SIX COMMON MYTHS ABOUT ENTREPRENEURSHIP

It’s actually funny and also quite interesting how of all the many problems faced by entrepreneurs or individuals who are about to venture into business, myths also plays a role in the decision making process. These myths always have ways of interfering with decisions and the choices entrepreneurs make. Most times, it makes things discouraging and other times, it fosters bad decisions that ultimately lead to reduced productivity or failure of the business.

Certain misconceptions and assumptions made by people is what causes the belief in myths. These assumptions go as far as restraining individuals from doing certain things because of the negativity surrounding what they’ve heard. For instance, I might have a neighbor who is an entrepreneur and also goes to work very early and returns home very late. Because he/she works like this doesn’t mean when I start mine, I’ll be like them.

Okay, not all of these myths are entirely negative. There are instances where individuals are made to believe certain things about entrepreneurship like how easy it can be and how success is totally attainable within a very short period of time. They almost literally force individuals into starting a business. Debunking all these myths and misconceptions will help future entrepreneurs know the basics and also the requirements for attaining success. I’ve compiled a list of some of the most common myths about entrepreneurship and why they are wrong.

1. ENTREPRENEURS HAVE NO PERSONAL LIFE AND TIME FOR FUN AT ALL

This of course tops the list of popular myths. It is of common belief that entrepreneurs simply have no life, they only really care about their business and spend most of the time they have with the business, hence no time for a making friends, keeping in touch with family and also doing fun things. Also, many people believe if an individual becomes entrepreneur, he/she is definitely dedicating their lives to their business and the only real thing that makes them happy is their business.

True? Hell No. There’s totally something called time management. Everyone deserves a fun time and everyone gets a fun time. Yes, the business is important and they strive hard to attain success, but it’s not just the business for entrepreneurs. Entrepreneurs usually have a family and keep friends and visit parks, watch movies, play games and every other thing a normal person does. Properly managing your time helps you accommodate time for your business and also time for yourself.

Try establishing an adequate working routine that helps you manage your time properly if you’re having issues with time. Set a schedule/work calendar that contains all the things you need to get done at work. Always put the hard stuff at the top of the list and move on till you get to the less important stuff. Take breaks often and work hard to make sure you follow your own routine.

2. ENTREPRENEURSHIP IS GENETIC

Yeah, hold on a bit. Entrepreneurship is not genetic. It’s not even biological. Most people believe once a person becomes too good at his/her business, then they were born to do it. At times, family businesses are passed to people and they’re expected to run the family business just like it has always been because it is in their “genes”.

There’s no way entrepreneurship is genetic. It just can’t be. It’s almost the same as saying being kind or truthful is in the gene. Certain individuals have gone through rigorous set of training and experiences to help them become better entrepreneurs. The deal with entrepreneurship is hard work and commitment. With both, an individual will make a good entrepreneur. This also debunks the assumption that entrepreneurship is for everyone. Not everyone can be an entrepreneur. Some individuals don’t just have what it takes to start a business.

 

 

3. ENTREPRENEURS ALWAYS TAKE RISKS.

This is yet another popular misconception. Many people believe that entrepreneurs take too many risks in the running of the business. Some also believe that entrepreneurs are gamblers and they mostly rely on luck or trial and error concepts to run their businesses. Now, the truth is, yes entrepreneurs take risks and these risks are only for the business.

Whatever risks an entrepreneur takes relates to the business and how well it survives. And no, they’re not always taking risks. Risks are an important part of entrepreneurship and determining when to take these risks is highly important. For entrepreneurs, risks are more about balancing risks and rewards. Taking a low risk could mean a low reward or benefit and vice versa. Imagine if there were no risks, there will probably be more entrepreneurs than we have today.

4. ENTREPRENEURS ARE IN IT FOR THE MONEY ONLY.

It is widely believed that when someone goes into entrepreneurship, the person is there because of the money the person expects to make and the person doesn’t care about other things. They believe that entrepreneurs are mostly being pushed into what they’re doing for love of money or fear of poverty.

Well yeah, money is quite important no doubt but it’s not the only reason why individuals venture into businesses. In fact, there are quite a number of other reasons that could make an individual want to start a business. One is fulfillment of a lifelong dream. Most successful entrepreneurs out there today are people whose businesses are connected to their passion and what they’ve really wanted to do all their life. On the other hand, some people do it as a way of giving back to the society. Others are for experience or resume purposes and lastly is for freedom. Some people feel limited to certain things when they work for organizations. Starting up their own businesses serves as a avenue for more freedom.

5. ENTREPRENEURS ALWAYS HAVE WONDERFUL IDEAS

This appears to also be a common myth. Maybe it is the tag or the name Entrepreneur, but people seem to believe once an individual is an entrepreneur, he/she automatically has an ocean of ideas in store. In truth, it can be said that great ideas are what make an entrepreneur but also, it doesn’t mean all entrepreneurs need to hustle and stress too hard to get a new or fresh intelligent idea to be able to start a business.

In recent times, we’ve seen people who have picked up an existing business and transformed it into something that fits their own plans. An existing idea can be exploited to build another business from it as long as there are no infringements or plagiarism issues. There are many examples to pick from if you look at it. People who do almost similar things but the way they implement their operations make it look totally different. Take for instance, Opay and Gokada. Also, Uber and Taxify. The list goes on. Similar ideas but vastly different implementations.

6. ENTREPRENEURS HAVE A SECRET FORMULA

Maybe this is because of the way some entrepreneurs make their success look, but people actually believe there is a particular secret formula that most successful entrepreneurs use to get results. Some individuals don’t just want to believe that hard work and commitment are key in the path to success, instead they are always willing to ask entrepreneurs what they “actually do” to attain so much success. There are simply no shortcuts.

 

In truth, two different people can decide to engage in the same kind of business and still, one could be more successful than the other. There is no such thing as a secret to entrepreneurship. It all comes down to the way the ideas are implemented, level of hard work put in and the dedication and commitment to work. The goal is always to work smart and that’s the thing that always stands out in the stories of successful entrepreneurs. Their ability to come up with smart ideas to help them properly run their businesses is sometimes vital. Everyone cannot run their businesses the same way, even twins, so you can’t always expect a similar result.