5 common myths about entrepreneurship

Jan 20, 2017 by
5 common myths about entrepreneurship

The thought of being able to work for yourself and generate enough money to live comfortably (or extravagantly) is incredibly compelling for some. However, there are many myths surrounding entrepreneurship that prevent people from making the jump themselves.

In the modern day, entrepreneurship is available to everyone with an internet connection and the risks don’t have to be as extreme as you may think. Here are some of the most common myths debunked!

Myth 1: you’re either born to be an entrepreneur or you’re not

One of the most misleading myths about entrepreneurship is that entrepreneurs are born and not made. While it’s hard to imagine entrepreneurs like Richard Branson, Elon Musk, or Gary Vaynerchuk as anything other than their own bosses, not every entrepreneur shows signs of business genius at an early age.

Instead of having a natural entrepreneurial mindset, there could be emotional factors which influence your decision to create a business. For example, you may have an idea that you’re so passionate about that you simply have to develop entrepreneurial traits in order to see it realised. Conversely, your first experience of working a traditional office job might be so gut wrenching that you’re prepared to do absolutely anything to earn money in another manner, including starting your own business. Extremely strong negative and positive emotions can be enough to turn a person into an entrepreneur.

Myth 2: it’s you against the world

One myth about entrepreneurs is that they have superhuman strength and are able to consistently work 14 hour days, taking care of every aspect of their business alone. While there is some truth in the fact that entrepreneurs have to work harder for less rewards in the early stages, it doesn’t have to be that brutal.

In the age of information, you have access to an abundance of online workers who specialise in every field imaginable. Hiring outsourced workers to help reduce your workload is completely feasible, particularly in the early stages of a business.

Myth 3: you have to give your business 100% of your attention for it to thrive

Thanks to modern technology, it’s perfectly acceptable to start a business in the evenings, while you’re still working a day job and funnel some of your monthly income into the business until it takes off. In fact, you’re much more likely to make your business successful if you aren’t relying on it for your income straight away. You don’t have to burn your ships at the shore and risk homelessness by starting a business, you can take proper precautions to minimise risks.

A light bulb representing ideasMyth 4: you need a revolutionary idea

While the businesses which change the world are discussed the most in the media, you don’t have to recreate the wheel in order to generate a long-term profit. In fact, it can be much wiser to enter an existing niche that has proven profitability and offer something similar but with your own USP. Everyone borrows from someone else to some extent, Elon Musk included!

Myth 5: you need a comprehensive business plan

Having a comprehensive business plan can certainly be an asset, but it can also be detrimental. Sticking to a business plan dogmatically, without thoroughly testing the market can be incredibly destructive. A flexible approach, which leaves room for pivots based on market feedback is far more effective. So long as you have a business model, know who your customers are, understand their problems and know how you can solve those problems in a profitable manner, you’re good to start executing and improving as you go!

Karl Moore, writing for Forbes Magazine, states:

Organizations today are in a constant state of adaptation; they are seeking new ways to achieve strategic organizational change and by focusing their efforts on execution rather than strategy is one of those ways.