6 Myths About Entrepreneurship

Posted on September 27th, 2017
financial habits

We hear the stories about entrepreneurs. How great the life is. And it can be pretty great. But it’s not always sunshine and rainbows. In fact, there are myths about entrepreneurship that make it seem more glamorous than it really is.

Before you decide to jump in and give over everything to start a business, it’s a good idea to know what you are getting into. It can be a great journey, just don’t expect it to be smooth sailing, or have all the trappings you expect it to.

1. The Money Will Come if You Do What You Love

One of the biggest myths about entrepreneurship is that the money comes when you do what you love. The fact that you love your business and what you do is a big deal. However, it’s not everything. And if you focus too much on just doing what you love and not paying attention to the rest of your business, eventually it will fall apart.

Make sure that what you like doing is something others are willing to pay for. If no one wants what you love, it doesn’t matter how much you do it.

2. You’re On Your Own

Often, we see entrepreneurs as these figures that stand out on their own. Doing amazing things and running the show, almost like a force of nature. The truth, though, is that entrepreneurs have people around them who help them. They might even have mentors who help them move forward. You need a good network and good support if you expect to succeed as an entrepreneur.

3. A Good Idea is All You Need for Success

Another of the myths about entrepreneurship is that a good idea is all you need. With the right idea, you will be successful. Unfortunately, that’s just not true. A concerted effort is needed if you want your startup to last. You need to be able to market your idea and have a strategy for growth. Without a business plan, and a way to get the word out, your good idea isn’t likely to take off.

4. Expertise is Required to be a Good Entrepreneur

Many people think that you need to be an expert in some area before you can be a successful entrepreneur. The good news is that’s not true. If you have passion and a plan, you can learn something as you go. You don’t need to be an expert in the field of your startup, and you don’t need to be an expert in business. With the right approach, you can still do well, even without expertise.

5. You Need to Find Investors

We often think investors are needed to be successful in a startup venture. That’s just not true. You can be successful with your own money and time  — if you are determined. Besides, once you get investors involved, you run the risk of losing control. Take it a little at a time and see if you can move forward without them.

6. As an Entrepreneur, You Have Total Freedom

Of all the myths about entrepreneurship, this is the most seductive. How would it feel to be your own boss? Pretty great, right? The reality is that, at first, a startup will take over your life. You’ll be working more hours than you ever did at your job. You might be on call at all hours.

Once you get things going, you can find flexibility, but at first, you have to be prepared to work and realize that you’re not always doing what you want all the time.

Miranda Marquit

Miranda Marquit

I'm Miranda and I'm a freelance financial journalist and money expert. My specialties are investing, small business/entrepreneurship and personal finance. The journey to business success and financial freedom is best undertaken with fellow travelers.

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