10 Unexpected Myths About Entrepreneurship

By George Meszaros | Small Business

1. Entrepreneurs are born.

There is no entrepreneur DNA. It’s true that there are people that are better fit to be entrepreneurs than others, but entrepreneurs aren’t born. It takes certain acquired skills to be a successful entrepreneur. There is no magic formula. They are learnable skills. Sales, negotiating, accounting, people skills are just a few important skills that make a successful entrepreneur. Nobody is born with great sales or accounting skills. You can learn all the necessary skills if you want to succeed. Don’t believe for one second if you weren’t born with some gift of entrepreneurship you have no chance of making it. According to a recent Fidelity survey, 86 percent of millionaires are self-made. Successful entrepreneurs come from all sorts of socio economic and educational backgrounds. To say that entrepreneurs are born is like saying that you have to have blond hair and blue eyes to succeed.

2. Entrepreneurs have no bosses.

Forget about not having a boss. If you want to be an entrepreneur get ready for a flood of bosses.  Every day you are dealing with bosses like you would in any job. To be honest, as an entrepreneur, you have more bosses than as an employee. Your customers are your bosses and so are your employees. CEOs have boards to answer to. Your suppliers can push you around too, if they don’t extend you credit or decide to send you the wrong order. Your business coach that hassles you about keeping to your goals is another boss you can’t get away from. Entrepreneurs also have to answer to government regulators and city bureaucrats. If you want to become an entrepreneur because you don’t want a boss, think again.

3. They are always 100 percent motivated.

Entrepreneurs get lazy too. As with anything, the hardest part is getting started. Many entrepreneurs have a hard time with taking action. If you want to be a successful entrepreneur you have to create systems  to keep the fire burning under you.

Sometimes you set a huge goal for yourself that makes following through super difficult. When that happens the best thing to do is to break the task into manageable tasks. Developing the right habits will help too. For example, if you find that you are keep putting off tasks, schedule them to be done first thing in the morning. Set aside time before you do anything else to get the most important tasks done.

4. Entrepreneurs are rolling in dough.

Even the owners of some fairly large businesses could have financial problems. Often, the entrepreneur is the last one to get paid. You have to pay your employees, your suppliers, your consultants, and everyone else before you get paid. You might have a jump in revenue, but you need to reinvest it back into your business.

If you want to become an entrepreneur to get rich, you are going to have to wait a long time. Greed will not keep you going. Those that are only motivated by money mostly fail. You really have to have passion for your business.

5. Just follow your passion.

They say money isn’t everything. Neither is passion. Passion is great and it’s necessary, but it is not enough. There is no amount of passion that will make up for the lack of revenue, timing, motivation, capital, experience, luck, and many other things you need to succeed in business. You have to have a plan. Remember, it is still a business. You have to have a product or service that someone is willing to pay for. It doesn’t matter how much you love to do something if no one is willing to pay for it. Follow your passion, but remember that you need more to call it a business.

6. Build it and they will come.

Making something doesn’t make you an entrepreneur. You are really not an entrepreneur until you have sold something. The ability to sell is one of the most important entrepreneurial traits. It is building a company around your product or service is what it takes to be an entrepreneur. It’s not enough to be a great car mechanic to have a successful car service business. Instead of being great at one thing, you have to know a something about sales, marketing, accounting, negotiating, and much more.

7. It’s a glorious life.

Nobody cares that you want to make it as an entrepreneur. When you need to make key decisions in your business there is often no one to turn to. Your business lives and dies by your decisions. Some people will say it to your face that you should give up, “it’s a bad idea.” While others will never say anything but think you’ll never succeed.

A common complaint among entrepreneurs is loneliness. Sometimes you have no one to turn to, no one to ask. There is little fame and glory for most entrepreneurs. Don’t expect to read about yourself in the Wall Street Journal or get interviewed on CNBC. I hope that it will happen for you, but that is not what entrepreneurship is about.

8. You’ll have more freedom.

As a business owner, your job never ends. As an employee you walk out of work and you are done until the next day. If you want to be an entrepreneur, get ready to wear all sorts of hats all day every day. You might find yourself up at the middle of the night worrying about forgetting something important. If you want freedom, entrepreneurship isn’t for you.

9. You’ll be happier.

The fact is you will not be happier as an entrepreneur. Happiness is not about working for someone or owning your own business. True happiness has much deeper roots in who you are a person. Happiness comes from within not from running your own business. If taking on more risks, responsibilities, challenges, and headaches is what happiness is to you, more power to you. Here is something shocking for you, most happy entrepreneurs would also be happy employees and vice versa. Don’t start a business if you think that’s the only way you can be happy.

10. Only the young can make it.

You don’t have to be 19-years old to start a successful business. Some of the most successful entrepreneurs were late starters. Over 20 percent of businesses are started by people over 55. According to the 2003 census data, those 65 and over had a total self-employment rate of almost 27 percent. Being older is a big advantage. You have more experience. You also have more credibility than many young people with little or no experience. Statistically, older people are more likely to succeed as entrepreneurs because they are; more experienced in general, better equipped to manage people, possess more credibility, less likely to get distracted, and are more financially stable.

This article was syndicated from Business 2 Community: 10 Unexpected Myths About Entrepreneurship

More Business articles from Business 2 Community:

Subscribe to our mailing list
* indicates required
Small Business Services