5 myths about entrepreneurship busted


It is not easy being an entrepreneur.  Many people want to start their own business but the lack of good advice and reliable information often stop them from taking the final step. There are a lot of misconceptions about becoming an entrepreneur that people believe in but they are not all true. I will discuss some of these popular misconceptions today.

Myth 1: Entrepreneurs are born not made

It is said that entrepreneurs are born not made. This belief is assumed to be carved in stone. Yes there are many entrepreneurs who have it in their blood to be successful businessmen, there are others who follow their fathers into business but it is not necessary to be born to the job of entrepreneurship. What you need is risk-taking ability, willingness to gamble, a capacity for very hard work, high level of self-confidence and belief in yourself and you have the makings of an entrepreneur in you.

Myth 2: Entrepreneurs need loads of money to start

Contrary to popular belief you do not need loads of money to start something of your own, though an abundance of cash is always welcome. Start small but keep your business your own. When you don’t depend on external sources of funds you retain total control of your business and can proceed with it the way you want. You learn from experience and the paucity of funds helps you learn to utilize it optimally.

Myth 3: Each entrepreneurship has to be new and unique

Another common misconception is that each entrepreneurship has to be new and unique. That is not true either. You need to do things differently, and provide a product or service that satisfies unfulfilled needs in the market. You can take an existing product or service and improve upon it so that consumers get benefits that were not available earlier – you have to provide something that is superior to available alternatives in order to capture the market.

Myth 4: All entrepreneurs should have risk-taking abilities

Having risk-taking abilities is a positive trait for an entrepreneur but it is not a necessary condition. You need to be comfortable with the level of risk you are committing to. If you are not happy taking risks then plan things in greater detail so that all contingencies are accounted for and you are not suddenly left high and dry.

Myth 5: Entrepreneur must know influential people

No doubt, it helps if you know “influential people” who can lend a helping hand when you are setting up your new business. They can ease your journey and send work your way. But not having “contacts” is not a bar to entrepreneurship. Contacts can get you work but you are the one who has to perform satisfactorily. If you are good at what you do, you will be way ahead of someone who has contacts but is unable to deliver the required results. If you feel that your business will be helped by having powerful people on your side, then make the effort to get in touch with them and do your best to woo them so that they can help you in your business.