Unlike the glamorized notion entrepreneurship holds today, there was a time when entrepreneurs were perceived as no one more than geeks who got lost. The concept worried the family and friends of those who supposedly fell off the corporate wagon. But in today’s world people have started to wear the badge of entrepreneurship as a status symbol.
With an excruciating craving for freedom making its way through the mind of the modern millennial, the whole idea of conventional 9 to 5 jobs have been losing appeal. People perceive entrepreneurship as the latest pursuit of freedom, flexibility, and happiness. But in reality, entrepreneurship takes a lot more than just a brilliant idea with the potential to go viral.
There are so many important things aspiring entrepreneurs tend to overlook, thanks to the rampant false glamour. But according to the CEO of Upcoach.in Ajay Rai, the reason for his entrepreneurial success is that he busted the myths about entrepreneurship at an early stage. On that note, let us take a look at the biggest misconceptions about entrepreneurship and the reality that lies underneath.
1. Entrepreneurs go broke at least once in their lifetime.
The biggest misconception about entrepreneurship is that every entrepreneur goes broke at least once during the entire lifetime. But the truth is that the media loves to exaggerate stories that have a tinge of adversity before a fairy tale ending. They love to highlight when a successful person used to be someone on the verge of bankruptcy. It adds a fresh batch of drama which creates hype.
The less known truth is that plenty of founders work on their ideas consistently by picking out time apart from their day jobs. They bootstrap all along without diving into the never-ending hole of debt. Of course, the reason why why they don’t get attention is that it doesn’t constitute a spicy story. The moral of the story, if you are an aspiring entrepreneur, don’t be afraid of going broke. As long as you take well-calculated risks and utilize your time consistently, you are unlikely to fall a victim to bankruptcy.
2. Entrepreneurs earn a stress-free passive income.
One of the most important aspects of entrepreneurship is earning passive income. But it’s important to note that this doesn’t come easy. Even though they love what they are doing and they do it smartly, it doesn’t mean that they are never stressed out! They are definitely living the dream with a plethora of positives. But it doesn’t come without plenty of responsibilities and some level of stress.
It’s high time people start realizing that every single decision an entrepreneur takes has a direct impact on the employees. Of course, by extension, it affects their families which is a kind of pressure that can be extremely stressful. The bottom line is that no matter how well a person carries out their responsibility, avoiding stress altogether is next to impossible. After all, it is rightly said, ‘with great freedom comes great responsibility!’
3. Entrepreneurs are not answerable to anyone.
If I had a nickel for every time someone said, ‘be your own boss!’ In today’s world, not everyone likes a superior to boss them around. This is one of the most prominent reasons why people are following the entrepreneurial path. They want to be their own boss. Well, technology entrepreneurs are their own bosses in many ways. But don’t let that make you think that they are not answerable to anyone. For instance, if they have received funding, they’re answerable to investors. Not to mention, stakeholders and customers are just next in line.
In most ways, entrepreneurs are answerable to more people than someone working at a 9-to-5 job. Moreover, if a business has more than one founder, it’s the responsibility of entrepreneurs to ensure that they are on the same page with all the co-founders. Instead of following a misconstrued notion of not being answerable, aspiring entrepreneurs should embrace the responsibilities along with freedom and flexibility.
4. Beaches and cafes are the modern-day entrepreneur’s workplace.
While it’s true that entrepreneurs don’t have to grind in a fancy office when they can remain plugged in from anywhere, they don’t always work from a cafe or a beach. A majority of outlets have painted the picture that most entrepreneurs wake up at their own sweet time, relax at the beach with the laptop in their hand checking emails, and then pack it up! Not to forget, the glamorized version always seems to have them sip on a nice cocktail if they are at a beach.
While modern technology provides some level of location freedom, it also brings responsibility for addressing concerns right away. For instance, if an entrepreneur is unwinding and there is a crucial email to address, they rarely leave it unattended. While successful business owners have the money and resources to take some lavish vacations, their work is far more than checking a few emails and calling it a day.
5. Entrepreneurs are all big spendthrifts.
This particular misconception is a stark contrast to what we mention in the first point. People believe that even though entrepreneurs go broke at least once but when they achieve financial success, they are big spendthrifts. On the contrary, in the book ‘The Millionaire Next Door’, Thomas J. Stanley has proved using statistics that a majority of millionaire entrepreneurs are frugal. Not every successful entrepreneur goes jetski shopping every other week!
Success comes with responsible spending, saving, and judicious investments. Most entrepreneurs realize that fulfillment doesn’t come from materialistic belongings and showing off expensive brand labels to others. While they do avail of some luxuries, they usually avoid unnecessary expenses most of the time.
While it’s a good thing that more people are following their dreams and passions, it’s high time everyone realizes what it really takes to reach the Pinnacle. Instead of living a glamorized version of entrepreneurship, inspiring souls should realize the motivation, perspiration, and discipline it takes to make it big as an entrepreneur.
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