Did you know that there were 582 million entrepreneurs in the world on the last count? But, only a percentage of this entrepreneurial population succeed in their life. Entrepreneurship is a rewarding journey which is worth the struggle and gets better with experience. But there have been assumptions that have been followed since more than a decade and sometimes, these turn into ‘myths’ which are misguiding. Unfortunately, many entrepreneurs fall prey to these myths and take important decisions which are entirely wrong for their career.
If you are a budding entrepreneur, read about the top 7 entrepreneurship myths debunked.
Entrepreneurs Have to be Inventors
This is a huge prejudice. Not all entrepreneurs need to be inventors. An entrepreneur is the one who identifies a problem and forms solutions to it, and leverages incoming opportunities. Invention might or might not be a part of their journey. Yes, the chances of success increase if the solution you find is disruptive or innovative. For example, the way Ola/Uber disrupted travel and Airbnb disrupted hotel stays. You can know more about difference between entrepreneurs and innovators/inventors by enrolling in the best entrepreneurship certificate program.
Entrepreneurs Need Einstein-like Ideas
If we counted the most successful entrepreneurs around the world, we could get a handful of names like Bill Gates and Steve Jobs who made it big with their unique ideas. But there are so many smaller entrepreneurs also who have made it to the big platform without that Einstein idea, working on their own successful business ideals. You don’t always need a grand popular idea and you shouldn’t be waiting for it also. Start with a small base, and work it up to the top before someone else works on it to build an empire.
Entrepreneurship is All About Risk-Taking
This myth works as the scarecrow. Most of the people get scared by the risk-taking attitude and don’t dare to take the plunge. On the contrary, risks are not only associated with entrepreneurship but with everything in life. As you live life taking decisions and facing the challenges, similarly as an entrepreneur, you need to risk your success and take up the challenges instead of getting scared of the risks.
Entrepreneurs are Born to be
If you have always been told that entrepreneurship is an innate quality and that an entrepreneur is born with those skills, you are again under the influence of a myth. Anyone can become an entrepreneur with the right kind of motivation, courage, attitude, desire and hard work. In fact, many successful entrepreneurs with non-entrepreneurial backgrounds have debunked this myth and proved that you can start from scratch and move to the top.
Entrepreneurship has a High Failure Rate
A Forbes article published in 2015 revealed that 90% of startup fail. Since then, it has been taken as a benchmark for entrepreneurs. Of course, every business that starts does not end in success. But, as believed by most of you, 90% of businesses end in failure is again a myth that might be keeping you from moving ahead. This statistic is about startup failure, not an entrepreneurial failure. Your startup may fail, but you have grown as an entrepreneur. So, a startup may be a high failure rate, but people are still jumping in the entrepreneurial pool. Success is not derived from statistical numbers but from a high-ended performance. If you keep learning from the already successful entrepreneurs, you will aim for the highest rungs on the success ladder. One must remember that failure rate is always high when the rewards are bigger. Rather than being intimidated, this should be a lesson about how to float ahead of the race.
Entrepreneurship is Easy
While it looks easy, it is not. Entrepreneurship is definitely not a cakewalk. In fact, whenever an entrepreneur shines out with awesome results, it is a general notion that he was lucky or it was an easy market or it was an easy path. One should never overlook the hardships that the entrepreneur has gone through to reach where he or she is. It looks easy on the surface when someone else is doing it, but the actual difficulties can be assessed only after researching and entering the field. Go and ask the successful entrepreneurs, or read their background stories – you will come to know of their struggles!
You Need Large Sums of Money to Start Entrepreneurship
It’s a digital world today. So, investing huge sums of money is not necessary to start a business these days. Though the traditional brick and mortar system still counts for many types of businesses, an internet-based business can be carried out right from your home. Effective tools of digital marketing can further reduce the costs of investment.
Conquer these myths and you are here to stay. Besides, you can always join the best entrepreneurship certificate program to polish your skills.