Entrepreneurship is not easy. Being able to come up and keep a business afloat need a great deal of effort from an entrepreneur. Some principles separate a successful business owner from a mediocre one.
Aside from finding tips to succeed, one must get rid of myths about entrepreneurship. These misconceptions prevent many people from making a dream startup come true. They feel inadequate to take on such an endeavor. With these wrong notions, some are also disillusioned once they start their business. They feel shortchanged from their expectations. Read on to see if you are nurturing a misconception all along.
Myth # 1: A Startup is a One-man Show
Some aspiring entrepreneurs get discouraged even from the start. They are afraid to handle all aspects of their business only by themselves. Some people believe these things to happen during the early stage of the business. It is not a fact that the founder must be the sole person responsible for everything. Basic knowledge is enough for them to have a grasp of each role in their business. But, nobody should expect an entrepreneur to run a one-man show.
For example, you find an opportunity for a child care franchise. You are not expected to be a teacher, principal, and registrar rolled into one. Doing this will sabotage the success of the business. You may start with only a few employees. It is a wise investment to get people who are adept with their jobs for the business to grow. From there, you can decide if there is a need for more employees.
Myth # 2: Having a Business Is a Guaranteed Way of Being Rich
Some people get tired of the nine-to-five grind. Thus, they think of another way to have a stream of income. Others see entrepreneurship as a gold mine. They feel that it is a quicker way to earn a great deal of money.
There is no guarantee that an entrepreneur will have financial stability and independence. Some take a very long time before they reach their target. Others never get there. Thus, if you are looking for a stable income, keep your options open to other opportunities. Upgrade your skills, develop a strong network, and find higher positions you can take.
Myth # 3: A Startup is All About Risks
Entrepreneurs are not daredevils. A business is not a platform to do reckless things. Some people see this venture this way. They think that starting a business is throwing all caution out the window.
To be successful in business, one must learn the concept of calculated risks. These are decisions that have equal chances of failure and success. A business needs to be innovative and an entrepreneur must think outside the box. Being too safe will not bring a business anywhere. But, business owners must balance between the risks and benefits.
Myth # 4: Entrepreneurs Are After Only the Profit
Some do not want to start a business because they do not want others to see them as only profit-driven. It is an old thought that businessmen are only after the money. The truth is profit is only a bonus in this whole venture.
Businessmen do what they do for a whole set of reasons aside from money. They start a business to fulfill a passion. They venture into the commerce world to give a solution to a consumer’s pain point. Business owners start a business to gain more freedom with their time. These things are more important to an entrepreneur. Of course, they also find fulfillment when their businesses generate a good profit.
Myth # 5: A Startup Will Take All Your Time
Some people envision entrepreneurs doing startups as tied to their desks. It may be true that startups need a longer time to gain some footing. But, it does not have to translate to a 24/7 event.
One of the major skills of an excellent entrepreneur is time management. Knowing how to establish routines and delegate are some ways to lessen time in the office. The advancement of technology also paved the way for applications that automate tasks.
Also, one of the greatest motivations why people turn to having a business is to enjoy more personal time. They want to create a healthy balance between work and family life. Thus, it is very contradictory to devote all their time to their business alone.
Misconceptions on entrepreneurship hinder some people to start a business. Setting these matters straight may encourage more brilliant aspiring entrepreneurs. Having these myths debunked can help people to turn their business ideas into reality.