Entrepreneurship is a great path anyone will ever decide to walk in their life. This path encapsulates a complete different world of self-development and problem solving. Though it may seem nice to be an entrepreneur and venture into the world of entrepreneurship, most of are scared by myths and false beliefs about entrepreneurship which make their decision more difficult. If you are into entrepreneurship or are in the process of making the decision to go in, you may face these myths. I have handpicked and debunked a few of them to help you clear your mind and make a good decision
1. It takes a lot of money to start
Money is necessary to start a business. This is undisputed. What Is disputed is the fact that most people think they don’t have enough to start a business. Most often, such thoughts come from the mindset that everything must be perfect before I start. So we look at companies which already existing and try to do things they are doing. Though its good, it’s not everything you do when you are starting out. There are lots of people who bootstrap (finance their business from their personal finances) until they’re big enough and start making little profits to sustain the business from its own profits. With the internet, there are many things you can do at low cost like hiring freelancers from platforms and using apps like the social media for advertisement for low cost optimal benefits to your business.
2. You need a business plan to become successful
Having a business plan is Important but not necessary at the starter stage. Most people will spend so much time and concentration on it that by the time they start to run the business, they are already frustrated. Meanwhile, having a business plan doesn’t guarantee your success. What matters is if you have a feasible idea and how you will get customers to pay for it. VCs may ask for it but it’s better to start off with a small pilot of the idea before even moving to writing business plans. If its required, write it but don’t depend on it like it’s the whole business. Most big companies started very small often without such plans but they worked.
3. You need a perfect idea
” If your idea is good, you will be successful” is what we mostly think. Ideas are easy. What matters most is getting it to be mainstream with paying customers. Its implementing those great ideas which matters. A lot of people have good ideas but lack the skills and requisite knowledge to implement the ideas and improve on them since stuff change very fast in this age.
4. Hide your idea
I believed this sometime ago. However, I came to realize who you share your idea with may get you funding, partners, sponsors and talent which I required to take your idea to the world. Its possible for people to steal your idea but don’t let that keep you from sharing. If you are good enough, you will outwork them. The trick is to know who to share the idea with and for what reason you see fit to share your idea with them.
5. Starting your own business is a guarantee for freedom
I’m laughing right now. Business owners are their own boss. But there’s nothing like your own boss because you have customers to satisfy, they dictate what you do and sometimes where you go. Some entrepreneurs literally work the whole day at the beginning. Though they have the ability to do what they want, success comes to people who do some things and those things won’t allow them to simply act out of what they want but what must be done.
You might be interested: What is financial freedom and financial security?
6. Entrepreneurship leads to being rich
It’s said that 90% of businesses fail in their first 12months and 90% of the remainder fail within the next 5 years. This alone is enough to tell you that it’s not a straight ticket to success and riches but there’s always something to learn from it whether you fail or you succeed.
These are just a few of myths of entrepreneurship. You are encouraged to share your knowledge; I know there are more that I may not have even heard of. So, share and let’s interact.