There are lots of myths out there about entrepreneurs and entrepreneurship that may be worth examining as you consider starting a business. Listed below are a few of such misconceptions and some explanations to debunking them.
1Myth #1: Entrepreneurs Are Basically High Risk Takers
Entrepreneurs are often thought of in terms of the risk they think. The dictionary describes an entrepreneur as one who takes business risks. However, like all prudent business people, entrepreneurs know that taking high risks is a gamble. Entrepreneurs are neither high nor low risk takers. They prefer situations in which they can influence the outcome, and they like challenges if they believe the odds are in their favor. Entrepreneurs tend to carefully seek the best risk/reward action. They hardly act until they have assessed the risks associated with a venture.
2Myth #2: Entrepreneurs Are Mainly Motivated to Get Rich
A successful entrepreneur will tell you that starting and running a business is not a get-rich-quick alternative. New businesses usually take some time to become profitable. In the meantime, you’re considered to be doing well if you break even. During the business start-up stage, entrepreneurs buy only what they need. Most cut expenses and use their surplus money to pay off debt or reinvest it in the business. Their focus is on creating a company with a strong financial base that can scale. For entrepreneurs, money isn’t everything. But there’s nothing embarrassing about being partially motivated by money, as are most entrepreneurs. It is okay to make money, build a business, and help build your local economy in the process.
3Myth #3: Entrepreneurs Are Born not Made
Many believe that entrepreneurs possess genetic talents. However, studies have shown that most entrepreneurs were not born; they learned to become entrepreneurs. The recent inclusion of entrepreneurship courses in some universities curriculum supports this point. Entrepreneurship is currently being successfully taught.
4Myth #4: Entrepreneurs Are Introverts
Entrepreneurs might work alone on a business idea by tinkering in the solitude of their home or office. An entrepreneur who is prepared for greatness knows that he or she must draw on the experience and ideas of others in order to succeed. Entrepreneurs will actively seek the advice of others and will make many business contacts to validate their business ideas and strategies. An entrepreneur who is a loner and will not talk to anybody will never start a successful business. Entrepreneurs need to seek the advice of others.
5Myth #5: Entrepreneurs Don’t have time for themselves
Entrepreneurship takes long hours of work, this bites into the personal life of entrepreneurs. However, long working hours are not limited to entrepreneurs. Many corporate managers and executives work well beyond the average 40-hour workweek. The primary difference is schedule control. In the corporate world, you may not have control over your schedule. Entrepreneurs don’t mind working 60- to 70-hour weeks, but they will do everything they can to preserve their private time. Sometimes, as an entrepreneur with an especially fast-growing business, you are going to have to sacrifice personal time.
This article is the first of a series that is aimed at debunking myths associated with entrepreneurs and entrepreneurship.