5 Entrepreneur Myths: Busted

entrepreneur myths

Don’t get discouraged by the myths that make the entrepreneur journey seem daunting or impossible.

With a bit of knowledge and the right mentality, anyone can become an entrepreneur.

In this article, I will be busting the 5 most common myths associated with entrepreneurship.

Myth 1: You’re Born an Entrepreneur

Probably the most damaging myth is the idea that some people are born with what it takes.

The truth is, some of us have natural strengths that make it easier to become an entrepreneur.

But no one is born with these essential skills and qualities in place.

Take a look at any entrepreneur and you’ll see that they learned key skills and accumulated experiences that led to their success in business.

The good news is, you can also learn these skills.

Myth 2: Entrepreneurs Live on the Edge

There’s a common stereotype that entrepreneurs are wild, fast-living risk takers.

While it might sound exciting, you may feel that this is just not “you.”

There is a great deal of risk you must take to start a business.

But entrepreneurs don’t do anything carelessly.

Instead, entrepreneurs face the risk head-on and try their best to mitigate risk to meet the challenge.

They do this because they know that the outcome will be worth it.

Myth 3: You Get to Be Your Own Boss

There’s actually some truth to this myth.

One of the main reasons people choose this life path is that they want to call the shots.

They don’t want to answer to anyone but themselves.

But in reality, you’re not the boss – your customers are.

People succeed in business by knowing their target market well and working hard to meet their needs.

Myth 4: Say Goodbye to Your Personal Life

This is another myth that’s based partially in fact.

Starting a business and steering it to success is a huge endeavour that takes a great deal of your time and energy.

This is why we often imagine that entrepreneurs don’t have a personal life.

But actually, you need to maintain a work-life balance if you’re going to survive as an entrepreneur.

You need good time management and, as your business grows, learn to delegate and outsource.

Myth 5: All You Need Is a Good Idea

Popular culture is full of stories of a random individual who hit on a great idea and woke up a millionaire the next day.

Of course, it doesn’t work like this at all.

At the core of any viable business is a good idea.

But a “good idea” doesn’t necessarily have to be creative or ‘out there’ or original.

Your idea must meet a need in the market place and provide unique value to the user.

Your idea also can’t stand on its own.

You will need to dedicate time and effort to make your idea grow wings and fly.

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Written by 

Co-Founder & CEO of Link Management Group. An Investor & Coach to Small Business Owners, for the past 30 years I have helped startup and early-stage businesses to enter new markets and achieve sustainable growth of both revenue and profits. I have experience across a diverse range of sectors including central government, information services, software, health insurance, pet products, couture fashion, entertainment and aviation.  How can I help your organisation accelerate growth and achieve its full potential? 

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