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Clarifying the Common Misconceptions About Entrepreneurship

By August 20, 2019September 10th, 2019Blog
Business meeting

Are you all prepared to set up your own business and become your own boss? Or wondering whether starting a new business is right for you?

Whatever the case may be, there are many theories and misconceptions about entrepreneurship that you must clear out before you decide to start your own company or remain an employee forever.

Entrepreneurship – The Super Trend of Today’s Economy

If you look up the usage of the words ‘entrepreneur/ entrepreneurship’ over the past few years, you will find that the terms have become increasingly popular, especially since the last decade or so.

Entrepreneurship has become a defining trait of the current global economy – no doubt about that. This is mainly because technological advancements and the evolution of e-commerce have given a tremendous boost to entrepreneurial activities by making the business startup a really easy and trouble-free process. But while the shift towards an entrepreneurial mindset is continually growing stronger, the true essence of entrepreneurship seems to be getting lost in the buzz that it has created.

Common beliefs about entrepreneurship might encourage you to start your own business as it appears to be the ‘ideal’ way to earn a living. Or on the other hand, some ideas and notions about being an entrepreneur might actually discourage you from leaving your current job and creating a startup company.

So, without further ado, let’s take a look at the common misconceptions about entrepreneurship to help you decide whether or not it’s right for you.

Misconceptions About Entrepreneurship

Entrepreneurship is the Road to Earn Without Working

This is hands down the most common misconception people have when it comes to running your own business.

Is this what’s motivating you to become an entrepreneur as well? If that’s the case, sorry to say but you are already setting yourself up for disappointment.

People who think that being an entrepreneur is the easy way out of a 9 to 5 job couldn’t be more wrong. Unfortunately, you will see many so-called, self-proclaimed entrepreneurs claiming that self-owned businesses are the key to earn a living without being tied to your work desk for at least 40 hours every week.

If you want your business earn a reputable place in the industry and stay profitable in the long run, be prepared to stay up all night, working out the best strategies to turn your small startup into a thriving business. You will need to put in tireless efforts to become successful, especially when the business in its initial stages.

Entrepreneurship Is the Ultimate Way to Get Rich Quickly

It seems like entrepreneurs are a dime a dozen in today’s market. And you will find many of them boasting the idea that by finding a niche market, you can quickly start raking in the big bucks. And this is something that bugs me the most.

Entrepreneurship is not just a get-rich-quick scheme. For some, it might bring enormous financial success at a very fast rate but that is not usually the case. You have the proof in the form of almost every other startup that doesn’t survive beyond the first five years in the industry.

The so-called entrepreneurs use money as the driver to freedom and happiness rather than purposefulness and fulfillment of their dreams.

If you view self-run businesses merely as a way to escape your hectic office routine and freeing yourself from the shackles of your workplace, then you too are likely to fail in your entrepreneurial endeavors. Leaving your job and starting your own business is not something that will make you rich and happy overnight.

Look closely into the lives of some of the most successful entrepreneurs today and you will find that many of them had to live hand-to-mouth before they got to where they are today.

A sense of purposefulness is at the core of entrepreneurship. If you have a strong vision (even if that itself is getting rich), only then can you navigate your way through the ups and downs that are sure to come your way.

Entrepreneurs are High Risk Takers

This is one of the most commonly believed myths about entrepreneurship, the reason behind which is probably the so-called definition of entrepreneurship that is casually thrown around: entrepreneurship is the setting up of business activities by people who are good at taking risks.

Even if you haven’t come across a similar definition, chances are you probably think about entrepreneurs in terms of the risk they assume. Don’t you?

While it’s true that risk-taking ability is what distinguishes an entrepreneur from a traditional businessperson, the fact remains that like all sensible business people, entrepreneurs don’t make reckless decisions. Of course, they are the ones who take on unchartered waters but they are prudent enough not to go too deep, and nor do they stay too close to the shore. They don’t take ‘high’ risks – they take calculated risks.

Entrepreneurs Don’t Have a Personal Life

Although entrepreneurship equates to a lot of hard work, it doesn’t mean that entrepreneurs have to give up on their personal life in order to achieve success for their newly founded business.

One of the best things about being your own boss is that you call all the shots. You can alter the work hours as per your needs and preferences, and schedule work activities at a time that is feasible for you. You may or may not be able to take an off whenever you feel like it, but rest assured that being an entrepreneur can easily help you achieve the perfect work-life balance that you have always wanted.

You can fulfill all the work duties and still have plenty of time for socializing with your friends and family.

Now that I have clarified most of the common misconceptions about entrepreneurship, what do you think about starting your own business?

Feel like you can make your way to the top of the entrepreneurial world? Or would you prefer staying within the safety of your job instead?