According to the Global Entrepreneurship Monitor, about 16% of the workforce is made up of entrepreneurs. Some people start a company to pursue their passion, while others do so because they believe it’s the best way to earn a living. Regardless of their motivation, aspiring entrepreneurs can learn more about the role by looking at the various aspects of running a business.
There are many myths about entrepreneurship, and it’s important to debunk these so aspiring entrepreneurs can figure out what they need to do to succeed. The following list aims to provide a variety of common assumptions about starting a company and explains why they are wrong.
Entrepreneurs Don’t Have Personal Lives
Most of the time, people hear about the sacrifices that aspiring entrepreneurs have to make to follow their dreams. This is often interpreted as suggesting they give up on their personal lives. However, the most successful entrepreneurs are those who figure out how to prioritize effectively, delegate and schedule a healthy work-life balance.
Believing is Achieving
Despite our desire to believe in something, it’s important to remember that it will not automatically lead to success. Almost 20% of new businesses fail in their first year, not due to a lack of belief. Markets change, and budgeting errors occur; there is a multitude of reasons why businesses fail.
The takeaway is that operating a successful business will require more than believing in a dream. It takes perseverance and a willingness to adapt and overcome on top of all the logistics.
Successful Entrepreneurs Must Have a Unique Idea
Thousands of businesses worldwide share the same concept, but their way of doing business makes them stand out from the crowd. For instance, Burger King and McDonald’s are two of the most prominent fast-food chains in the world. However, their marketing strategies are very different.
This concept applies to every business sector. You don’t have to have a unique idea to be a successful entrepreneur. It’s all about finding a lack of product or service in a location and being able to fill that need.
Being an Entrepreneur Means Not Answering to Anyone
Although starting a business can provide one with a certain amount of freedom, it does not mean you will be able to control everything completely. Entrepreneurs need to establish connections to succeed, which means building business relationships and ensuring that clients are happy are of the utmost importance. As an entrepreneur, you may be your own boss; however, there will be a slew of people you have to answer to and check in with.
Entrepreneurs Are Born, Not Made
Contrary to popular belief, one can learn how to start a business or become a leader. Of course, some characteristics may make it a more natural transition; however, anyone can acquire the necessary skills to start their own business. You must build a solid team of people with expertise in areas you aren’t well versed in, such as accounting and marketing.