Many people may have ideas and dreams, but only a select few are able to take those ideas and dreams and transform them into a successful business. There are many reasons why people don’t choose a life of entrepreneurship.
Still, most of those reasons are influenced by certain notions and misconceptions about what it takes to be an entrepreneur. That’s why it’s time to set the record straight and clear up five of the most popular misconceptions that may be preventing you from taking the leap as an entrepreneur.
- Entrepreneurs Risk It All
For the longest time, entrepreneurs have been branded as risk-takers. You need to be willing to risk everything to make it as an entrepreneur — “Go big, or go home!”. However, contrary to popular belief, genuinely successful entrepreneurs don’t put themselves in high-risk situations. As an entrepreneur, it’s all about tailoring your decision-making process so that you can minimize the risk involved.
It’s about balancing out your risk and your reward — you want to take calculated risks. While granted, there is some luck involved in being an entrepreneur; you can’t start a business and rely on chance alone to make you successful. Entrepreneurship isn’t a gamble; instead, it’s a calculated process based on experimentation and research that will help you eliminate high-level risk situations.
- Anyone Can Be An Entrepreneur
It can be pretty demotivating for someone with hopes and dreams of becoming an entrepreneur, but the truth is that being an entrepreneur isn’t for everyone. Every successful entrepreneur has a particular set of skills, traits, and qualities that enable them to start a business and transform it into something successful. However, nobody is born with these skills and qualities — the skills and characteristics that successful entrepreneurs possess are those they put time and effort into acquiring.
In essence, the statement: “anyone can be an entrepreneur” is true in theory, but the reality is that success comes to only the people that put in the time and effort to develop the skills they need to succeed. Not everyone is cut out to be a successful entrepreneur; you need to have the right mentality, extreme motivation, an extraordinary amount of grit, and passion for what you’re doing to be successful.
- Entrepreneurs Have To Give Up Their Personal Lives
It’s widely believed that all entrepreneurs have to completely sacrifice their personal lives to be successful — they have to work day and night, 24/7, 365 days a year. Entrepreneurs can’t balance friends, family, leisure, and work. This belief couldn’t be further from the truth. Balancing out your work and home life is one of the core components of being a successful entrepreneur. One of the most important skills an entrepreneur can have is proper time management.
You need to be able to work out a routine that allows you to get your work done and leave time for your friends, family, and even yourself. Successful entrepreneurs use delegation and create priorities and schedules that enable them and their workforce to get things done in the most efficient way possible. Having that work-life balance not only allows entrepreneurs to be efficient but also reduces the risk of burnout and helps you improve your overall health.
- There Is A Secret To Success
Cutting straight to the point, there’s no secret to success. There isn’t a secret formula or hack that’s locked away in some top-secret vault that only the top 1% can access. Success comes to those that put in the work. While the truth about success is a lot more boring than some top-secret formula, it is the truth. Success is a concoction of hard work and perseverance.
To be successful, you need to put in a lot of hard work, but you also need to be ready to fail. Failure is a part of life, and if there is anything remotely close to a secret for success — it’s the ability to get back on your feet when you’re knocked down. Failure is an essential part of being an entrepreneur; successful entrepreneurs are the ones that can learn from their mistakes and become a better version of themselves in order to propel themselves forward.
- Entrepreneurs Are Rich
You don’t need to have millions to be successful. There are plenty of successful entrepreneurs who have made millions, but they started with nothing. However, starting with absolutely and then hoping to be a part of the top 1% in the world often is a dream that remains a dream. The first step in reaching success is believing in the idea you have, but at some point, you are going to require money to run your business.
Bootstrapping is probably the best way for entrepreneurs to start, but it isn’t for everyone. Not every person with the hopes and dreams of becoming an entrepreneur has the ability to fund themselves. Instead, they can look into alternate methods of procuring funds — Crowdfunding, Loans, Grants, and even procuring funds from friends and family. There are many avenues for entrepreneurs to get capital to start their business; the only thing left for the entrepreneur to do is put that capital to good use.
While being built on hopes and dreams, the journey to becoming a successful entrepreneur isn’t an easy one. That being said, those are five of the most widely believed myths about being an entrepreneur. Now it’s up to you to decide whether you have what it takes to be successful as an entrepreneur.