E-Mything the Mark: 5 Myths About Entrepreneurship
Entrepreneurship comes with its fair share of fiction.
So you have a great business idea and you're thinking about taking the leap to start your own company. That's awesome! But before you hand in your two weeks' notice, it's important to understand some of the common myths about entrepreneurship. As a business consultant with years of experience advising new entrepreneurs and startups, I've noticed certain myths that repeat themselves. I want to share and unpack five common myths I frequently encounter so you can approach starting a business with realistic expectations.
Myth #1: Entrepreneurs are born, not made.
Reality: While some people may seem to have more of a natural aptitude for entrepreneurship, the skills required can be learned and developed over time. Yes, you need to have a certain risk tolerance and comfort with uncertainty. But the other critical skills like business planning, financial management, marketing, sales, leadership and more can all be honed through education, mentorship and experience. If you have the passion and work ethic, you can absolutely learn what it takes to be an entrepreneur.
Myth #2: Entrepreneurs get rich quick.
Reality: Building a successful business takes time. While you may hear stories of people striking it rich overnight, that is extremely rare. Most entrepreneurs work hard for years before achieving significant profitability. A 2020 study found that the average entrepreneur doesn't begin taking a salary for 3 years. Rather than expecting to get rich quick, be prepared for a marathon, not a sprint. With grit and perseverance, you can eventually build wealth - but it requires patience.
Myth #3: Funding is imperative to launch.
Reality: Thanks to digital tools, it's more possible than ever to launch an enterprise on a shoestring budget. You don't necessarily need significant upfront capital if you start small, validate your idea, and scale carefully over time. Many successful companies like MailChimp, Craigslist, and Airbnb started without venture capital. Don't let a lack of funding stop you from getting started. Begin developing your MVP (Minimum Viable Product) and connect with potential customers to test assumptions. You can worry about raising money later once you have traction.
Myth #4: You need a breakthrough idea no one has thought of.
Reality: While a novel idea can help you stand out, most successful founders don't begin with a sudden stroke of undiscovered genius. They identify an unmet market need and iterate on existing ideas. You don't necessarily need to reinvent the wheel. Look for gaps in your industry where you can provide a better solution. With grit and business savvy, you can find opportunities others have missed.
Myth #5: You should quit your day job immediately.
Reality: It takes time to validate your business concept and grow revenue, so don't quit prematurely. Trying to rapidly replace your full-time income adds unnecessary pressure. Most successful founders keep their day jobs in the beginning stages. Staying employed provides stability while you get your business off the ground. Once you have steady revenue and proof of concept, then you can focus fully on growing your startup.
The path of entrepreneurship is filled with challenges, but incredibly rewarding. By understanding common myths, you can move forward with your eyes wide open. With passion, tenacity, and thoughtful planning, you can turn your vision into reality.