When looked on from the outside, the world of entrepreneurship seems like a strange land. There are many standing on the outside, longing to get in or thinking they want to get in. The way entrepreneurship is portrayed and what it really entails are two very different things.
There are so many myths floating around about what an entrepreneur is or should be as well as what it takes to succeed as one. Some of these are half-truths while some are completely false. This one is for you, standing on the outside, wondering if you dare take a step into what seems like thin air. Here’s a breakdown of the most common myths about becoming an entrepreneur.
All work and no play
A common misconception is that when you found a small business, your personal life goes for a toss. While starting out on your own means longer hours and way more work, it does not mean that you work every second. You’re human after all. There is only so much work you can handle, both mentally and physically. The business becomes like your child, one that comes home with you from work. When you are excited about an idea, you can get caught up and forget that your body and brain need to switch off and rest. While your work is bound to come home with you, the trick is to learn when to stop and take a breath.
Great entrepreneurial gamble
As part of the fantasy idea of entrepreneurship, comes the idea that it is a large throw of the dice. People think that business owners are big risk takers. The opposite is often true. We all know that gambling is a terrible path to go down. When you say gambler, the first image is that of someone who is desperate, begging the fates for a result that gives him the money to pay a loan shark. The entrepreneur is the exact opposite. Yes, they do take risks, but only after they have thought it through from every angle and have a backup plan. Desperation does not make an entrepreneur. It is clear, careful decision-making, based on an intelligent though process. Simply put, if a risk you’re thinking of taking is definitely going to take you down if it goes bad, don’t do it. Monetary loss is okay, up to a point; you just need to be sure that you do have something left to stand on.
Money and more money
Another myth is that all entrepreneurs are after the big bucks. While, money is obviously a motivating factor, most successful businesses have come from focusing on doing something for people. What I mean by this is that innovators have become successful from doing their best, not to make money, but to create something that is useful for people, whether it is business people or the common man. Obviously, we all seek a certain level of comfort in our lives. We all like to be able to provide for ourselves and our families well. That makes money a factor, but not the factor. The biggest factor varies from business to business. From leaving a legacy to changing the world, there are many other factors other than money. In simpler terms, it’s not about owning the Bentley, it’s about creating something that is on the same level as the Bentley in the field of your choice.
The newness factors
Most people assume that it is only new ideas that allow you into the hallowed halls of entrepreneurship. This is not true. You can take an old idea, add your own touches, and make it work. The business world is full of examples of people who were not the original innovators. They took someone else’s basic idea and created their own product from it. They were so successful that the original creators of the product have long been forgotten because of the way the new guys transformed an already-thought-of idea. You’re allowed to use old ideas, just make sure you are legally in the right and that your take on the old is laced with something that gives you an edge.
Complications of investments
To raise money for a new business you need a willing bank, venture capitalist or if not that, an angel investor. This is one of those partially true myths. These a few of the options you have but these are not your only options. You can methodically save up. You can borrow from friends and family. You can ask the bank for a loan. You can use crowd funding. The list is long. Don’t give up on your dreams because you think that getting the money is too complicated. It can be simpler than you think.
Born this way
Is it necessary to have been born into a business family? Is it necessary to have been born with certain skills? Is it necessary to have a complete college or university education? These are difficult questions with no fixed answer. It is completely subjective and depends on the person. Not everyone can be an entrepreneur. It takes a level of determination and stubbornness to fight for what you believe in. But becoming a success is a product of multiple factors. You may have the education and the determination, but not the resources. You may have a great idea, but you may not have the drive to get it off the ground and that is okay. For all these sort of factors, never take an extreme as an answer. You can be a college dropout, from a family who’s never even considered business, but you can still make it. It’s on you.
It all starts young
We have all have this image in our heads of what an entrepreneur looks like. A young person in formal clothes, off to take over the world. While it is always good to start early, it is never too late to dream. Most successful ventures these days are from people who are past their youth and who have learnt from experience and know what it takes to get an idea off the ground. There are also those who have made significant contributions at the age of retirement, when everyone had written them off. Age is just a number. Don’t let it stop you from making your dream into reality.
Failure is the end
When we look at a success story, what we see is the nice parts. We see the end of the struggle. What we don’t see is the sweat, tears and pain that has gone into the story. It is very easy to assume that failure is not encountered while starting a successful venture. But this is not true. Failure becomes a part of your success. It teaches you from your mistakes and makes you stronger. There are bumps in every road and falls in every climb. It is how you react that defines you. If you’ve made the jump to become an entrepreneur and failed. Don’t give up. Failure is not the end. It is just another beginning.
Being my own boss
A common idea while wanting to quit a standard job is that you don’t like authority. Don’t use this as a reason to become an entrepreneur. While you may get to define your timings and dress code, you become responsible for your staff. You are also held accountable with investors, customers, creditors, suppliers and more. You end up having many other types of bosses who will not be as easy to please as the current corporate boss that you dislike. You may like the idea of being the boss but that is not a reason enough to owning your own business.
Bottomline
Entrepreneurship is no walk in the park. It is difficult and full of trials, but the rewards are completely worth the struggle. As with all things in this world, there are many misconceptions and myths about the road to success. The best way to avoid being fooled is to research. Read, read, and read more. Find out for yourself whether something is true, rather than believing hearsay. The one thing that can be said for sure about being an entrepreneur, is that you should only get into it, if you’re sure. It is not meant for the weak of heart. Your path is your own. No one else can walk it for you. Its part of Keeping Life Current.
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