Falsifications About Entrepreneurship You Should Stop Believing
Roughly, one in every eighteen people in the world has a business he or she is running, whether it’s a side hustle or a startup being scaled in some aunt’s garage. While some launch companies pursuant to opportunity, other entrepreneurs in developing countries start a business due to sheer necessity. Enterprising is the most promising way to earn a living these days, and that’s why many people are entrepreneurs and CEOs today, save passion. Looking to become a mogul someday? Here are some fly-by-night myths you should know and not believe.
Entrepreneurs Don’t Have Personal Life
Many people strongly believe the notion that entrepreneurs work 24 hours a day, 7 days a week and 365 days a year. Working without stopping would often imply that one doesn’t have time to spend with family and friends, and engage in other personal, leisure activities. Well, it’s true to an extent that running a company can take grueling hours and commitment, but it is not and will never be true that you cannot have a personal life. Being your own boss means you decide when to and when not to work – to an extent. This doesn’t mean business owners take vacations whenever they want, but there’s still ample time to do the things that make you human.
You Need A Great Idea
It is common false understanding that all it takes to live the American dream it one solid idea to champion the success of a to-be company. This is not just a false one, but also some entirely misleading notion. Even the ideas termed to be the very best – the ones that have what it takes to crumble the status quo of an entire sector – still need proper execution to become something real. In as much as ideas are essential, planning, talent, leadership, devotion, relentlessness, communication, and host of other factors contribute to making an enterprise successful.
All Entrepreneurs Raise Money From Venture Capitalists
More and more startups are having an unfamiliar message for venture capitalists – get lost. The lure of taking what has been named “The Devil’s Money” has been emphasized times without number. Not all business owners raise money from VCs, as there are other options such as personal loans, credit, funds, friends, and family help, each of which far offset the funding gotten from people that will almost take full control of your company right before your eyes. In as much as taking risks is part of being an entrepreneur, there’s no law that says you have to walk into a lion’s den in the name of seeing your business succeed.
Business Is Either Made Or Broken
Due to the reality that a privileged few of startups that boom out the gate have much of the press’ attention, it’s easy for one to think that running a business is about all or nothing. In fact, the overall high failure rate of businesses around the world – even after raising massive capital – may seem to testify this idea. Nevertheless, entrepreneurs need to understand that plenty of patience and strategy goes into getting a business off the ground and keeping it in the air. Of course, some companies hit the rough patch at the early stages, and others have that lackluster growth rates at the onset. But some of these companies eventually crawl out, scale through and keep growing.