Generally, most people tend to have preconceived notions about entrepreneurs. Some even confuse the concept of entrepreneurship with managing a small or large business. In reality, entrepreneurship is all about pursuing lucrative opportunities and having high profitability and growth with innovative strategies as primary objectives. Due to people’s poor understanding of entrepreneurship, they tend to associate certain characteristics to entrepreneurs, most of which are plain myths.
“Entrepreneurs are not made, but born”
While, intelligence and flair for creating are qualities which an entrepreneur can have by birth, these are not developed without appropriate experience over a period of few/many years and learning and practicing the relevant skills. A person needs to have atleast a few years of quality and relevant experience to envision a goal, grab the right opportunity and build a company out of it and manage individuals in that company.
“Anyone can start and sustain a business”
Entrepreneurs who realize the difference between an opportunity and an idea, and think big and out of the box are more likely to succeed in a business venture. It would be wrong to say that luck plays absolutely no role in determining a success of a business venture, but sustaining and building a business requires extensive preparation. Starting a business is the easier part; but successful entrepreneurs are able to make that business survive and grow.
“Entrepreneurs gamble in business”
Entrepreneurs do not go after risks just for the sake of it; instead they tend to minimize risks. They are very meticulous about what risks they take, but do not shy away from risks. Before diving into a risk, entrepreneurs try influencing the odds, get others on board to share the risk and try analyzing every aspect of it before allocating resources. It is never a gamble but a rather careful and calculated move.
“Entrepreneurs want everything to themselves”
The truth is solo entrepreneurs actually put a limit or a ceiling on the growth of their business. No entrepreneurial business can achieve its maximum potential if run single-handedly. Entrepreneurs always build teams, which constitute a successful organization.
“Entrepreneurs do not answer to anyone”
The fact is that there are many stakeholders in a business and entrepreneurs are answerable to anyone who is affected by their business and decisions. Business partners, investors, suppliers, employees and even buyers are stakeholders. However, it depends on the entrepreneurs whether, how and when they respond, and entrepreneurs try to make the response in the favor of the business.
“Entrepreneurs don’t succeed without money”
Even though money is important to some extent, it is not at all the core start-up ingredient. Factors like talent and the right opportunity weigh more in comparison to money when starting a business. Money is never an indicator if a business venture will fail or succeed.
“Entrepreneurs are motivated by money and profits”
There is no denying the fact that profits are important for any business. But they are not the underlying motivating factor for an entrepreneur. Entrepreneurs are driven by a sense of personal accomplishment and achievement, deciding their own destiny and fulfilling their dreams and vision. Money is just the tool to achieve their purpose.
If you want to check the reality of these myths within your current job today, you can do so by adopting the traits of an entrepreneur within your existing job, you can become an ‘intrapreneur’, attracting the attention of senior managers and leading to improved prospects and promotion. The best way to become an intrapreneur is to sign up for our groundbreaking Udemy course: How To Become An Entrepreneur On The Job.