Entrepreneurship is not for a faint hearted individual. Every serious entrepreneur tries his best to exploit an opportunity as soon as it appears on the horizon. Many entrepreneurs have a common conception- If one keeps waiting for better things and right circumstances to set in, one is ill-fated and maliciously destined to fail miserably. While this conception may be true in a few cases, it may prove to be more of a myth and a misconception in many cases. Due to several myths and misconceptions, entrepreneurs are doing away with their enterprising ideas. So, what’s plaguing the minds of entrepreneurs? Yes, the so called ‘stereotypical myths’ are tormenting the minds of entrepreneurs.
Here are 5 biggest myths about entrepreneurship:
- Entrepreneurship is only for the rich:
Initially, the co-founders of Flipkart, Sachin Bansal and Binny Bansal lived on a pittance. They believed in their vision and nothing else. They didn’t come from a rich background. The down-to-earth founders lived on a mere Rs10,000 per month. The founder of Amazon.com, Jeff Bezos started his office in a garage. So, entrepreneurship is for brave hearted and rich hearted.
- Entrepreneurship is the only way to become rich:
No doubt, most of the world’s top billionaires are entrepreneurs. But, is entrepreneurship the only way to become rich? No! Microsoft alone has created around 10,000 millionaires. So, that’s a point to be considered seriously. If you are well versed with investment banking, you can make a fortune. If you are good at coding, you can settle as a product developer. These are all money-making professional pursuits.
- Entrepreneurs do not have bosses:
In a corporate environment, it is not un-common to see a hierarchy. Corporates have CEOs, line managers, project managers, HRs etc. While most of the young entrepreneurs take pleasure in the point that ‘We don’t have bosses’, it can said in all fairness that they are answerable to themselves and bureaucrats at the state level and nation level. Believe me, circumstances and the accompanying consequences become bossy!
- Entrepreneurship is for young men:
Most middle-aged men do away with their enterprising ideas due to this myth. The celebrated billionaire Carlos Slim, who is in his 70s, asserts that most men can embark on entrepreneurial journeys even at the age of 60. Ideas come with great experience. Benjamin Franklin was 76 when he invented bifocals. On the supposed subject of entrepreneurship, Warren Buffet quips, “Entrepreneurship is certainly for all ‘calculated risk taking’ guys and not for those who have an aversion to risk.”
- Entrepreneurship is only for those who follow their passion:
There is enough merit in asserting that- Entrepreneurs follow their passions. However, should we do away with our passions if we work for somebody else? By working for others, we can truly be enterprising. For instance, we get ample exposure to new opportunities. By exploring and exploiting these opportunities, we get power. With great power comes great responsibility.
Here is the bottom-line- Embrace facts and not fiction. Discard myths and welcome concrete truths. Appreciate and experience the journey of entrepreneurship!