There’s a lot of misconceptions surrounding entrepreneurship and being an entrepreneur. Sometimes, they’re borne out of wariness and risk, sometimes, they’re blatant misconceptions. Here are some common myths that you need to stop believing, and the truth behind them:
Myth: It’s Too Risky
Reality: There are Risk-Reduction Strategies
It’s not as risky as one would assume, especially if you go about it intelligently. There’s a multitude of preparatory practices involved with running a business, and many of them involve reducing the risk. There’s getting a commercial insurance policy so your business can have a failsafe. There’s the strategic allocation of resources so the business can function on its own. Keep in mind that running a business is just as risky as you intend it to be. Being clever about how you approach business operations is ultimately the best way to reduce risk.
Myth: You Need to Be Passionate
Reality: Discipline is More Necessary
We often see motivational posters and quotes emphasizing how important passion is to entrepreneurs. While there is some degree of truth to it, none is more important than discipline. Discipline is what will take your ideas from paper to actually executing them. It’s also the virtue that will help you keep going during low points in your career. It’s important to not misconstrue passion as being emotionally obsessed with your project but to understand that passion should be translated as the discipline to see everything done correctly.
Myth: You Have to Sacrifice Your Life
Reality: It’s All About Balancing
It’s relatively known that being an entrepreneur isn’t just a 9-5 job: it’s a 24 hour, round-the-clock type of role. You will be in situations where you suddenly have to rush back to the office, or attend to clients out of schedule, or even take time out of your day off to do something. However, it all boils down to one big balancing act.
You don’t have to sacrifice your life, but instead, understand when to make the necessary sacrifices. You still have to take care of yourself, after all, when you’re sick and can’t attend to business matters, your business will also suffer. Be realistic when it comes to managing your time with your business.
Myth: A Large Capital Is Needed
Reality: There are Ways to Acquire the Initial Capital
Needing capital to start a business is a reality, there’s no denying that. But it doesn’t have to be a significantly large capital, you only need enough to jumpstart your idea. And if you don’t have the ready cash, it’s still possible to find a way to fund your business dreams. Start by looking at your government and see if they have any small business programs for their citizens. Even banks are willing to lend capital to those with good credit. Be resourceful, and you’ll find that acquiring capital isn’t as impossible as you initially thought.
Myth: Being an Entrepreneur is All About Having Good Ideas
Reality: It’s Also About Good Execution
Entrepreneurs are commonly known for their amazing ideas and new ways of solving age-old problems. To some extent, an entrepreneur needs to be able to come up with fresh ideas. But that’s not what makes a business person successful. It all lies in execution. Even the simplest of ideas can lead you to success if the execution is done well. Preparing all the necessary paperwork, coordinating with suppliers and third parties, having good collaboration and teamwork with your staff- these are aspects that are just as important, if not more, than coming up with good ideas all the time.
Myth: Wait for the Best Time to Launch Your Business
Reality: The Best Time is When You Can Start
“Don’t start a business during bear season” is something you’ll most likely hear around business circles. When to start is often another prominent discussion, usually even leading people to hold off their business plans until “better times” arrive. But the simple truth here is the best time to execute your business ideas is when you think you’re ready to do them. It’s when you have the capital, the strategy, the people, the resources to execute your business that decides when it’s appropriate.
Of course, the market performance will affect your business’ outcome, but even through low points in the market, your business will still survive (even flourish) if you’re prepared and know what you’re doing.
The reality is being a business-minded person is hard. But the truth isn’t always easy, and that’s why you need to be clever about it. Achieving your business dreams is far from the easiest of tasks, but it’s definitely possible through hard and smart work.