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12 Myths Revolving Around Entrepreneurship

Have you ever thought about starting your own business? This thought must have crossed the minds of most people when their primary career choice risked failure. However, starting a business is not as simple as you might think. It is impossible to start one just because you feel like it simply. 


You need to have good funding as well as a proper plan. Most of the time, people fail to understand how difficult it is to be an entrepreneur. On the other hand, a true entrepreneur will succeed in their respective trade. Instead, sometimes, people fall prey to the misconceptions that revolve around the business sphere. 


Let this blog debunk 12 myths about entrepreneurship! 


1. Absence Of Any Work-life Balance

"All work and no play makes Jack a dull boy" is a prevalent saying that can be heavily referred to in the busy corporate world. It is important to occasionally take a break to enjoy the rest of your life. If you keep on working throughout the day, your physical as well as mental health may suffer.


Moreover, working long hours can also hamper their productivity and hinder the success of the business. Hence, even successful entrepreneurs acknowledge the importance of having a work-life balance for better output.


2. No Need For Any Formal Education

Some people believe that starting a business does not even require the person to have any formal education. Things that are taught in schools and colleges may seem unnecessary initially, but they are basic life skills that help you later in life. If you decide to become an entrepreneur, it is necessary to have some formal education to help you succeed in your venture.


3. Taking High Risks is Mandatory

While the success of a business venture can be measured by the number of risks undertaken, most people believe that more risks will guarantee better growth. However, this is a terrible presumption that many people have about entrepreneurship. An able entrepreneur does not take as many risks as possible.


Instead, they conduct meticulous research and make well-calculated decisions while investing. Knowing when to utilize an opportunity and when to pass it on is the key to success. Blindly taking risks and investing in the market will ultimately lead to bankruptcy.


4. Money is The Only Driving Factor

One of the most popular entrepreneurship myths is that business owners are only driven by money. It is believed that the sole purpose of setting up a business is to earn more money. While businesses do promise money, it does not serve as a driving force.


People who wish to become entrepreneurs either need to be autonomous or they are eager to have a positive impact on the world. Rather, passion for the work they do in their business can be a driving factor for entrepreneurs.


5. There Being A Secret Road To Success

Another myth that only people outside the business circle believe with conviction is that there is a secret road to success. Apologies for bursting the bubble but, no business becomes successful with a shortcut or a magic formula.


A successful business venture is the consequence of the right skills, a proper mindset, and hard work. There is no secret behind success and without the necessary resources, you are doomed for failure.


6. Only Unique Ideas Can Grow Into A Business

A business is not always built upon a unique idea. It can also begin with an existing idea that can flourish with different strategies. Hence, an entrepreneur doesn't need to wait for inspiration for an innovative idea to start their business.


Many brands sell the same products. However, the difference lies in their marketing strategies. How you conduct a business is what determines its success and not what you sell.


7. Always Having Clear Professional Goals

An entrepreneur must indeed establish a business with clear business objectives in mind. However, they don't need to adhere to these goals throughout their life. The company may explore different strategies and plans of action.


This may require the professional goals to slightly change without losing their original essence. At the end of the day, the professional goals must align with the welfare of the business.


8. Born With Entrepreneurship Skills

One of the most typical myths about entrepreneurship is that every business owner is a born entrepreneur. They do not require any additional training to start a business venture. This is far from being practical because a successful entrepreneur must develop several skills. This includes being able to take calculated risks, being confident, and learning from their failures.


9. Entrepreneurs Are Their Own Boss

Entrepreneurs do not have the authority to lead the business as they please. They may be the founder of the company, but they also answer to their investors, sponsors, and clients. Hence, they are not their own boss. Instead, they have to consider the well-being of the company as well as every individual involved with it.


10. Having A Lot Of Funding

A lot of people assume business owners to be rich and have a limitless source of funds. However, many aspiring entrepreneurs start a venture because of their passion for it. Hence, they don't need to have the capital to invest in the business. Instead, a business can also be started with the help of crowdfunding, sponsorships, or partnerships.


11. Every Business is Followed By Success

It is unfair to maintain impractical expectations from a start-up. This is because not every business ends up being successful. The entrepreneur may begin by having very clear goals in mind, but the strategies of the company may not be up to mark. In this case, the start-up ends up being a failure.


12. Entrepreneurship Is Not Limited To Age

Many people firmly believe that an individual can start a business only if they are young. However, being an entrepreneur has nothing to do with age. You can be a successful businessman at any age if you have the right mindset and possess the correct set of skills.


Moreover, starting a business later in life has several benefits. It not only gives you the time and scope to learn more skills but also gather more experiences.


Conclusion

Thus, being an entrepreneur is no easy task especially when there are so many myths surrounding it. However, it must be remembered that despite all the responsibilities, entrepreneurs can also lead a normal life and have fun when not working. Moreover, for the business to succeed, the entrepreneur must try to upscale their skills, form wide networks, and take well-calculated risks.


Is your business struggling? Then get it back on its feet with the help of the top business coach in India, Jivan Pant. Mr Pant has guided many existing and aspiring entrepreneurs towards their success. Then what are you waiting for? Book a consultation with him today!







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