Myths and Realities About Entrepreneurs

There are many myths about entrepreneurs that can sometimes put people off from making the transformation to successful business owner. After delivering over 2000 business growth trainings in 16 different countries, we have identified some of the most common myths that affect budding entrepreneurs across the globe.

1.     Entrepreneurs Are Born, Not Made

While entrepreneurs are born with a certain level of intelligence, energy and creative flair, the making of an entrepreneur occurs by accumulating relevant skills over a period of time, and includes a large dose of self-development.   

2.     Anyone Can Start a Business

An entrepreneur can distinguish the difference between a good idea and a business opportunity. They are able to think big and start businesses that have a higher rate of success. Good preparation is key. The easiest part of entrepreneurship is starting the business, but the hardest part is sustaining and building that business so that there is a return on investment.

3.     Entrepreneurs Experience Higher Levels of Stress

While being an entrepreneur can be demanding and stressful, they have a much higher sense of achievement and accomplishment. Most successful entrepreneurs choose to work past retirement age because they are passionate about what they do.

4.     If You Have a Failed Business, You Will Never Make Money Again

Businesses fail, but entrepreneurs do not. Previous failure should be the motivation for you to learn from your experience and gain industry savvy. 

5.     Money is the Most Important Start-Up Requirement

If talent is present, money will follow. Often it is the requirement for money that pushes the entrepreneur to work smarter than their corporate counterparts. 

6.     Entrepreneurs Should Be Young and Energetic

In business ownership, age is not a barrier. There are many cases where entrepreneurs have started their businesses in their sixties, or even later. What is important is possessing the relevant know-how, experience and contacts that will accelerate the identification and pursuit of an opportunity. 

7.     Entrepreneurs Can’t Work Well with Others

The most successful entrepreneurs are leaders who are able to build great teams and productive relationships with stakeholders. By understanding what your best environment is, you can design your new business to work for you rather than against you.