Becoming an entrepreneur has been on top of wish list of most people. After all, who don’t want to be a boss at least once in their lifetime? However, many people procrastinated to build their own business, mainly because they believe a bunch of entrepreneurship myths. I have listed the Top 7 entrepreneurship myths here, and going to debunk them!
Entrepreneurship Myth #1: Entrepreneurship is Easy.
Many people believe that entrepreneurship is easy when they see successful entrepreneurs making lots of money, but what they did not see are the hardships they gone through. When people see a successful restaurant with lots of customers, and believe that a successful restaurant just needs to have skillful chefs, tasty food, cool environment and facilities in a busy location, then they are very wrong.
This makes them want to start a restaurant with even better qualities than the successful one. However, they don’t see themselves making close to that restaurant. This is because there are others factors, that come into place: you need to look into Marketing, Training, R&D, Human Resource, Systematization and so on. Entrepreneurship seems easy on the surface, but in fact it is not.
Entrepreneurship Myth #2: Entrepreneurship is Difficult.
I can almost hear you saying, “What? You just said it’s not easy, and now you say it’s not difficult? Aren’t you contradicting yourself?”
Oops. Sorry to confuse you, but I didn’t contradict myself. It’s not easy, but it’s not difficult too.
Entrepreneurship, just like erecting a building, it takes time and effort. Investing time to learn how to build a business, and putting effort to apply what have been learned.
It’s not difficult, if you have a success blueprint. Success really leaves clues. If you have a blueprint to follow, a set of proven action steps laid out for you, a mentor to teach and guide you when you’re off track, things will not be as difficult as it seems, as you know there are help you can turn to when you need.
Entrepreneurship Myth #3: Failure rate is high.
Statistics have shown that 95% of businesses fail in first 5 years, and 95% of business remaining will fail in the next 5 years.
Hence, by referring to the statistics, we can say that failure rate is quite high. However, your success as an entrepreneur should not be determined by statistics. Statistics are dead and are just numbers. What determines your success is based on your performance, not by stats or probabilities.
In every aspect of life, be it business, college or sports, the number of people failing is always greater than the number of people succeeding in it. The bigger the award, the smaller the number of people succeeding in it. Hence, it’s normal to have a big percentage of failures and a small percentage of success.
Your job as an entrepreneur is to work towards the top 1% of successful entrepreneurs and study how to become one of the top 1%, and how Not to become one of the bottom 99%. Learn from successful people, and you can be sure you are on the right track towards the top 1%.
Entrepreneurship Myth #4: High risk.
I define risk as “not knowing what you are doing”. There is risk in everything. There is risk in eating fish balls, there is risk in driving a car.
We cannot eliminate all risk, but we can minimize risk, by educating ourselves and so we know what to do and how to do.
You would have lower risk of getting choked by a fish ball than a 6 month old baby, because you know how to chew and swallow. The best way to reduce your risk, and increase chances of success, is follow the blueprint (footsteps) of people who have achieved what you want. They have taken high risk to ‘draw’ out the blueprint, and what you have to do is to obtain the blueprint and use it. Of course, success secrets won’t be shared everywhere, and you have to ask for them yourself. But i can tell you that there are some really friendly and generous mentors who will give you some secrets of their success.
Entrepreneurship Myth #5: I need huge amount of money to start a business.
This is not wrong. Huge amount of money is needed to start a business using the traditional brick and mortar method. Rent and renovation costs are going to be in the tens of thousands, not mentioning the supplies and goods that you have to store in your own warehouse, and employees’ salary too(if you are hiring). These are costs that you have to pay, regardless if you made a sale or not. So, this is true that you need huge amount of money to start.
However, it can be a myth too. Times have changed and we are into the Internet age now. There are new options for you to become an entrepreneur, without using the traditional brick and mortar method. You can be an internet entrepreneur, and I have personally knew internet entrepreneurs who have made five or six figure incomes, from their home. It’s a business that can be built without costly rents, without storage of goods, and maybe without employees too. Network marketing also allows you to build a business without huge investment costs too. Hence, with this, i can say that it is not necessary to invest huge amount of money to start a business.