There are a lot of myths that run rampant in the world of entrepreneurship. Many people have this idea of what they think entrepreneurs are and what entrepreneruship is, but those ideas are often not the whole truth. Here are three of the most common myths entrepreneurs face and the reality behind them.
Myth: Entrepreneurs are inventors
People often conflate entrepreneurs with inventors. If you’re starting your own business, then you must have invented a new product. Some people think you need to have a new app or product to have market value.
Reality: Entrepreneurs are ideators
Entrepreneurs don’t need to have a brand new product; they just need to have a good idea that’s better than what is currently offered. Think Uber. Taxi services already existed when Uber was invented. Uber just made it a more accessible and more convenient service than what the previous option was. Entrepreneurs often have an idea that fills a gap. Once it’s proved that this idea will disrupt the current industry, an entrepreneur can move forward with their innovation.
Myth: Entrepreneurs are motivated mainly by money
Money is a part of any job, but many assume someone only becomes an entrepreneur because they think it’ll make them a millionaire.
Reality: Passion is what motivates entrepreneurs
Entrepreneurs have to be passionate about their idea to start a business. Running a business is hard, and many fail early on. If an entrepreneur is not passionate about their idea and only want money, likely, their business will not make it. Entrepreneurs have to be willing to take that risk to bring their idea to life. Profits only happen after a few years of running a business, as the first few years are solely about breaking even.
Myth: Entrepreneurs have to be risk-takers
This myth is widely believed to be a fact in the world of entrepreneurship. After all, it’s a significant risk to abandon traditional employment in favor of starting a new business with no promise of success. Those who are only focused on taking risk may fail because they didn’t put any focus on avoiding certain risks.
Reality: Entrepreneurs are challenge-takers
Entrepreneurs have to be relentless challengers. This means they have to take risks, but also avoid them. You have to have the mindset of a go-getter. You must always be prepared to face obstacles, up and down finances and stiff competition. Risk-taking is only one boat that entrepreneurs have to sail. Being strong-willed is a prerequisite to entrepreneurship.