7 common myths about entrepreneurship

entrepreneurship myths

Entrepreneurship is a career which is gaining popularity worldwide but still isn’t very well understood which is why there are so many myths regarding this career option. A lot of people believe these myths to be true which is why they don’t pursue their ambition of being an entrepreneur despite having a great idea. So, if you’re still confused, don’t worry, we’ve got the most common myths debunked for you.

Here’s a list of 7 most common myths about entrepreneurship:

1. Entrepreneurs are born, not made

This is the most common myth that deters people from becoming entrepreneurs. However, this is completely untrue. A normal person with an idea which solves a problem the society is dealing with can become an entrepreneur if he works on certain skills. If one is ready to develop on leadership and managerial skills and isn’t scared to take risks, one can aim to become a successful entrepreneur.

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2. All you need is money

This myth is not completely justified because you may have great investors pumping in a lot of money into your venture but if your idea doesn’t appeal to the people, they will not buy your product or service. Thus, money might be important but it is more important to use the money wisely in places where it is required.

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3. Entrepreneurs are usually college drop-outs

This is a common disbelieve because great people like Mark Zuckerberg, Mukesh Ambani and Steve Jobs have managed to become successful entrepreneurs without a college degree. However, a formal and educated background only helps an entrepreneur to understand concepts and the business better. An entrepreneur becomes one because of his idea and developed skills set and not his college degree.

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4. You need an out of the box idea to start up

This is another myth about entrepreneurship which needs to be debunked. It is true that you need an idea to develop on but the idea doesn’t need to be a completely new or innovative one. Running a restaurant, school or any kind of business or adding value to an already existing idea which solves problems of the society can also serve as a great base for entrepreneurship.

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5. Having no boss the best feeling

A lot of people consider entrepreneurship because they believe they will get to set their own terms at work and lead a team. However, this might not be a favourable scenario for every venture. With ideas like leadership coaches catching up, it is proved that even entrepreneurs who lead a team require help from superiors in order to succeed.

6. You need the perfect timing

People often comment saying that it is actually luck which will make you a successful entrepreneur. They believe that it is important that the time is right and destiny is in your favour. However, the history of entrepreneurs has proved this to be absolute rubbish as successful people like Reid Hoffman, the founder of LinkedIn, got success only later in their life in spite of a brilliant idea.

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7. Starting a business isn’t that difficult

A lot of entrepreneurs we see aren’t college pass outs which have led to the common belief that entrepreneurship isn’t very difficult to achieve. Instead of attending rigorous classes, they concentrated on developing a skill set and an idea which they’ve grown only due to their hard work. A typical entrepreneur fails many times before s/he can succeed and defeat failure isn’t everyone’s cup of tea.

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We hope we’ve debunked the most common yet misunderstood myths about entrepreneurship for you.

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