Thinking Of Starting Your Own Business? 6 Myths Successful Entrepreneurs Don’t Believe & You Shouldn’t Either

by Lynnette

entrepreneur ideas, leaving a job, networking tips

This post may contain affiliate links. If you buy thru these links, we may earn a commission at no additional cost to you.


Do you have an “entrepreneurial spirit“?

You might dream about successful entrepreneurship as a way to pursue what you’re truly passionate about. Others may see it as an impossible mountain that can only be scaled by a chosen few.

Young woman turned her entrepreneurial dreams into a business

There are some common characteristics of successful entrepreneurs. If you don’t have all of these characteristics today, you can certainly work to hone these skills if entrepreneurship interests you.

Just like in many areas of the business world, there are misconceptions and myths out there regarding entrepreneurship.

Here are 6 myths that successful entrepreneurs don’t pay much attention to:

 

Myth #1 – As an entrepreneur, you’ll have sole control over everything.

If you start your own company, it’s true, you’ll be the boss and get to decide which way the company goes. However, your days (and likely your nights too) will be structured according to the needs of your clients.

As an entrepreneur, you are accountable to several different people – investors, customers, financial organizations and business partners. You need to be prepared to disclose relevant business information to these parties when asked.

 

Myth #2 – As an entrepreneur, you’ll be able to decide what you should be paid.

Being the owner of your company allows you to dictate your personal income. But you should also remember that businesses need money to operate.

Before you begin your own business, you should calculate your profits to determine how much to pay yourself. While your company is new, you may have to get by with less money than you earned at your previous job.

 

Myth #3 – You’re too old to be a successful entrepreneur.

Mark Zuckerberg (19 when he founded Facebook; now 32 years old) is the exception, not the rule.

Consider this: the average age of successful entrepreneurs is 40, with at least 6-10 years of industry experience.

Kauffman Foundation research also proved that older entrepreneurs are statistically more likely to succeed than younger ones:

While a 20-year-old may have little more experience than going to classes, using their mobile apps, and pursuing their hobbies, a manager from a manufacturing company might recognize the need for new logistical software, or a technician in the energy industry might see the opportunity for a better ceramic filter. Source

 

Myth #4 – Entrepreneurship is the only chance you’ll have to get away from an annoying job.

Hating your job isn’t the best reason to start a business. It’s possible that you’re just stuck in an organization or work environment that you aren’t compatible with.

If you want to be an entrepreneur, ask yourself if you are genuinely passionate about the idea you’re considering. If you just want a bigger check, you could just consider looking for a different job.

business man designing a database plan on a screen

 

Myth #5 – You need to have a game-changing idea in order to be a successful entrepreneur.

Completely unique ideas are extremely rare in the startup world.

Most successful startups use existing technologies and add their own flavor to the mix.

 

Myth #6 – Successful entrepreneurs are reckless risk-takers.

Entrepreneurship isn’t a gambling arena. Most successful companies aren’t built on sheer luck. They thrive because their founders carefully considered their options and found opportunities that other people didn’t.

Successful entrepreneurs are great at weighing their bets — but they only do so when they know the odds are in their favor. They are able to make small, incremental bets while making sure that the business as a whole runs smoothly.

Successful entrepreneurs at a business conference together

If you’re considering the entrepreneurial path, take some time to question yourself beforehand. You could be looking at it the wrong way, and it will inevitably cause you problems in the long run.

If you’re just looking for an escape, maybe it isn’t the best idea to start your own business.

On the other hand, if you’re too scared because you think you need to be a superhuman to be an entrepreneur, you are mistaken and you might just need to get out there and stick your toe in the entrepreneurial pool.

 

Still Unsure About Starting Your Own Business?