By Skornia Alison
Starting a business is challenging enough without also having to listen to the misconceptions presented by people who've never actually started their own businesses. Before you dive into the world of entrepreneurship, let's bust some of the most common myths that are out there:
1. All I Need is a Great Idea
Nope! Wrong! That’s only the first step to building an empire that you call business. We do know that Mark Zuckerberg started out with a great idea, and some fancy pants told him that that’s what he needed (at least in the movie he does). However, that’s not ALL he did or needed.
He also required finance, he picked the right target market, he chose the right clients to market his service to, he built relationships with the right people; and there were many instances where he also failed (and this is all coming from the movie). It doesn’t just end with a killer idea. There’s much more to it than meets the eye.
2. Entrepreneurs Are Rich
Certainly not true. Not all entrepreneurs start out as rich people and not all entrepreneurs end up as rich people either. It requires a considerable amount of time and effort to build those riches, not to mention a killer business to end up that way.
Some people just get by, some will be bankrupt and indebted, while others may be flying in jets. How you end up depends on you, your business, and maybe a bit of luck.
3. I’ll Have Plenty of Time
It’s actually quite the opposite of what you're thinking. Just because you are your own boss (we’ll get to that later too), doesn’t mean you’ll have time on your hands. Entrepreneurship requires a lot of effort to get going, and since you are the “risk-taker,” all the efforts will be coming from you.
A day job will actually seem considerably easier and less time-consuming due to the fact you are simply an employee working for a business that is already up and running. This is exactly why you need to “love what you do” and the kind of business you have chosen -- and that one certainly isn’t a myth.
4. I Am My Own Boss
Although it seems fit to say that an entrepreneur is his or her own boss, this isn’t exactly true. As long as you are living in this world of rules and its natural laws, someone, or even something, will always be your boss.
Your clients may be your boss, your customers may be your boss (or kings and queens), your business may be your boss, and sometimes even your luck will be that big, bad boss you can’t control. Someone will always play the role of boss in your life and you will be obliged to work according to their needs and demands.
Sorry to pop your bubble, but that’s just how life works.
5. Entrepreneurs Are Naturals
Not so, says Richard Branson, the most notable, praiseworthy entrepreneur of our day. According to the Virgin founder, “While some ‘born entrepreneurs’ are ready and willing to dive into business opportunities, other people are more reserved and need a push. This doesn’t mean that they will not make great entrepreneurs - success is certainly not reserved for one specific personality type.”
So, whatever beliefs you had about that “au naturel” entrepreneur with his innate talents and awesome genes aren’t true. Entrepreneurs are who they are partially because of what they have been taught, and another greater part is owed to their sense of determination towards their goals.
6. Entrepreneurs Are Hermits
They may be just that when they’re busy with piles of works and a “Do Not Disturb” sign on their doors. However, they tend to have a separate “social” time slot as well. Being an introvert or a loner while you are an entrepreneur will not pay off at all, and those who keep on truckin’ with that attitude won’t have long-term success.
Networking, and networking well, is a part of building a great business. Clever entrepreneurs recognize the fact that they need to hang around other people with the same or similar experiences and possibly useful ideas. Contacts can help you connect with other people, find you more business, pass on useful information, and do a lot of other things that are needed to make your business a big hit.
7. Entrepreneurs Require Enormous Startup Cash
Funds could be as hefty as $300,000 to as little as $10,000. Astute entrepreneurs know exactly how to work with the little money they have and turn their dimes and quarters into hundred dollar bills.
This, I’ve known since I was 21 when a distant friend talked about how she managed to build an enormous business of a popular advertising magazine with just a couple of hundred dollars in investment. I didn’t believe her at first either, but with the countless other examples I witnessed in time, I knew this to be 100 percent true.
And finally…
8. Entrepreneurs are Risk Takers (The Wild Kind)
It is true, from a certain viewpoint, that an entrepreneur needs to be that crazy daredevil willing to lose anything to fulfill his or her dream. However, most successful entrepreneurs possess a great sense of responsibility, prudence, and tact as well. Taking a risk is how it starts and that’s definitely part of the venture, especially during challenges. Yet, their willingness to gamble will always be backed up by well-calculated decision making and an instinctive ability to sense when the odds are in their favor.
