To become an entrepreneur is one of the most preferred wishes of a lot of people. In fact, it is only natural since almost everyone will want to feel like a boss once in their lives. But, unfortunately, a lot of people will procrastinate their wish to start their own dream businesses and the reason for this is mostly that they believe in a lot of myths surrounding entrepreneurship. In this article, you will learn about some such common myths relating to entrepreneurship, and you will learn what you ought to do to go by these myths.
- Entrepreneurship is quite easy –A lot of people think that doing entrepreneurship is quite easy and when they look at successful entrepreneurs doing business successfully, they think they too will be able to do that with ease. However, they miss seeing the hardships that these entrepreneurs have had to go through. If people look at a restaurant doing good business and have lots of new customers, they will believe that all it takes to have a good restaurant business is just good chefs, good food, a great ambiance, a great location. But this is a wrong assumption. This will make them want and start a new restaurant that has better amenities than a restaurant which is already successful. But they do not find themselves even coming close to having a successful restaurant. The reason for this is that there will be other factors which will play a crucial role. You will have to look at the aspect of marketing, research and development, training, human resources, the systemization process and things like this. Although entrepreneurship can seem easy from the outside, it requires a lot of effort to see that it is successful.
- Entrepreneurship is too difficult – Although entrepreneurship is not super easy, it is really not inexplicably difficult either. Entrepreneurship takes effort and patience. It will take a lot of time to set up. You must understand how you can invest time properly in order to build your business and then put efforts to implement all that which you have learned. It is not that difficult if you have a good method and plan. Success will really leave a lot of clues. When you have a route map that you want to follow, a group of proven methods to go by and a mentor and a coach to help you learn and give you guidance when you go away from the right track then the things will not seem that difficult because you will know where to go for help if you need it.
- Entrepreneurship can lead to failure easily – Studies have revealed that almost 90 percent of all businesses will fail within their first five years and 90 percent of those businesses which remain will also fail in the next three years. Thus, looking at the reports from these studies we can see that the rate of failure is relatively high. But your success in building a business ought not to be determined by these statistics. Stats are only numbers, and they will not really determine anything. Your success will be defined by how you perform and not by chances and probabilities. It is common to see more people failing, whether it be in education or in business than the number of people who get success. As a budding entrepreneur, you must not get bogged down by these fears of failure. You must stay dedicated and focused and tried to reach the topmost rung of the successful entrepreneurs. You should try to reach the top 1% and not the bottommost 99%. You should be learning from people who are successful, and you should seek guidance to see that you are on the correct path to success.
- Entrepreneurship will be high risk and unsafe –Risk is when you do not know what exactly you would be doing in a certain situation. There is risk involved in everything. People cannot reduce all the risks, but the risks can be minimized by learning more and knowing what things one should do are and when they should be done. In order to ensure that you are not taking too many risks is to be aware of what you are doing, taking cognizance of situations and trying to increase the chances of higher success. Thus, you must have a set plan, a blueprint about the people who are achievers. Follow the guidance of other successful entrepreneurs; see what they did and how they tackled when they faced risky situations. At times, you too will have to draw from your experience and try to work out through a situation. You will learn more as you go along, facing challenges, overcoming them and gaining experience. Sometimes, you will feel knocked down, but you will have to get up again and trudge on to see your business get success.
- How do you get the funds to help you set your business up – It will take a lot of money to help you in setting your business up initially. You will need to have money for renting out office spaces, buying office equipment and so on. A lot of business owners take business loans to cover the initial funding process. But you must try to have a strict budget for all the probable expenses which you have coming up. Do a careful categorization of all the expenses and see how much money you can arrange yourself from your funds. Give precise and detailed presentations to draw attention from investors. Remember to keep your business unique to get people to notice your business more.
You can consider getting a debt consolidation loan to help you manage your finances efficiently.
Wrapping things up
Becoming an entrepreneur is not easy, but it is not impossible either. You must have precise goals and plans to help you progress. Hopefully, the information mentioned in this article will have helped you.
Marina Thomas is a marketing and communication expert. She also serves as content developer with many years of experience. She helps clients in long term wealth plans. She has previously covered an extensive range of topics in her posts, including business debt consolidation and start-ups.