Business Funding Business Guide

Myths of Entrepreneurship

Written by Roberto Taylor

“Do I have what it takes to be an entrepreneur?”, the question all of the young entrepreneurs dread to answer.

There are a lot of misconceptions, which has to do with the media and the advice entrepreneurs get. Misconceptions arise when a person is derailed from their businesses.

These myths and misconception of entrepreneurship hold you back from starting a business, and we want to clean it from you.

MYTH NO. 1 If you are an entrepreneur, you are a high-risk taker.

Most people perceive entrepreneurs as a high-risk taker, but they are not, just like us they are prudent with their actions. Entrepreneurs prefer to have a situation that they can challenge the outcome. They assess the risk, they seek the best reward. They are eager to know which business is for them.

MYTH NO. 2 Being an entrepreneur is an innate talent.

“You are born to be an entrepreneur”, no, being one does not possess an innate or genetic talent. To be an entrepreneur you have to learn through college courses.

MYTH NO. 3 Entrepreneurs are motivated to get rich

Newly started businesses take an average of three years to turn a profit. The focus of most entrepreneurs is to have a business that has a strong financial base for the future. Money is not the ultimate goal for entrepreneurs, however, every business makes money and helps the local economy.

MYTH NO. 4 Entrepreneurs do not have enough time for themselves

It is true that entrepreneurs spend a lot of their time at work, it can sometimes cut into their personal lives. However, not like most careers, entrepreneurs can control their schedule to preserve their private life. Although, there are entrepreneurs who sacrifice their personal time to get their business off the ground.

MYTH NO. 5 Entrepreneurs are often high-tech individuals

Only a small portion of the entrepreneurs are considered high-tech with today’s standards. A high-profit margin is what needed to make it as an entrepreneur.

MYTH NO. 6 Entrepreneurs finance their business with venture capital

Entrepreneurs avoid venture capitals, for it is one of the most expensive forms of funding. Most of the entrepreneurs finance their business from their personal savings.

MYTH NO 7. Entrepreneurs are ruthless and deceptive

Entrepreneurs are not deceptive, they do not step anybody who is in their way. This behavior can alienate other entrepreneurs and be forced to waste time and energy fixing relationships. Some entrepreneurs who are ruthless lost sales to competitors and lose their best employees.

MYTH NO. 8 Entrepreneurs have limited dedication

This is not true, in fact, dedication is an attribute that all successful entrepreneurs have. They can adapt to change quickly, and this ability is essential for success.

There are more myths than what was mentioned about entrepreneurs, however, most of the generalizations about entrepreneurs are not applicable. For this reason, you do not have to fit in the stereotypes of being an entrepreneur to be successful. Do your ways, and you will succeed.

About the author

Roberto Taylor