Entrepreneurship is a celebrated profession nowadays. We see posts and quotes glorifying entrepreneurs and their efforts on social media. The news outlet and business news tend to celebrate successful entrepreneurs. Entrepreneurs themselves are banking on their reputations. Despite (or maybe because of) the popularity of entrepreneurs and entrepreneurship in recent times, many misconceptions surround them. Let’s take a look at a few and discuss the actual truth behind them.
Entrepreneurship Is Genetic
We often hear the term “risk gene” that successful entrepreneurs have. Apparently, it’s a gene that encourages them to make riskier decisions, often resulting in better turnouts. But this isn’t exactly true. For one, their nurture affects someone’s entrepreneurial tendencies far more than nature does.
Running a business isn’t genetic; it’s something that can be learned and picked up. Some people might have a natural predisposition and thus have natural abilities, but like riding a bike or learning mathematical calculations, being an entrepreneur is an acquired skill. Yes, it takes risks. But it also takes learning from those risks.
You Need a Great Idea to Succeed
Mark Zuckerberg honed and refined the idea of social media to perfection, resulting in what is perhaps the most dominant social networking site today. Steve Jobs knew what he wanted Apple to be and executed it exceptionally well. When looking at these standout entrepreneurs, it seems like all you need is a great idea, and success will follow you.
However, that’s not the complete picture, as you also need incomparable logistical, managerial, and networking skills. Business and entrepreneurship aren’t just about ideas. It’s also about how you take those ideas and apply practical and actionable steps to see them through. This is why entrepreneurs need to be multiskilled. They’re not just idea people; they’re also people of action.
Having Your Own Business Means You Control Your Time
Here’s a popular belief that many people often associate with entrepreneurship: you get to control your own time. However, that doesn’t mean you have a lot of time. What happens is that you get to control how your schedule works, but it’s most likely going to be a hectic schedule. If not even busier, since you will be handling everything.
That’s why businesses that offer business owners and entrepreneurs third-party service and outsourcing options are booming. Business opportunities for property management are popular in the real estate industry, and headhunting or human resource services are being utilized by the office force. It’s because entrepreneurs don’t have enough time. They may get to control their schedule, but they’re still swamped.
Business Means Lots of Cash
This one is a dangerous misconception to have: running a business doesn’t automatically mean you’ll be rich. Not every entrepreneur is swimming in money, and you’ll find that they’re probably losing even more along the way. Keeping a business fully operational is expensive, as there are a lot of expenses involved in continuous operations. However, it will eventually pay off, especially if you’re smart with how you approach the business side of things.
There Are Only Two Results: Success or Failure
We usually only see the highly successful startup and don’t even hear of those who failed. Because of this, there’s a general perception that every business should be successful in great magnitude, and any other result is a failure.
But adopting such an extreme belief is simply unhealthy. Entrepreneurship is a constant journey, one that will take you through ups and downs, highs and lows, and the outcome will never be the same twice. Successor failure isn’t the only result, as a matter of fact.
Success can turn into failure if not managed correctly, and failure can be turned into success with clever maneuvering. Trying to achieve your dream business idea is like constantly writing a novel. It’s only finished when you feel like you’ve achieved what you set out to do. Until then, it’s a never-ending journey without any definite “success or failure” markings.
It’s the Entrepreneur’s Sole Responsibility
Entrepreneurs might be the team’s leaders, but they’re not the ones solely responsible for its success. A business needs a diverse set of people to succeed, each with different skills, talents, and contributions. To pin the blame on the entrepreneur (or the staff) is difficult since several factors affect what makes a business successful or not. When a business succeeds, it’s still not the entrepreneur’s sole responsibility either. It’s always a team effort, and credit should always be shared.
Don’t let these myths hinder your dream to become an entrepreneur. Reframe how you see entrepreneurship, and you can prepare yourself to achieve it.