeks. Sometimes, an entrepreneur with a fast-growing company, may sacrifice personal time and works on weekends too.
Loners and Shy Person
On Initial Stage, entrepreneurs may or may not work alone on business/product idea. I totally disagree on this myth. Wise entrepreneur knows that he must need experience and ideas of others in order to get success. These are co-founders, mentor etc and called as “Team”. Entrepreneurs will actively looked for the advice of others and make business contacts to validate there business idea. Sometimes, some entrepreneur who starts as a loner and not talk to anybody will never get success in business.
Most of the entrepreneurs spent a lot of time working in isolation during the early stages of business.
A recent study on successful entrepreneurs, showed that most of the entrepreneurs have a good track record at workplace and worked for large corporation(s) for a number of years before they started there own business. Entrepreneurs used the corporate structure to learn everything about the business structure, they intend to establish. Entrepreneurs are not kind of people who are job hoppers.
Cold Blooded or Misleading
To become an entrepreneur, you have to be deceptive and step on anybody who gets in your way. The truly cold blooded or deceptive entrepreneur will often distance others and waste time and energy for repairing the relationships with employees, customers, and suppliers. In reality, Entrepreneurs aren’t cold blooded and misleaders, as they can lose there best employees, whom they also treat poorly, or they lose their customers, if they misleads them.
Here is anothor myth that entrepreneurs are not dedicated to anything. But dedication is an attribute that all successful entrepreneurs display. Entrepreneurs are dedicated to become their own boss. They work like a dog to succeed.
Good academic grades didn’t representes one’s smartness. What sets apart entrepreneurs from other people?? The answer is that they tend to focus on something that deeply compel them.
The other myth of entrepreneurs is that you have to quit your current job to build your empire. But many of the successful entrepreneurs continued working there job and set up there own business after job hours. In the initial stages, startups don’t get huge profits. Smart entrepreneurs know that they need to remain financially stable and can only resign when their startup is fully operational.