Entrepreneurship is the process of developing a business concept, a business strategy, launching a business, making mistakes/learning along the way, and growing a profitable business that meets people's wants and allows one to profit. An entrepreneur is a person who has had a successful company concept and is ready to pursue & bring that idea to completion. Unfortunately, many individuals get it completely incorrect. This is why we believe it is essential to address some of these myths and rectify them so aspiring entrepreneurs fully grasp what it requires to become an entrepreneur and reach their objectives.
Did You Know?
1 out of every 18 people operates a business. Some start businesses to seek opportunities, while others, particularly entrepreneurs in emerging nations, do it out of need since it is the only feasible way to make a livelihood in their location.
Myths About Entrepreneurship
Following are some of the myths related to entrepreneurs.
1. Entrepreneurs are Blessed with a Particular Set of Skills
Many believe that entrepreneurs are blessed with specific innate skills and that only a few particular people may be entrepreneurs. Practically anyone willing to develop the required skills may become an entrepreneur. Most people might adjust more readily to the difficulty of the position, but no law states only certain types of people may start businesses. Entrepreneurs might be extroverts or introverts, "big picture" dreamers, or more concentrated on the details of putting an idea into action. Entrepreneurship is an acquired skill, not a unique ability.
Also Read: Best Low-cost Business Ideas in Bangalore
2. They Have a Path Breaking Business Concept
Many individuals assume that all it requires to fulfil the dream is a great business idea. While not wholly incorrect, the concept is misleading. Even the most promising ideas, those capable of changing an entire sector, require good execution to become a reality—preparation, talent, management, communication, etc.
Steve Jobs discussed how he experienced when he was dismissed from his firm in one of his most popular talks, his Stanford Speech of 2005.
“I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.”
Some famous quotes on entrepreneurship from famous personalities.
“Success is fine, but heeding the lessons of failure is even more important.” - Bill Gates
“Making mistakes is the most valuable thing you can do- being perfect will not teach you anything.” - Adam Osborne
“It doesn't matter how many times you fail. It only takes one right move.” - Mark Cuban
3. Beginning a New Business Ensures Independence
Many people are drawn to the possibility of establishing their own business because it allows them to break free from the standard forty-hour work week. Certainly, there might be greater freedom in some ways, but entrepreneurship sometimes necessitates significant sacrifices. Many people discover that they trade their old schedules for new demands. It can take all your waking hours; the job does not stop when the clock hits 5 pm.
Also Read: Best Eco-Friendly Business Ideas in India
4. Starting a Business Swiftly leads to Income
Some entrepreneurs feel that launching a firm will put them on the fast route to earning large sums of money. While some businesses are immediately profitable, others take a bit longer. One of the most difficult challenges for an entrepreneur is to time the company's expansion properly and sustain economic growth. For example: Flipkart is India's first startup. We are all familiar with the amazing tale of Sachin & Binny Bansal, who founded Flipkart as an internet bookselling platform. Flipkart grew from humble beginnings to become the leading Indian e-commerce operator.
5. Employees are Only Motivated by Money
The misconception linked with the "become wealthy quick" notion is the belief that riches is the most fantastic way to motivate others. According to recent studies, the current generation prefers to earn less in a job they like than a more fantastic pay doing something they despise. Overcoming this assumption burdens the entrepreneurs to create a revenue-generating business strategy and a corporate culture that motivates people.
Also Read: Best Business Ideas to Start in Bangalore
6. Businesses Either Succeed or Fail
Since the media focuses on the few businesses that rise from the start, it's tempting to have an all-or-nothing attitude about entrepreneurship. The average high failure ratio for new firms may appear to validate this concept. Entrepreneurs must recognise that getting a firm off the surface and maintaining its survival requires a lot of discipline and planning. Some businesses attain robust growth.
7. Entrepreneurs Bear All Accountability
Another myth related to entrepreneurs about starting a new firm is that everything depends entirely on the entrepreneur. This may be correct initially, but adopting this notion too literally is the surest way to burn out. Coordination and the skill of delegation play an essential role in a company's success. Nobody can do it individually.
