There a lot of misconceptions about what makes an entrepreneur and how they are as a person and as a businessman. Some of them are too idealistic and dramatized to the point that they discourage a lot of people to become one. I have interviewed some o the leading and successful entrepreneurs in the world and I must tell you this: they are not perfect. In fact, most of them have experienced defeats, while some rely on experts’ advice like business valuation to assess the investment, they are having and making are worth it.
What is good about these entrepreneurs is that they listen to their surroundings and they have enough humility to recognize their inadequacies. So, they strive harder to achieve what they want as an outcome. But most people don’t know about this. Here, we will be sharing some of the most common myths about entrepreneurs.
1. Entrepreneurs are born
This is the most discouraging myth about entrepreneurs. No, entrepreneurs are not born; they are created. Skills that are needed for entrepreneurship are not innately given; they are learned and developed. Everyone can e a good entrepreneur and this depends on several factors such as character, surroundings, motivation, capital, and luck.
2. Launching a company would lead to wealth
This makes everyone thinks that having a business will immediately make you rich. Although there are some companies that become successful in the early years, there are also some cases that will take many years until the business becomes stable. Proper timing and careful decisions are what make it difficult for entrepreneurs to sustain the business.
3. Employees are motivated by money alone
This myth is very popular that most of the people think this is true. But, according to the statistics, Millennials, which are the growing numbers of employable individuals, care more about ding a job they love and having a good working environment than having a bigger salary. This is ti say that an entrepreneur should not limit herself to himself on creating revenues alone, but rather, creating a company culture that engages his/her employees.
4. A good idea is the only requirement
To think that it only takes a good idea to build a company is not just wrong, but it is also misleading. Even the best ideas may fail and may create damage to the whole business when they are not properly executed. There are a lot of factors that need to be done aside from creating the best idea, and these include leaders, talent, communication, and a lot more.
5. You are a loser if you finally quit an idea
Most people would think that being able to thrive and stick with the initial idea will make you successful and that quitting an idea makes a person a loser. This is not true at all. Not all ideas will blossom into a successful business. IN fact, pushing it harder even when it is impractical will lead to major risks and bigger defeat. So, it is better to quit an idea and move on to another when you think it has done you more damage than good.
Knowing when to fight and when ti quit an idea it very critical for an entrepreneur.