5 Myths About Entrepreneurs: Busted

Everyone has thought about ditching the day job and starting their own business at some point in their lives. But the problem is that most people need to learn how to become entrepreneurs. Add all the misinformation out there, and it's no wonder that so many of us stay in our rut.

Here are the five most common myths about becoming an entrepreneur.

Myth 1: You’re Born an Entrepreneur

The most damaging myth is that some people are born with what it takes. 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.

Take a look at any entrepreneur, and you'll see that they learned vital 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.”

You must take a great deal of risk to start a business. But entrepreneurs don't do anything carelessly. Instead, they face the risk head-on and try their best to meet the challenge because they know the outcome will be worth it.

Myth 3: You Get to Be Your Own Boss

There's some truth to this myth. One of the main reasons people choose this life path is that they want to call the shots, with no one to answer to 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 on fact. Starting a business and steering it to success is a huge endeavour that takes time and energy. This is why we often imagine entrepreneurs don't have a personal life.

But you need to maintain a work-life balance if you're going to survive as an entrepreneur. As your business grows, it requires good time management, delegating, and outsourcing.

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. But, 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, 'out there' or original. It must meet a need in the marketplace and provide unique value to the user. It also can't stand on its own. It would be best if you dedicated time and effort to make your idea grow wings and fly.