Myths about entrepreneurs
There are different myths out there about the entrepreneurs, which creates barriers to start a new business. The myths are,
Myth 1: Entrepreneurs Are High Risk Takers
Entrepreneurs are risk takers! Yes, even dictionary also say the same thing. But the fact is they take calculated business risk. However, like all prudent business people, entrepreneurs know that taking high risks is a gamble. Entrepreneurs like to take risk but only if, the odd are in there favor.
- It all about the calculated risk taking*
Myth 2: Entrepreneurs Are Born
Many people believe that entrepreneurs possess innate, genetic talents. But the practical fact is entrepreneurs also can be made, if they have interest in it. There are different courses in colleges and universities, where well structured courses are available.
- Entrepreneurs can be made
Myth 3: Entrepreneurs Are Mainly Motivated to Get Rich
Any successful entrepreneur will tell you that starting a business is not a get-rich-quick alternative. Basically it takes some time to turn profit and the entrepreneurs are stingy to spend money what they don’t need. They are very focus on what they dreamt of.
- Not money oriented, it is passion oriented
Myth 4: Entrepreneurs Give Little Attention to Their Personal Life
All successful entrepreneurs work long hours, which cuts into their personal life. However, long working hours are not unique to entrepreneurs. Many corporate managers and executives work well beyond the average 40-hour workweek. The primary difference between the entrepreneur and his or her corporate counterpart is schedule control.
In the corporate world, you may not have control over your schedule. If some higher-level manager calls a Saturday meeting, you’ve got no choice but to be there. Entrepreneurs don’t mind working 60- to 70-hour weeks, but they will do everything they can to preserve their private time. They schedule important meetings during the week so that they can have weekends off for their personal life, which is very important to them.
- There must be a black n white difference between personal and professional life
Myth 5: Entrepreneurs Are Often High-Tech Wizards
We know many high-tech entrepreneurial wizards who made it. But it’s not an essential criteria to be a successful entrepreneur. But off course it’s an important trait to be one and what was considered high tech just a few years ago is not considered high tech by today’s standards.
Myth 6: Entrepreneurs Are Loners and Introverts
Entrepreneurs might work alone on a business idea by tinkering in the solitude of their garage or den. On this myth,The astute entrepreneur knows that he or she must draw on the experience and ideas of others in order to succeed.
- You need to express the idea you have,to be a good entrepreneur.
Myth 7: Entrepreneurs Are Job Hoppers
Statistics says most of the successful entrepreneurs worked with some corporate number of years. In every instance, they used the corporate structure to learn everything they could about the business.
The job is the stage where they learn about the corporate culture and all the other techniques. So, the don’t naturally do so. But exception also there.
Myth 8: Entrepreneurs Finance Their Business with Venture Capital
Entrepreneurs know that venture capital is the most expensive form of funding they can get. Consequently, they will avoid venture capitalists, using them only as a last resort. Most entrepreneurs fund their business from personal savings, or by borrowing from friends or lending institutions.
- Venture capital can be a form of fund raising for them.
Myth 9: Entrepreneurs Are Often Ruthless or Deceptive
Some people believe that to make it as an entrepreneur, you have to be deceptive and step on anybody who gets in your way. On the contrary, this mode of operation doesn’t work for the entrepreneur. The truly ruthless or deceptive entrepreneur will often alienate others and be forced to waste time and energy repairing relationships with employees, customers, and suppliers, or simply fail.
- Patience is a key
Myth 10: Entrepreneurs Have Limited Dedication
It is a myth that entrepreneurs are not dedicated to any one thing. But dedication is an attribute that all successful entrepreneurs exhibit. They are dedicated to becoming their own boss. To this end, they’ll work like a dog to make their business succeed.
