Common Myths of Entrepreneurs / Entrepreneurship And How To Overcome

There are so many misconceptions or wrong understanding about the Entrepreneurship when people think about Entrepreneurship or want to become successful Entrepreneurs. But, In fact, all of these misconceptions are wrong.

Here we discuss some of the important misconceptions about Entrepreneurship and how to overcome these myths.

1. Entrepreneurs are Born and not Made

This myth about Entrepreneurs is that entrepreneurship is started by those people who are born by having entrepreneurship skills naturally. But it is not true. In fact, many entrepreneurs start the business after learning that they may become entrepreneurs and can Start Small Business Successfully and even can make big companies to start the business successfully. For Example, who don’t know about Bill Gates. He is successful entrepreneur of Microsoft Corporation. He emphasizes that yes it is okay you are poor but to die with remain poor is not good. Steve Jobs is another successful entrepreneur from Apple Inc. Company. There are other lots of successful Entrepreneurs around the world. So, this myth is totally wrong. However, all entrepreneurs can not become successful because they give up or carry on those businesses they are actually not interested in it.

2. Entrepreneurs are Gamblers

This myth is totally wrong because entrepreneurs always have moderate risk taking abilities. It means, they always match the expenses with the revenues they want to generate to carry on the business and earn reasonable profit out of profitable activities. The business owners always provide reserves for their losses. They calculate ratio analysis to get the estimated financial results of the business.

Small Business Owners carry on two to three businesses or carry on different products of line to minimize the possible loss. If for instance, there is decline in one business or product, the other business or products may provide better profits to the business.

3. Entrepreneurs are Primarily Motivated By Money

This conception is wrong as entrepreneurs are motivated by passion with suitable business ideas. Yes, the money was the primary sources of financing of the business, but the entrepreneurs want to establish the business for purpose of viable business and not necessarily for money making purposes.

Many businesses take time to run into profitable position from its start-up position. Most of them run in Break-Even Point i.e., No Profit, No Loss Position. There is get rich scheme. So, entrepreneurs are not primarily motivated by money.

4. Entrepreneurs should be Younger And Energetic

It is not true as most of the entrepreneurs may be energetic but due to lack of experience, maturity, skills, they can not gain success and do not attract potential investors to invest in the business of the company.

It is true that an entrepreneur should be energetic but mere energetic is not enough. There is alternative of experience. Businesses need experience, skills, passion suited to viable business ideas, past success stories to carry on the business successfully.

5. Entrepreneurs are Undisciplined or love the spotlight

It is not true that Entrepreneurs love the spotlight or they are too busy or crazy stuff. In fact, they are disciplined and utilize their resources specifically. They have proper time-table to work on it. Most of the entrepreneurs are less in news and avoid public because they are involved in their business in order to run it properly and successfully.

6. Entrepreneurs are Exceptional Ones

This myth is not true as mere good exceptional academic records or grades are not the sign of successful entrepreneurs. Because, the true entrepreneurs show fully focus on his / her interest / passion according to his / skills and it is totally wrong to say that since he / she has not good grades in college or university, he / she can not become a successful entrepreneur.

7.  Entrepreneurs are those who have Charismatic Personalities

This perception is totally wrong as any entrepreneur who has passion suitable to their business ideas, skills, etc, can become a successful entrepreneur.

So, these are the myths about Entrepreneurs or Entrepreneurship and steps should be taken to overcome these wrong perceptions in order to become a successful entrepreneur.