Top Myths and Facts about Entrepreneurship that will Blow your Mind
What Entrepreneurship is: For upon|Entrepreneurship is commonly perceived to be incredibly rewarding. But, is starting a business the best decision for everyone? There are a lot of things to consider before one takes the plunge, and it’s always advisable to know the myths and facts associated with entrepreneurship. What Entrepreneurship is?
It’s a well-known fact that most entrepreneurs are successful when they execute exceptionally out-of-ordinary ideas. At the same time, it’s also a fact that starting a business is the best decision to make in an effort to be a successful entrepreneur. Are entrepreneurs born or made? Do college drop-outs make better entrepreneurs? Are entrepreneurs very high techies? Does family life suffer on account of entrepreneurship? These are some of the queries that instantly prop up with the very mention of entrepreneurship. So, it’s quite interesting to study and note some of the most talked-about myths and facts about entrepreneurship. What Entrepreneurship is?
Myth:
Entrepreneurs are born and not made. That’s totally wrong. Entrepreneurship is all about attitude and hard work, and not just talent that is inborn. Many a time, this topic becomes common for group discussions and MBA interviews too. There is no guaranteed route to entrepreneurship. Even if one has seen leaders who were college drop-outs and who formed highly successful businesses, for example, Bill Gates of Microsoft or Mark Zuckerberg of Facebook; this type of category is very much in the minority. What Entrepreneurship is?
According to an Ernst & Young study, more than half the respondents surveyed, had some experience away from the world of entrepreneurship before they actually launched their own ventures. It is some form of business experience that is considered to be a basic and important foundation that increases the chances of future entrepreneurial success along with attitude and hard work. Thus, it completely destroys the myth about entrepreneurs being born and not made! What Entrepreneurship is?
Fact:
Successful entrepreneurs use their innovative passion. If one can dream it, they can even do it! Wisdom holds that it is ‘passion’ that is the key ingredient that fuels the drive for economic growth and business sustainability. Being passionate right from the start can take one a long way going forward. What Entrepreneurship is?
However, it must be borne in mind that, passion depends more on emotions rather than reason, and so it is also prone to being unpredictable. It is the innovative passion that is more likely to succeed and surpass all expectations – one prime example being that of Walt Disney, one of the most innovative entrepreneurs of all time whose grand vision was simply to make people happy. What Entrepreneurship is?
Over the years, one has seen the rapid advancement in technology leading to a transformed world. Vision and passion have been the roots of innovation. Going one step further, it’s rather the innovative passion that’s the road to successful entrepreneurship. What Entrepreneurship is?
Myth:
Entrepreneurs are happier, have freedom, and are more fulfilled. Though entrepreneurship can be extremely rewarding, starting a business is not for everyone. Being an entrepreneur, chances are that one is going to find themselves involved in a lot of things and working round the clock for a very long time. Work could become their only life! Even if work is worship, not everyone will feel to have more freedom or control, as is being perceived in general. Fulfillment has nothing to do with entrepreneurship. What Entrepreneurship is?
One can even have a feeling of fulfillment when working in a big or small company. It’s often perceived again that, most entrepreneurs live a glamorous lifestyle, and that is also not true. If they did so, their investors would crib. In reality, entrepreneurs are usually frugal, hard-working, and opportunity-obsessed – they have very little time for any outside activities. What Entrepreneurship is?
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Fact:
Most new ventures start from personal savings, credit cards, or mortgages. Entrepreneurs waste a lot of their brainpower in order to raise money for their ventures. Raising money has almost become like a disease! However, it is no secret that the most popular source of financing for a startup is through that the business founder’s personal savings. Some even get onto a part-time job when they are in the startup phase. What Entrepreneurship is?
Most often, an entrepreneur will invest their personal cash balance into a start-up which is the cheapest available form of finance that is readily available. This decision by an entrepreneur to start a business is mainly due to their urge to create a change in their personal circumstances, it could be either redundancy or an inheritance. Investing personal savings maximizes their control over the business. What Entrepreneurship is?
At other times, re-mortgaging is another popular way of raising loan-related capital for a start-up. After taking out a second or larger mortgage on private property, some or all of the money is invested into the business. The big risk involved in this is that, if the business fails, then the property will be lost too. Borrowing from friends and family is also common, and also quicker and cheaper to arrange. What Entrepreneurship is?
The repayment terms too can be more flexible than a bank loan. However, borrowing in this way can add to the stress faced by an entrepreneur, particularly if the business gets into difficulties. Credit cards are one more surprisingly popular way of financing a start-up. An advantage that entrepreneurs see is, the access it gets to a free credit period of around forty days! What Entrepreneurship is?
Myth:
Technology and outsourcing killing all jobs as reasons to become an entrepreneur! That is a shocking reason – not true at all. If one thought technology to be destroying or killing jobs, then isn’t that the most lucrative and fastest-growing industry? If one is unable to find a job, chances are that they lack the latest skills or education. In that case, one may well consider starting a small business that does not require any particular exclusive skill sets. What Entrepreneurship is?.
Certainly, building a business with purpose, and building a business to just make money; makes a big difference. For knowledge workers, technology has weakened the geographical stranglehold – now with the right infrastructure, a digital marketer or a visual designer can be as efficient and effective as working from a cabin even in any far-away remote area. What Entrepreneurship is?.
A study by Gartner predicts Artificial Intelligence to create more than two million jobs by 2020. So it’s shocking for anyone to switch over to becoming an entrepreneur just out of fear that technology is killing jobs. So, the myth that technology is killing jobs, and so one should move towards entrepreneurship, is completely exposed. What Entrepreneurship is?.
Fact:
Most successful entrepreneurs concentrate on minimizing risk. Entrepreneurs are mostly seen as people having an appetite for taking risks, but that’s just a perception. Due to popular press mythologizes, the general public is led to believe that successful entrepreneurs are simply great risk-takers than the average person. What separates a successful entrepreneur from an unsuccessful one is that successful entrepreneurs vary their decision-making styles. They rely on systematic analysis. What Entrepreneurship is?.
Contrary to general opinion, most entrepreneurs, who succeed, before taking a plunge, carry out a systematic analysis of their market entry strategy risk, market and opportunity risk, competitive risk, financial risk, technology risk, operational risk, and environmental risk. So, it’s very much a fact that most entrepreneurs thoroughly concentrate on minimizing their risk factors. What Entrepreneurship is?.
With the mind-blowing myths and facts surrounding entrepreneurship as seen above, one can very well conclude that being an entrepreneur isn’t just hard, it’s really hard. One’s entire life is likely to get dedicated to developing their business, and chances are that it could even fail. It’s always advisable for someone planning to start a business to have a planned strategy in place before taking the plunge. If possible, one should even think of getting an expert or a consultant on board which could help one to get on track sooner than later. What Entrepreneurship is?.
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