Most Common Myths About Entrepreneurship

Starting a business is an idea that many people harbor, at least for a little while. However, significantly fewer people chase that idea and turn it into something real. Why is this? For some people, it's the lack of time (or motivation). For others, they let the fear drive them back.

The truth is that there are hundreds, if not thousands, of different myths surrounding entrepreneurship. Many myths and misconceptions discourage people from giving entrepreneurship a real shot. With that in mind, here are some of the most common myths and why they're wrong.

Myth: Entrepreneurs Don't Have Time for a Personal Life

You can thank popular media for this myth. There is this belief that entrepreneurs are so wrapped up in running their businesses that they don't have time for a personal life. This, simply put, isn't true. Yes, some people may go overboard with their work, but this is true for every industry. There will always be exceptions to the rule.

Successful entrepreneurs understand the need for a work/life balance. You can't be working 24/7 and expect to be putting out your best every day. You need time to recharge and do things you love, including with friends and family. In other words, don't ever let anyone tell you that you need to give up your personal life in exchange for success. It isn't worth it, and it certainly isn't a requirement.

Myth: Entrepreneurs Are Born, Not Made

Another common misconception is the belief that entrepreneurs are born with something special, something that enables them to succeed where others fail. Once again, this isn't true. New entrepreneurs enter the field every day. They weren't born entrepreneurs; they took the time to improve their skills and become the person they needed to be.

No inherent talent or trait makes one person more successful than others. Every quality and skill utilized in entrepreneurship can be worked upon and improved, no matter what people may think.

Myth: Entrepreneurs Always Take High Risks

Entrepreneurship and risk-taking are intrinsically linked, but the public view of these risks can get skewed. Yes, starting a business will always be a risk, as there's no way to know how successful it will be until you try.

However, this doesn't mean that all entrepreneurs relish taking high risks. In most cases, every risk has been carefully weighed and calculated. Not every risk will be worth pursuing, and every entrepreneur will have a line they won't cross.

Myth: Entrepreneurs Are Only Interested in Money

There are a million different reasons a person may start a business, and they aren't all connected to monetary concerns. For example, an entrepreneur may be following a passion or the need to create something new. Or they could be trying to create lasting change in the world.

If you were to sit down and ask a dozen different entrepreneurs why they started a business, the odds are that financial stability wouldn't be the first item listed. More likely, fulfilling a dream would come up. Others would likely say they're trying to improve their self-worth.

Myth: Entrepreneurs Must Know Everything in their Field

Most entrepreneurs will indeed have to wear many hats while establishing a business. After all, they are in charge of founding the company, including coming up with the idea and establishing its policies.

However, this does not mean they know everything about running a business. Most likely, they will be forced to learn as they go. As far as knowing their industry is concerned, that is also a learning process. Time and research will make it appear that they know everything, but they know the relevant information required for their business. Remember that many entrepreneurs may also consider hiring experts to help them make informed decisions about the business.