7 Myths Of Being An Entrepreneur

There are many myths and misconceptions around the idea of entrepreneurship. Some of them are sensationalized by the media and pop culture. But if you are going to dive into a business endeavor of your own, it is really important to understand what exactly a role of an entrepreneur entails. You can start by debunking these myths.

1. Money Fall From the Sky

Once you decide to start a venture of your own, you should be prepared to become more economically sound. Without any assurance of monthly income, there is no security for tomorrow. Moreover, the business demands salaries and rent to be given out on a regular basis. You will not become rich overnight and this gives you a stronger reason to be more conscious about your spending habits. You will be able to make financial gains eventually; however, it is not going to an easy road.

2. You are Your Own Boss

You might dictate the laws in your operations, but it does not mean you are the boss. The moment you are hired by a client, he/she becomes your boss. You should not look at it as a bad thing, but a client keeps a professional on his toes. From interviewing you to deciding your pay and everything in between will be controlled by your client directly or indirectly.

3. Entrepreneur Have Plenty of Time to Spare

The lives of businessmen portrayed by pop culture and business magazines is a sensationalized version. A business owner does not have the luxury to squander at parties, entertain meaningless conversations, and it takes enormous effort to allocate time to interact with friends. Entrepreneurs understand the true value of time. In fact, work-life balance is something that many entrepreneurs struggle with.

4. Everyone is at Your Beck and Call

This is an illusion, and the sooner you break free from it, the better you will be able to manage your enterprise. In fact, believe in the opposite of this notion. As an entrepreneur, you should be readily available to serve your customers, employees, bankers, and partners. Different people will demand your presence for different reasons which include attention, money, time, and expertise. You should be prepared to intercact with them in order to ensure the smooth functioning of your business.

5. Entrepreneurship is Genetic

No one is born to be an entrepreneur. You do not inherit this from your parents. It demands skills that one learns and develops while working. So to be successful, you should be prepared to put in a good amount of effort.

6. Businessmen are Driven by Money

A business can turn into a profitable venture and bring in a lot of money, but there are certainly other things that are prioritized over money. In fact, some entrepreneurs are so busy that they cannot even find the time to enjoy their money. Moreover, people who are in it for passion are driven by other values, for example, appreciation from clients and repeated projects rather than money.

7. Entrepreneurs are Ruthless

It is a common assumption that entrepreneurs rigorously keep moving towards their goal and can step on anyone who would try to get in their way. This tactic will not be viable in the industry as it will alienate a person and destroy relationships. An entrepreneurship can only make his way to the top by having healthy relationships with his employees, clients, and suppliers.

Takeaway

We hope you have understood how a lot of generalizations about entrepreneurship are not true. Up close, the industry is full of hard-working people who have their own ways to reach their goals. It is better to mute such myths. You can play on your own strengths and characteristics and become a successful entrepreneur.

Reach out to Kamelia Allow, an ICF Certified Business Coach, via email coach@kameliaallow.com or book a free discovery session with Kamelia.