Entrepreneurship is a highly famous occupation in the world today. More people in the first world countries are relinquishing white-collar jobs to establish their own businesses. The entire concept of entrepreneurship, however, is shrouded in various misconceptions and myths, which tend to portray the career as a highly lucrative option. Here are some of the predominant entrepreneurial myths that have seemingly refused to go away.
Self-employment is entrepreneurship
Many people tend to think that working for your own amounts to entrepreneurship. The big difference between these two seemingly similar arrangements is that a self-employed person amasses all the required skills for him or her to become successful. An entrepreneur, on the other hand, may not have the required skills to go it all alone. The entrepreneur, therefore, requires hiring a team of competent persons to help with running the business.
Success in entrepreneurship needs money
The fact that entrepreneurs spend heavily to keep their businesses afloat has made people think that a lot of money is required to start the entrepreneurial journey. On the contrary, what entrepreneurs need most is a well-developed strategy coupled with the right mentality. Startup capital for entrepreneurs may always come from diverse sources, including venture capital, small personal savings, and even angel investors.
Entrepreneurship and wealth
With 62 percent of the US billionaires entrepreneurs, many people think that becoming an entrepreneur is the easiest route to being rich. Wealth and entrepreneurship are two diverse aspects, which are quite correlated but rarely go together. Typical entrepreneurs actually earn much less money than what they are actually worth on record. This is because they dedicate much of their wealth to other projects to help make a difference in the community through philanthropy.
Becoming your own boss
This is perhaps the most common misconception that has been propagated over time. Being an entrepreneur does not necessarily give you the flexibility that you may want to say that you are your own boss. The fact that an entrepreneur may need to hire workers and managers does not mean that they have the flexibility to walk in and out of the workplace whenever they wish. The actual weight of responsibility on an entrepreneur’s shoulders is so huge that entrepreneurs are rarely as flexible as people think.