Around 1 in 18 people globally own a business. Many people start a company to pursue their passion, while others do so out of necessity. Regardless, the majority of individuals that choose to start their own business do it because of the opportunity it provides and the hope of finding financial freedom. So what does it take to be a successful entrepreneur?
There are many myths and misconceptions about entrepreneurship, and it’s important to debunk these so that aspiring entrepreneurs can figure out what they need to achieve success. The following list aims to provide a list of common assumptions about entrepreneurship, debunk the myths, and explain why so many people have gotten it wrong.
- Entrepreneurs are born, not made.
Many people believe that only certain individuals can be successful entrepreneurs. In reality, everyone can start a business if they have the necessary skills, resources and commitment. Admittedly, some people may find it easier to handle the demands of running a business, but there is no rule that says that everyone should be able to start a business.
People who are passionate about entrepreneurship are often described as extroverts or quiet introverts. But in reality, successful entrepreneurs come from all types of personalities. It’s widely accepted that every aspiring business owner be focused on the details of their ideas or have big picture thinking capability. These are all learned skills and not traits that individuals are born with.
- All you need is a good idea.
It’s common for people to believe that all it takes to start a company is one great idea. However, that is the furthest from the truth!. Even the most creative and innovative ideas need to be executed properly in order to become a reality. Besides having a good idea, other factors such as planning, organization and leadership are important fundamentals to starting a business.
- Entrepreneurship means complete freedom from a typical work schedule.
The idea of starting a company is often associated with freedom from the traditional 40-hour work week. However, its usually the opposite. Many people find that they exchanged their old schedule for new increased demands. In addition to having more freedom, entrepreneurism often requires significant sacrifices. When you own your own business, you can’t clock out at 5 pm every day and forget about it. In fact, most successful entrepreneurs find that initially they work longer hours that they did in their previous jobs.
- Entrepreneurship leads to wealth.
Many people think that starting a company will immediately lead to them making a lot of money. However, this is not the case. Starting a business takes a lot of time and it can take several years to get to where you want to be. One of the most important tasks that an entrepreneur must complete is to ensure that the company’s growth is properly timed and a well thought out business plan is a great first step.
- There’s a “secret” to success.
Many people believe that they have a secret to success. Yet, if you ask 100 successful business owners, they will tell you that here is no secret. They will share that is takes resilience, faith, focus, belief from others and sometime just good timing to even give yourself a chance.
If you have been thinking about pursuing that great idea, be sure your plan is thought out, written out and has some covering for a rainy day, because it will rain! Good Luck!
However, this doesn’t take into account the various factors that an entrepreneur must consider in order to build a successful business. For instance, they must remember that hard work and patience are some of the most important factors that an entrepreneur must consider in order to succeed.