Starting a company can be physically, emotionally, and mentally draining. Not only do you need an incredible amount of perseverance to be successful, but you need courage and confidence as well.
Nevertheless, entrepreneurship can be incredibly rewarding, allowing you to make a real difference in many people’s lives. Unfortunately, when it comes to founding a company, there are a lot of myths, which often mislead people or discourage them from taking the leap into entrepreneurship.
Read on for some of the most common myths about entrepreneurship that need to be debunked.
Myth #1: Entrepreneurs need a big budget.
Some people believe they’ll need hundreds of thousands (if not millions) of dollars in personal budget or venture capital to start a company. In reality, some of the most successful companies were created with very little.
Many have launched ventures with their own savings or have turned to various incubators and accelerators for guidance as well as funding. Nowadays, many people also rely on crowdfunding platforms like Indiegogo and Kickstarter to get a business started.
Importantly, you should not expect to raise large sums of money at first. A small amount of funding is usually enough to get the ball rolling, and then additional funding can come once the company has gotten some traction.
Myth #2: There is a “right” time for entrepreneurship.
One of the most common myths about entrepreneurship is that there is a “right” or “perfect” time to launch a new business. In reality, some hurdle or issue will always stand in the way, and you may never feel truly ready to start your business.
You can spend years planning ahead, but your company will never go anywhere until you start it. If you believe you need to wait for the right time, you may never end up starting the business at all. What you do need to understand is that every new venture comes with an incredibly steep learning curve, and much of this knowledge cannot be gained from books. You should expect to fumble as you learn, but it’d not a reason to put off starting.
Myth #3: Entrepreneurship means being your own boss.
People often say that they want to get into entrepreneurship so that they can be their own boss. While entrepreneurs do have ultimate control over their company, that prospect comes with the need to make a lot of tough decisions.
Furthermore, even entrepreneurs work for and with a number of different people, and going into it with this mindset can allow you to be much more productive. While you may not have an immediate manager, you will often need to work with investors, advisors, and mentors as you make decisions and pivot the company within the market.
You should think of yourself as ultimately working for your clients and customers. These individuals dictate the success of a company, so building strong relationships with them is essential.
Myth #4: Only risk-takers will succeed.
While is true that entrepreneurship is a risky endeavor, many entrepreneurs are not generally risk-takers. Starting a company involves assuming a lot of risk, but successful entrepreneurs remain calculated when it comes to making decisions. They always balance risk and reward so that they can choose the path that is most likely to move them forward.
Sometimes, entrepreneurs are forced to make quick decisions, but most of the time, they take their time and assess all the risks involved with a decision so that they can build contingency plans for how to respond.
People who embrace risk without performing this kind of analysis make themselves vulnerable to failure, and generally, entrepreneurs like to feel much more in control of the situation.
Myth #5: Starting a company consumes your life.
Entrepreneurs work very long hours, which can cut into their personal life, but if they work too much, they will quickly burn out.
Therefore, you will need to find the right balance between your personal life and your work life. This can be difficult when you have complete control over your schedule and feel constant pressure to work. However, it is also important not to lean the other way and let work slip. Learning this balance often takes some time.
Myth #6: People are born entrepreneurs.
A particularly toxic myth is that people are born entrepreneurs, which means that they have an innate and genetic talent that cannot be taught. However, research has concluded that most entrepreneurs learned the skills they needed to succeed. Even entrepreneurs themselves have argued that entrepreneurship can be taught.
Success really depends on gaining the right knowledge and creating the ideal environment. In other words, if you are determined to succeed in business, you will do so whether or not you have the innate talent (provided you are willing to put in the necessary work). No one should feel discouraged from entrepreneurship because they feel like they lack the innate ability.