Entrepreneurship is subjected to varied interpretations! And that at times leads to several misleading assumptions. Books like “The E‑Myth Revisited by Michael Gerber” and “The Myths of Innovation by Scott Berkun” helps to know about the several myths that exist on entrepreneurship. Most people think that an entrepreneur has inborn talents and insights that they put to use at the opportune moment.
The truth is anyone can become an entrepreneur. Most people wouldn’t want to believe it! To understand why and how anyone can become an entrepreneur, you need to be aware of the entrepreneurship myths. The crucial ones are discussed below:
Most people think that entrepreneurs are always taking risks! It's true that, like most business leaders, even entrepreneurs know that business risk is ultimately a gamble. The truth is the smart entrepreneurs are neither low or high on risks. They like to delve into situations or business propositions, where they can impact an outcome. Also, they want to take ample challenges, when they know, they can make something good out of that. The successful entrepreneurs are the ones who have the vision to look through any risk or challenge, based on business insights and facts.
Nothing can be more misleading an assumption than this! People still think successful have unique traits and talents in their genetics. The truth is entrepreneurs are smart observers and learn from any and every business scope. Even though some universities and colleges teach business management and other courses, entrepreneurial skills get developed through work experience. Entrepreneurs learn best from real-time business challenges. It helps them to hone up their analytical and smart decision-making skills.
Ask any entrepreneur, and you will know that a business can at the starting phase can never be a quick route to earn more money! The new businesses will take some time to establish its presence in the market. It will take two to three years to create its initial mark. In between, if you do well, you might as well break even, which is always beneficial.
Also, during the initial set-up phase, smart entrepreneurs don't purchase anything which they don't require. For instance, they don't buy lavish cars or expensive phones. They use their money for business investments. Their primary focus is on setting up a company that has a strong financial standing to make necessary investments for the future. Once the brand gets established, the entrepreneurs are free to make other decisions for the benefit of the business.
Successful entrepreneurs might indeed work for long hours, and that might make them compromise on their personal life! But that is just momentary! Once the business starts making profits, entrepreneurs can balance their work and personal lifestyle. The successful entrepreneurs manage their personal and professional goals accordingly. They also learn the art of managing time right at the start. Also, the concept of personal life varies from one entrepreneur to the other. Hence, one can adjust and manage their professional and personal life based on their requirements, goals, and business targets.
There are several other myths about an entrepreneur! Knowing the ones mentioned above will help you streamline your entrepreneurial journey better.
I am Adam K Veron