An entrepreneur doesn’t have it easy. They have to make the decisions and take the brunt of any downturn that occurs. What’s more, many entrepreneurs make the mistake of believing certain myths that could turn out to be very costly for them.
If you’re an entrepreneur, read on to find out what these myths are. We’ve also debunked them so that you can actually derive some real lessons about entrepreneurship:
- There’s No Quitting
When an entrepreneur is tempted to give up, he is held back by several factors. The most common of these is the thought that other people would put him down. This is likely because of the common misconception that entrepreneurs go through hell and high water to make their dreams come true.
The truth is that it’s more like the other way round. Entrepreneurs should definitely know when something is just not working out. Their idea may simply not be applicable, or maybe it’s before its time. In the first place, entrepreneurs may have to quite a stable job and income in order to become the master of their own work.
Furthermore, there are quite a few examples of entrepreneurs quitting and moving on to something better. The most famous one is probably Steve Jobs. And as we know, he is one of the inspirations for entrepreneurs everywhere.
- Know What You Want, And How ToAchieve It
Yes, becoming an entrepreneur is a big step. One usually doesn’t become an entrepreneur without some thought on what they want to achieve and a plan of action. However, the goal may be there, but it may also be vague.
In other words, entrepreneurship is more of a process than a straightforward task. It involves thinking, trying, failing, succeeding, and improving. A lot of guts and passion are needed, but they are usually not focused on one specific thing.
- Entrepreneurs Don’t Have ABoss
It is widely believed that one great advantage of being an entrepreneur is that you work for yourself. You may be in charge of how you work, but you have to work and answer to someone at the end of the day. Sure, you may not get fired, but you may lose a client. At the end of the day, an entrepreneur become subservient to the business itself
Being an entrepreneur means being under more pressure than a normal employee. You would willingly work overtime, forgo your vacations, and do what it takes to please your client.
There is also the fact that many startups have investors that keep the business on its feet. In such a case, an entrepreneur would have to answer to the investors and very likely be pressured to obey their decisions. Hence, there’s really no such thing as not having a boss.
- Networking Is Highly Important
Who you know is deemed to be a very big deal in the entrepreneurial world. However, this isn’t necessarily true. The most successful entrepreneurs have included a large number of immigrants. They would naturally not have had the time or opportunity to build up a network of business contacts. Jerry Yang of Yahoo and Andrew Grove of Intel are among the best examples of this phenomenon.
What this tells us is that connectedness doesn’t matter so much as good old hard work and determination. A good network of contacts is only a safety net at best. At the end of the day, the ability to run a business’s unsuccessfully lies in doing your best and doing it well. Putting yourself out there and powering through the bad days is hopefully going to bring long-term success.
The media and urban legend have built up many myths and legends about entrepreneurship. Some of these are based on truth, but they leave things out more often than not. If you really want to learn from other people’s experience, you would have to learn to separate the grain from the husk. In other words, brush away the exaggerations surrounding a myth, and see what you can salvage.
Jillian Petrova is Entrepreneur, Online Marketing Expert, and Blogger. Besides, she is an authentic source for getting coursework help. She is not only an entrepreneur but has interviewed several self-made company owners who have made it big.