Entrepreneurship is a journey that not everyone has the guts to take. A true entrepreneur surpasses each point of difficulty that arises throughout their journey and this is no easy task to do. This is the reason being why it is not designed for everyone. Some does not even at least try or the idea was just never there to be considered in the first place.
Being an entrepreneur is a journey; a path that will take you to both good and bad places. It’s a mix of how well can you handle matters alone and how good are you with working with different kinds of people from various types of backgrounds. This road will test your character especially during trying times. It is surely not a one-time event but rather a commitment.
Some say the few who manages to breakthrough despite the hardships are the ones who were born for it, like as if it is in their genetics or nature. But the truth is, entrepreneurship is a skill that can be mastered by anyone. Through the correct mindset, tools, experiences, and right influences, you can manage to be a successful entrepreneur.
There are several notions and misconceptions about entrepreneurs that can make or break your drive to start a business. These ideas date back during the time of our ancestors and eventually became socially accepted by the people even without solid evidence to prove the theory. Some may sound true but a handful of these statements does not make any sense at all.
Let us uncover if these practices define an entrepreneur by breaking down myths about them. Let us assume that “you” are the “entrepreneurs” and “business owners” in the following texts. Is it all true? Or are all these lies? Read further to unfold 10 myths about entrepreneurs.
1. You only care about money - Most people think about business owners as guys who are only interested in those green bills. This totally makes sense because after all, you are doing business to earn income. You highly consider how fast the return of investment is, how much their potential income is or how big the investment is, and a whole other bunch of things that require hefty analyzation. These might all be true however there are also other things that are taken accounted for.
An example of this is if you are the kind of entrepreneur who support the preservation of our nature, conducts charity organizations or funds drive for homeless families. Most big companies have their own Corporate Social Responsibility that allows them to give back their earnings in different formats to the society. Meaning not every penny that you earn all goes out to your pocket and bank accounts.
2. You are high risk takers – This statement is not necessarily true. A lot of people think that this idea is always applied by entrepreneurs because high risk means higher return of investment you will get. Making business decisions does not entirely depend on knowing how risky a situation is. It is about you being able to put your finger on which side of the coin will have a more favorable outcome. It is about you knowing which risks and battles are worth fighting. You can do this by scrutinizing the possibilities of both sides, weigh pros and cons, or something like following your instincts which not all entrepreneurs have. If you cannot determine the right answer, you exert more effort through research or test run.
3. You are deceptive – This might be sometimes true but not all entrepreneurs purposely deceive their audience. In the realm of business, it all boils down how you strategically market your product or service. People tend to call some entrepreneurs deceptive because of false advertising that unprofessional entrepreneurs do. They purposely remove, hide, lie about their products. This is due to their desire to boost their sales and increase revenue. However, good entrepreneurs are able to manage to highlight the assets of their products despite some of its weak points. Successful marketing efforts are activities that allow the audience to appreciate the item better and give more value towards it.
4. You are rich – Because successfully managed business means profit, a common notion about this is that all entrepreneurs are rich which is not always true. You may have inherited a business or have successfully grown it to a larger scale. That’s good for you. On the other hand, for a regular guy running a business, there are a lot of things to cover. This involves budget to balance, supplies to replenish, inventory to purchase, and employees to pay. Not to mention the competition you have with all the other entrepreneurs out there; you have to manage your expenses well. Your sales will go through a funnel so it might take some time before it ends up in your bank account.
5. You are outrageously smart - People tend to get the idea that entrepreneurs are smart, must always make the right decision and know what is best for the business. If you are in the ideal world, that is what most likely will happen. Unfortunately, you are not. The truth is, some of you are in the dark and praying hard that your decision works. There are aspects in a business that has no solid formula or guide from a book that you can follow. The only way to learn that matter is by walking through it. This is the essence of being an entrepreneur – it is an experience. An experience that makes you smarter each time.
6. You have formal training – Although there are schools and courses built to teach you to run a business, it is not a requirement. However, it can be your training ground that will greatly help you understand the fundamentals of business management. Not all entrepreneurs have formal background in managing a company. Some of you may be coming from a different background that is far from business management but has a storefront. Again, what matters the most among a bunch of other things is if you have the spirit and passion to run a business. If yes, everything else will follow.
7. You must have a huge budget – I will say it right here and there, this is not true. You do not need to have a big capital to start or keep a business running because your budget depends on what kind of business you have. You can start small to keep your expenses at bay especially if you are a proprietor. Once you start gaining profit, you can now invest on more supplies or offer new products to attract a wider market. Selling online is an example of having low-cost business as you do not need an office or warehouse to store your goods. You just need to have a smart phone and wifi connection and you are good to go. You can even work at the comfort of your home. No successful business started out as a huge company. Everyone had their fair share of humble beginnings.
8. You do not have a personal life – Since running a business requires your full attention, it takes up so much time of your day it affects your daily life routine. However, having a business actually gives you more freedom to spend time with your loved ones and work on other things because you are your own boss. You have the option when and where you would like to work and take on a vacation anytime you want. On top of that, you are earning unlimited income even if you are sleeping or not at work.
9. You must invent something to be successful – As you grow your business, this will always be part of the job if you want to keep your company in the game. You must strive to bring in new ideas for your target market. You can innovate by simply giving a new twist to an existing product. A classic example of this would be food; restaurants find way to make dishes interesting by adding a new flavor, texture, or form. This allows your audience to look forward on something. On the contrary, this does not necessarily mean that new ideas will make you successful. It has the potential but there are other factors to consider.
10. You do not quit – This is commonly said about entrepreneurs. Business owners are known to be opportunity takers. You plan ahead of time and makes sure that everything is in place. Though this is slightly true, let me break to you that not every step of the plan is followed everytime. There are times that plans do not work out and you have to improvise. Do not think of quitting as a form of failure. Instead, it is chance for you to improve the whole system. Not quitting does not mean sticking out to the plan even if the odds of failing is high. Rather, it means being able to adapt to the situation and finding a new way to resolve the issue.
Now that we have unveiled these myths, do you have what it takes to be an entrepreneur? Check out theseto help you get started.