Entrepreneurship is not for the faint-hearted as it is tough physically, emotionally, and spiritually. It requires a tremendous amount of confidence, courage, and risk-taking. However, there are many myths and misconceptions surrounding entrepreneurship that may prevent people from starting their businesses. Here are some of the biggest myths about starting your businesses debunked.
Entrepreneurs Don’t Have a Personal Life
This is a common myth that entrepreneurs do not have time for their families or other fun activities. Even though it does take a lot of time and commitment, a person can still have a personal life. Since you are your boss, you can schedule your time effectively to get all the business activities done and still have enough time for friends, family, and personal life.
Successful entrepreneurs have mastered time management skills with an established working routine. They can manage numerous tasks by sticking to their schedule and limiting multitasking as it reduces productivity. This can be achieved through prioritizing the to-do list, staying off the phone and social media, and scheduling specific times to check emails.
Entrepreneurs Take Lots of Risks
While it’s true entrepreneurs take risks, it’s not necessarily many risks that can put them in high-risk situations. There are various risks associated with starting and running your business, and that’s why entrepreneurs learn to take calculated risks. Risk-taking involves balancing the risk and reward. The higher the risk, the bigger the returns, and sometimes the risks pay off, but at other times they do not.
Anyone can be an Entrepreneur
This is simply not true. With over 7 billion people on earth, not everyone can be an entrepreneur. There are numerous other professions in the world, with entrepreneurs making only a small fraction of the total population. Entrepreneurship requires some set of skills and resources to undertake that not everyone possesses.
Entrepreneurs Are Only Motivated by Money
One of the goals of entrepreneurship is generating a profit. However, it is not the only motivation for starting a business. Various reasons motivate entrepreneurs to start a business, chief among them being achieving a lifelong dream. Other reasons include financial stability and contributing back to the community. Whereas money is a motivator, it’s critical to entrepreneurs, as most people believe.
Starting your own business is not easy, and it involves certain risks. You can have a social and personal life as an entrepreneur if you use time management skills. There are no natural-born entrepreneurs. It takes time and hard work to become successful.