10 Most Common Myths about Entrepreneuship

10 COMMON MYTHS About Entrepreneurship

What are we talking about?

Every entrepreneur needs to be true and honest about their startup route,

their skills and ability, as well as their strengths and weaknesses.

Entrepreneurs are known to be risk takers, but for the average

entrepreneur themselves, they believe non-entrepreneurs are the most risk-

aversive people. According to them the safest path is to take control of their

own lives, to construct their own world, and not be dependent on anyone.

There is something about their stories which makes people uncomfortable.

An economy that supports entrepreneurship, weakens the profession by

wrapping it in destructive myths. A great number of social and cultural

myths have been formed around the idea of what it really takes to be an

entrepreneur.

You need money to start your business

This is the oldest entrepreneur's myth of all times. The first thing that

comes out when you ask people about entrepreneurship is that

"We need to have a huge financial support and have to be rich“

That's not always true, the world has seen so many examples of people who

are self-made, and who started out without any support.

Many entrepreneurs have started business amidst troubling financial

circumstances

Risk taking route

People generally believe that most successful entrepreneurs take wild,

uncalculated risks in starting their organisation.

It's true that risk is a major part of any business idea. But, it is mostly

later in the development of the company, when the idea has created

some real value, do entrepreneurs take risk of losing it all if they want

to grow continuously.

You need to be an expert

Steve Wozniak, who helped start - Apple Computers, was a software

engineer at Hewlett-Packard when he built the first Apple computer.

There are many examples like Steve Wozniak, who break this myth. It's

not true that most successful entrepreneurs have strong expertise and

years of experience in the industries.

The founders of successful companies may become knowledgeable and

prominent in their field later on, but during early growth stage, they are

likely to start as amateurs with little experience in the field.

Proper planning and clear vision

People believe that most successful entrepreneurs have a well-planned

business idea and they have researched and developed their ideas

before taking any real action.

It's true that you need strategic planning and proper research but these

are later stages of development, rather than a necessary initial

ingredient. For many startups, extensive research and planning are

generally unnecessary and financially impossible. Ability to adapt is

much more important than a thorough, rationalised decision making

process.

You need luck to be successful

Bill Gates is the world's richest man, is it all luck? Nope, luck is not an

essential ingredient for the success of a business. In addition to the

argument of luck, Bill Gates is also a very smart and resourceful

person.

This is the story of most business people who prospered with hard

work, drive and intelligence.

You need a great idea to be successful

Entrepreneurship became synonymous in public mind with "new-age" or

"unconventional". This is another common myth about entrepreneurship

i.e. lack of a great idea.

It's true that some entrepreneurs run unorthodox businesses, but on the

other hand there are people who are owners of a restaurant chain, or

automobile moguls and they are no less than of entrepreneurs than

unorthodox business owners.

Furthermore, a great idea is less important than a profitable, proven

business model.

Personality Myth

Many people believe that to be an entrepreneur, you need to have

certain personality traits, and that people who are entrepreneurs are

born with it. Great entrepreneurs are made through experience and

nurture and not through nature.

If you are passionate and have a great idea, you stand every chance to

be an entrepreneur.

Immediate Success

Most famous people in any field are the ones, who succeeded right out of

the gate. Google is the best example in this regards, because of the

overnight success they got.

But there is still room in the business world for people who learn from

their mistakes, who fall and again start. There are many individuals

who saw success after a great amount of hard work.

Winston Churchill rightly said

"Success consists of going from failure to failure without losing enthusiasm”.

On your own

Starting a business by yourself is wonderful, but it’s really hard. The

saying of too many cooks spoil the broth, doesn't apply in business. You

need a partner who will share the same thoughts of success as you.

A Partner will help you fight the challenges which your business will

face, and will always guide you on the right track. Having a partner also

takes off some pressure from you, in case you need your personal time. A

partner also serves as a 2nd eye into details you might not see or think

about.

It’s easy

The idea that everyone is capable of working for themselves easily, and

that everyone can be an entrepreneur without putting in the effort is a

myth. There are several important differences between

entrepreneurship and employment, and some are incapable of making

the needed adjustments.

There are some people who cannot get work done without external

pressure and for them entrepreneurship is just a dream.

Mara Foundation’s Ambition

We enable, inspire and empower ambitious entrepreneurs in Africa. With the support of our Mara Mentors we will:

Inspire millions of young people in Africa to become entrepreneurs.

Teach entrepreneurs new skills.

Enable entrepreneurs to turn business ideas into a reality.

Guide business owners to grow businesses and hire (more) employees.

Empower entrepreneurs by providing a platform to showcase their business and build their network.

THANK YOU

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