Many people trying to get away from the corporate jungle and into the startup world are encountering various misunderstandings. The media can cause these, the advice they receive, or even the grapevine. Unfortunately, these can derail an individual’s decision to pursue entrepreneurship.
In other words, these myths can hold people back. They scare people off from chasing their dreams. Let us take a few minutes to break down some of the most common entrepreneurship myths.
Myth #1: Entrepreneurs are Born
Many people assume that only successful entrepreneurs have certain leadership qualities and are born with specific talents. However, the truth is that almost anyone can become an entrepreneur if they learn the necessary skills.
Although people have particular innate abilities that can allow them to be more flexible, there is no rule that everyone can start a business. For instance, introverts or extroverts can be entrepreneurs. However, this isn’t a natural-born ability. Anyone can learn how to start a business.
Myth #2: Only Great Ideas Succeed
Many people have a great idea but never think it’s good enough. This is because people tend to judge early concepts against established businesses. However, every great idea can develop into greatness over time as it starts small.
Contrary to popular belief, an entrepreneur does not have to have a perfect idea to start a business. Most successful entrepreneurs cite the execution of an ordinary idea as the most critical factor contributing to their success.
Myth #3: Entrepreneurs Only Succeed With Lots of Funding
If entrepreneurs don’t have the necessary funding to start a company, most of their ideas will never get off the ground. Entrepreneurs don’t sit around and think about what could happen. Instead, they chase the dream, with or without funding.
Myth #4: Entrepreneurs Start Young
Even though starting young is always important, it’s never too late to pursue your own business. The media often celebrates young entrepreneurs, but plenty of people started later in life and are still flourishing. If you have the necessary motivation and passion, start building your business.
Myth #5: Entrepreneurs Relish Risks
Another common myth about entrepreneurship is that people need to be big risk-takers to start a company. However, this is not the case. Most entrepreneurs are not different from the general public when it comes to their risk preferences. For instance, if an entrepreneur left their car running while shopping, they would probably view the theft risk as just as high as the risk of getting robbed.
Contrary to popular belief, entrepreneurs are more likely to be positive when reviewing a potential business opportunity. They are also more likely to believe they can profit from their venture.