Entrepreneurship is often tough and lonely, but it can be very rewarding once your hard work begins to bear fruit. Unfortunately, there are a lot of myths floating around that turn people away from the entrepreneurial lifestyle. Let’s take a moment to dispel some of these myths.
Entrepreneurs give up their personal life to dedicate themselves to their business
Entrepreneurs have a notorious reputation for working long hours often for little pay. These long hours can take away from personal time with family, friends, and other important things in life. Working long hours, however, is not unique to just entrepreneurs. Many corporate jobs require their employees to stay overtime which also takes away from personal time with family and friends.
At least with entrepreneurship, an individual can work extra hard (70 – 80+ hours) during the week so they can free up their weekends and take a break. In a corporate job, you have little to no control over your work schedule. If your boss calls a Saturday meeting you have to be there or face the consequences.
Entrepreneurs are only motivated by money
There’s nothing wrong with being motivated by money, but many entrepreneurs tend to be driven by more than just financial rewards. Entrepreneurs often seek freedom — freedom from the daily grind, freedom from their boss, and freedom from the rat race. Accumulating wealth allows one to literally purchase this freedom by releasing them from the demands of society.
Most entrepreneurs also set out to find their purpose in life. Many entrepreneurs aren’t satisfied with working a mundane job day in and day out. Many wish to find fulfillment and happiness. In some cases, money comes as a result of an entrepreneur’s need to fulfill a specific purpose in their lives.
Entrepreneurs Are High-Risk Takers
Entrepreneurship is a risk in itself because if your business fails your finances will likely be in jeopardy. Still, entrepreneurs are often viewed as individuals who are willing to take on risks no matter how high they are. This isn’t necessarily true.
Entrepreneurs like to take on calculated risks where they can influence the outcome. Taking on a high risk without calculating possible outcomes is a lot like gambling. Smart entrepreneurs, on the other hand, understand the risks involved and are willing to put their best foot forward knowing there are potentially high rewards to be had. At the same time, they calculate what these risks may cost. If the cost is too high, many entrepreneurs will back down and look for a better route of action.
All Entrepreneurs Are Highly Intelligent
To a certain degree, you could say all entrepreneurs are smart enough to realize that if they want more out of life, they have to step forward and make it happen for themselves. However, that doesn’t mean they’re always the smartest person in their field.
The most successful entrepreneurs in the world are able to recognize when they’re incapable of accomplishing a goal due to a lack of knowledge. As a result, they hire a professional to perform the job for them. Many entrepreneurs hire an entire team to work on their behalf as they focus on managing the big picture problems.
Entrepreneurs Are Born
Somehow there is a notion going around that entrepreneurs are born with innate talents that make them stand out from the rest of the world. While there are instances where those with higher IQs have excelled in their entrepreneurial endeavors, most entrepreneurs learn their trade — they’re not born with it.
An entrepreneur’s most valued skill set is their ability to deal with failure and continue pushing forward until they achieve success. Most people quit when they fail and thus they never make advancements in their life. Entrepreneurs are willing to learn from their failures and make gradual improvements as time goes on.
I hope I was able to clear up some of the myths about entrepreneurship. Yes, entrepreneurs work like dogs to become successful, but don’t let generalizations and myths stop you from setting out on your own entrepreneurial journey. Entrepreneurship is hard but very rewarding work and everyone has the ability to become one. It just takes drive and dedication to keep working even when you feel like quitting. If you want to know more myths about entrepreneurship go to annettapowell.com