Did you know that, as of 2020, there were 582 million entrepreneurs around the world? While some people launch companies to benefit from an opportunity, others take the entrepreneurial route out of sheer desperation or necessity.
Regardless of their motivation or reason, all would-be entrepreneurs can benefit from learning what being an entrepreneur is all about. A good place to begin can be with the many misconceptions and myths surrounding entrepreneurship – and, in this blog, Tommy Shek will list down and debunk the most common of those.
The Most Common Myths about Entrepreneurship:
Myth 1 – Entrepreneurs Are Born; Not Made:
A lot of people assume that only people with certain innate talents and abilities can do well in the entrepreneurial world. This is far from true, and Tommy Shek says that anyone willing to learn the required skills can go on to become a successful entrepreneur.
While it is true that certain people might find it easier to adjust to the role and responsibilities, but there is absolutely no rule that says that only some people can (or cannot) become entrepreneurs.
Entrepreneurs can be quiet introverts or outgoing extroverts; they might be people who look at the bigger picture, or people who can break a problem down into small and simpler parts. The point is that entrepreneurship can most definitely be learned.
Myth 2 – Entrepreneurs Have No Personal Lives:
It is true that entrepreneurs have to make many sacrifices along the way to attaining their dream. What is not true, however, is that they need to give up every last bit of their leisure, fun, and personal life.
Work-life balance is as vital for entrepreneurship as it is for any working professional. Taking time away from work can actually enhance productivity and lower the probability of burnouts. According to Tommy Shek, a successful entrepreneur is one who knows how to delegate, schedule, prioritize, and organize their tasks, and when to take breaks.
Myth 3 – Business = Freedom:
Many people decide to start their own businesses because they want to break free of the conventional, 9-to-5 working model.
However, while entrepreneurship does allow you to break free of your old schedules and creative shackles, Tommy Shek believes that it also introduces you to a whole new set of demands.
Yes, you do enjoy freedom in certain areas, but an entrepreneur’s working day hardly ever ends as soon as the clock strikes five.
Myth 4 – A Unique Idea is a Must:
Look around you, and you will find innumerable successful businesses operating under the same or a similar concept – KFC and McDonald’s for instance, are both food chains. The difference, however, is in how they promote their product and brand.
To sum up, this article was an attempt to separate the fact from the fiction regarding entrepreneurship. We hope that the information will prove useful to you as you embark on your entrepreneurial journey.