6 Common Misconceptions About Entrepreneurship

6 Common Misconceptions About Entrepreneurship

October 5, 2022

What are the common misconceptions about entrepreneurship?

  1. Entrepreneurs are born, not made
  2. Entrepreneurs have unlimited freedom 
  3. Entrepreneurs’ success is from a great idea
  4. Entrepreneurs are the boss
  5. Entrepreneurship is the simplest way to get rich
  6. Entrepreneurship is for everyone

Entrepreneurship has been aligned to many assumptions and misconceptions that eventually influence aspiring ones. Because of those misconceptions, many people’s opinions, ideologies (and even mindsets) about entering this profession are often far from the truth!

So in this blog, we will highlight and address the six most common misconceptions about entrepreneurship to help positively change the perceptions of many, while also discouraging any aspiring entrepreneurs reading this article from romanticizing the profession. Read on to learn more! 

Entrepreneurs are born, not made

This statement is simply not true. In reality, it takes a huge effort, risk, and the right mindset to become a great entrepreneur. Entrepreneurs are exposed to trials and errors, and different challenges and they start by talking to professionals or peers and then sign up for mentoring. Therefore, being an entrepreneur is a choice, and one that requires you to give a lot of willpower and dedication to succeed in.

Entrepreneurs have unlimited freedom 

While being an entrepreneur does mean being your own boss, it does not mean you’re allowed to break all the rules! If anything, you have a lot more rules to follow, simply because you’re the leader and have to take care of your employees and your business.

Yes, you can terminate the 9-5 workday if you want to, but do not forget that you need to focus on growing and protecting your business. That means that entrepreneurs often sacrifice a lot of their personal time, and even work long hours, contrary to popular belief.

Entrepreneurs’ success is from a great idea

Entrepreneurs’ success is from a great idea

Truth be told, every success starts with a great idea. But as many entrepreneurs have confessed, a great idea is nothing without consistent action. Can you imagine having a great idea, but you lack support and execution? It’s hard! That means entrepreneurship is not just about a million ideas, but also a million hours spent strategizing and attempting executions.

Entrepreneurs are the boss

Entrepreneurs are the boss

Entrepreneurs are indeed the boss in the office, but many have misunderstood its context. Fortunately, entrepreneurs are also dependent on their employees because they have to keep them happy and satisfied for the sake of the company. Also, entrepreneurs need to entertain their clients since they are the asset of the company and without clients, their business will not profit, grow, and work.

Entrepreneurship is the simplest way to get rich

Unfortunately, everyone perceives entrepreneurs as rich people without acknowledging their sacrifices before they finally earn. Entrepreneurship can help you establish a good wealth building, but it also means you know how to balance it, or else you’ll lose your business profit. That’s why even though an entrepreneur is already successful, they still approach their coaches to keep their minds (and finances) on the right path. 

Entrepreneurship is for everyone

Everyone can aspire to become an entrepreneur, but only some have self-discipline, self-respect, and the capacity to lead and follow. It’s not merely about having the experience, but the willingness or grit to become a successful entrepreneur. And sometimes, the idea that everyone can be an entrepreneur is inspiring, but it also causes pressure on some.

Key Takeaway

There’s nothing wrong with aspiring to become a successful entrepreneur, but you should also know how to break the common misconceptions about entrepreneurship in your mind to avoid unnecessary hopes and ideas. Doing this keeps you on the right track of entrepreneurship without your mind, and gives you a more realistic view on what it takes to be an entrepreneur.

If you have further questions about entrepreneurship and everything it entails, send me a message. You can also read my other blogs to learn more about entrepreneurship.