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8 Most Common Myths About Entrepreneurs

IndianMoney.com Research Team | Posted On Monday, March 09,2020, 03:38 PM

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8 Most Common Myths About Entrepreneurs

 

 

If you are about to start your own venture and you come across friends asking you to reconsider your decision owing to some popular stereotypes, then you must to read this article. Through this article we will tell you what not to believe about entrepreneurs:

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8 Most Common Myths About Entrepreneurs

Entrepreneurs are Born Not Made:

This is the most common myth and people often say it to either avoid taking a risk in business or to discourage a budding entrepreneur. People believe entrepreneurship cannot be taught rather it is a something genetic.

However, experts believe entrepreneurs are not born; it is a discipline that can be learned through practice. Most entrepreneurs need to develop their skills and learn business tactics to become successful. Thus, anyone can be a successful entrepreneur if they are determined to do so.

You Have To Be young To Start a Business:

While this perception was believable some years back, it is quite untrue now. With the rise of social media platforms, people can get started at any age. Entrepreneurship is for all ages and can be taken up whenever a person feels inspired to do so. If you believe you are too old to start a venture, you are wrong. If you are determined to take up the challenges you can start at any age be it 30s, 40s or 50s.

See Also: 10 Things Bank Will Ask When You Need a Business Loan

It Takes a Lot of Money To Start a Business:

People used to take notice of a business when it has risen to fame. But these businesses were often left unnoticed in their struggling years and so people often end up thinking that businesses need huge capital investments to start with.

Contrary to this belief, we can see how the start-ups or some small businesses have started with minimum capital investments and have scaled new heights. Often most of the businesses start small and then they gradually expand. Thus there is no direct relationship between the capital invested and the ultimate success of the business.

Entrepreneurs are College Dropouts:

While some business owners like Mark Zuckerberg has been able to successfully bring life to his idea even without a college degree, it may not hold true for others. A college drop-opt doesn’t mean you don’t need education. While starting a business, you need to have some formal education to understand the legal and administrative aspects of business. You also need to understand the financial aspects of the business to keep it in the pink of health.

See Also: Startup Business Loans in India

You Need a Plan To Become a Successful Businessman:

Some people believe that you need to plan your journey to success. Contrary to this belief, entrepreneurs are risk-takers who have abandoned the idea of conventional life. Thus when a business starts, it starts with a plan. But as it grows the process changes a lot of other factors come into play. Although it is possible to plan some aspects of the business, it is impossible to plan is in a step-by-step process. Rather you have to know where and how to find ideas and identify the opportunities and how to capitalize on them.

Entrepreneurs Take Interest in Business Only for Money:

Most people believe that some young people are driven towards business only to make money. In reality, entrepreneurs are often driven by the joy of making their ideas work. Entrepreneurs are driven by their dream and not by the money. Most of the empirical studies show that business owners want to own a business either to follow their passion or to control their destiny and create something of their own instead of working for others.

Entrepreneurs are Their Own Boss:

In business, no one person is the boss. Everyone involved in a business is answerable to somebody or the other. Even if you are in complete charge of your entire business, you are answerable to your business and so it becomes your boss.

Thus if you are the owner of a consultancy firm, then your clients are your boss or if you are the owner of a start-up then your investors are your boss. And while you are at it, remember it will not even provide you with a work-life-balance.

See Also: Business Loans For Women Entrepreneurs

Entrepreneurs Can Do Everything Singlehandedly:

This is the most illogical myth about entrepreneurs. No one person can be held responsible for the success of a venture or business. Entrepreneurs always stay connected with their family and community and work closely in association with employees. Surveys reveal most of the business owners remain in touch with other business owners of similar companies that helps them identify potential business trends and manage their business efficiently.

So, if you aspire to be a successful entrepreneur then you have to stop believing these myths. Rather your first step should be to let go these notions and start afresh.

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