8. There is a "Silver Bullet" Key to Success
Several successful business owners give the idea that they've discovered some hidden formula to success. However, this does not account for the entrepreneur's initial unsuccessful ideas, their aged hard effort, tolerance, or any of the numerous other characteristics required to develop a good firm. The truth is that there is no unique key to success. If anything, entrepreneurial success necessitates a combination of many ideas, individuals, and assets that must all come together at the right moment and place.
9. Businesses Require an MBA to Lead
Whenever it relates to entrepreneurs & business qualifications, it is common to confuse value with need. Formal education has invaluable advantages. However, the industry does not necessitate that entrepreneurs hold an MBA or different enterprise degrees. Some company founders have degrees in engineering. For example, some use their extensive technical expertise to find technological gaps and design solutions.
10. Quitting is for Losers
Another myth related to entrepreneurs is that entrepreneurs must continue no matter what. However, not every concept will grow into a profitable business. Successful entrepreneurs often cycle through and test several ideas before settling on one with guts. Quitting may appear a failure, but it is a specific aspect of the entrepreneur's experience and may bring invaluable insights. Realising when to abandon one idea and proceed with another is crucial.
5 Myths Related to Entrepreneurs
The following are the myths related to Entrepreneurs.
1. Entrepreneurs Take a Lot of Risks
The dictionary defines an entrepreneur as someone who takes commercial risks. Entrepreneurs do not bring substantial or low stakes, and they appreciate circumstances in which they have a say in the result and enjoy challenges when they think the odds are stacked in their favour.
They often act until they have analysed all the dangers involved in a venture and possess an intuitive capacity to make meaning of complications. These are the characteristics that propel people to succeed while others fail. Entrepreneurs are typically looking for the optimal risk/reward scenario. They, like most humans, are generally afraid to sacrifice everything to take crazy chances. One strategy for entrepreneurs to reduce risk is to select one of the top company concepts available. The first step toward achievement is determining which enterprises to establish & which to ignore.
2. Entrepreneurs Change Jobs Frequently
According to a recent survey of successful entrepreneurs, most entrepreneurs worked for many organisations for several years before starting their organisation. They used the business structure in every case to learn everything they could about the firm they wanted to launch before starting their own. Entrepreneurs do not change jobs.
We believe that most entrepreneurs have a great track history in the place of work, and many have spent years working for others before striking out on their own.
3. Entrepreneurs Have Limited Time
It is a myth related to entrepreneurs claiming entrepreneurs are not focused on a single goal. However, devotion is a trait shared by all successful businesses. They are determined to be their own master, and to that end, they'll work very hard to see their company prosper.
Although we believe that entrepreneurs must work very hard to thrive, many entrepreneurs may change firms or directions faster than others. This capacity to turn suggestions quickly is frequently required for achievement, and entrepreneurs do not switch directions carelessly, but there are often outliers.
4. Entrepreneurs Should Never Doubt Their Instincts
There is nothing wrong with trusting your gut, and the business world is lived with examples of successful business people who act on their instincts regardless of what other people think. Listening to customers and appreciating their helpful criticism is essential. There is always room for improvement; sometimes, even the ideas we consider amazing fall short.
5. People in Business Do Not Have a Boss
No man is an island, as John Donne famously stated. It is accurate to say that starting your own business will allow you to work for yourself. However, this does not imply that you will have complete independence. Like the rest of the world, business owners must build relationships if they want their company to succeed. For instance, tiny firms must rely on word-of-mouth marketing to thrive. It involves looking after customers and ensuring they are satisfied because they will tell others about your company.
Control & flexibility are frequent motivators for entrepreneurs. Operating their own business allows people to be more flexible & in control of their time, lifestyle, and choices. Business entrepreneurs are often motivated by the desire to leave a legacy. Trusting what others say or the press says about businesses and entrepreneurs is easy. However, it is frequently a reflection of people's concerns, prejudices, and assumptions rather than the truth.
As somebody else who has been writing about startups for above a year, we can tell readers that worries about these myths related to entrepreneurs & falsehoods can frequently become obstacles to achievement, not since they seem genuine. However, one may believe them to be true.
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