It’s natural to feel hesitant about starting your own business. Becoming an entrepreneur feels like a significant risk, especially given everything that is going on in today’s world. Yet, there’s no denying that many common misconceptions and myths surround the world of entrepreneurship. Read on dispel those beliefs.
Entrepreneurs Miss Out On Family Time
One of the most common misconceptions about entrepreneurship is that they miss out on their families all of the time. And even when they get time with those family members, they’re still thinking about work.
That’s not an accurate or fair representation of entrepreneurship. Joseph Semprevivo took the time to discourage this misunderstanding on Forbes, talking about the business he started up with his family.
Entrepreneurs Must Be Educated
This is another easy-to-understand misconception, but a misconception nonetheless. There is no requirement for formal education when it comes to running a business. An interview on CNBC seems to imply that a large number of entrepreneurs are not college-educated.
Many business skills come from experience or a specific understanding of an industry. Neither of which is guaranteed to be taught at college. While that is not to disparage an education, it is something to keep in mind if you’re letting it hold you back.
Entrepreneurs Have Massive Funds
Another commonly assumed belief is that entrepreneurs have a lot of startup money. Again, this is not true. Many businesses can start at a sum as small as $5000. While having a larger starting capital would certainly help move the company forward, it is no longer a requirement.
Entrepreneurs Take All the Risks
Many people believe that entrepreneurs are all about taking risks. While there are risks associated with starting and running a business, they are all within reason. There is still this belief that entrepreneurs have had to take major risks to make their business work – this is simply false. Running a business is all about calculated risks – not big risks.
Strong Ideas Will Automatically Succeed
Unfortunately, not all good ideas succeed. It’s the nature of business. As Business Insider pointed out, Jame Dyson tried 5,162 prototypes before finally landing on his bagless vacuum cleaner. The product that made his name and his company a success took so long for him to come across. But that doesn’t erase the amount of failure he had to go through to get to this point. The odds are good that at least one of those previous ideas should have taken root but did not.
Entrepreneurs Are Young
There is this image of a young and successful entrepreneur – they are well dressed, professional, and more importantly, young. Yet this image only gives the barest glimpse of the variety found within entrepreneurship.
The Entrepreneur even states that the average age is much higher than this image would imply. The average age is forty years old, though there’s nothing stopping somebody older than that from starting a business.
Don’t let any of these myths or misconceptions hold you back. If you have a business model, the drive, and the determination, there should be nothing stopping you from going ahead and trying to form that business.