10 Misconceptions About Being an Entrepreneur
There has been a massive surge in the field of entrepreneurship. Every other day you come across news of a new business venture starting somewhere in your city or state or a friend who has graduated or someone in the family, tired of being in a job, starting his own venture. The culture of startups has also been glorified and hence, more people are taking towards entrepreneurship.
However, being an entrepreneur is not as easy or glorious as it may sound. The idea of being your own boss and working on your own terms may not always hold true and it comes with a lot of downsides. There are other false notions that people have because of which they either decide to take a plunge in the world of business or stay far away from it.
Here are the top 10 misconceptions about being an entrepreneur:
1. Entrepreneurs Have Flexible Working Hours
Yes, while it may be true that entrepreneurs have flexible working hours, what it precisely means is that there are no fixed hours. To be a successful entrepreneur, you need to give up on a major chunk of your family and social life and put in long hours at work to make your business a success.
2. Everything Needs to be Done by Them
When you get into a business thinking you have to do everything on your own, you are bound to feel burnt out and fatigued. All it requires is putting together the right team, which is dependable and will help you achieve your goals.
3. Entrepreneurs Need to be Well Connected
A big misconception that stops people from getting into entrepreneurship is that one needs to be well connected in order to make it big in business. However, this is not true. As you spend time networking with the people know you, you will automatically make good connections. But your business growth is not dependent on that.
4. Entrepreneurship Demands Huge Risks
While they say that to make it big in business, one needs to take risks, it is not necessary to do so. If you are doing just fine and want to grow your business gradually and make it big, you don't need to take risks; however, you need to be smart about business and finance decisions that can prevent you from taking risks.
5. Tech Startups Only Flourish in Silicon Valley
Yes, Silicon Valley is THE place for tech startups. But there are other successful business ventures and startups around the world that have made it big in the world of technology and they are not even remotely connected to Silicon Valley.
6. Entrepreneurs Have an Easy Life
A common misconception is that since you are your own boss, there is no work pressure on you and hence entrepreneurs never get stressed. On the contrary, because you are the boss, a major responsibility lies on your shoulders to make sure your team is working right and goals are achieved.
7. You are Your Own Boss
While you may be the CEO or the co-founder of your company, that doesn’t stop you from being answerable to anyone. You have your investors, shareholders, and employees to answer to as they have partnered with you and are helping you majorly in growing your business.
8. Entrepreneurs are Multi-millionaires
People start business ventures in the hope of becoming rich. But entrepreneurship is not just about financial freedom. It is about being passionate and deriving satisfaction in serving your customers with the right products and services, even if you do not become a multi-millionaire.
9. You Can Take a Vacation Anytime You Want
Entrepreneurship is not as glamorous as it seems. It is not at all about working for a couple of hours from anywhere in the world while you are on a vacation or sitting and sipping your favorite coffee at Starbucks.
10. All it Needs is One Idea to Make it Big
Chances of making it big with the first idea you have are very bleak. It may take a couple of ideas and lots of dedication and perseverance to make it big in the world of business.
Before you take the plunge into the world of entrepreneurship, it is important to think of the pros and cons and be prepared to give it your all to be a successful entrepreneur.