3 Common Misconceptions about Starting a Business


Entrepreneurship - This is one word everyone thinks they know of but, only a select few really get. The one thing people often quickly realize? Being a real entrepreneur isn't all that glamorous. It's not easy in any way. It's nothing you'll see in a movie/show.
It takes genuine ingenuity, inspiration, planning & hard work. All of this topped off with passion. It's cool to say you're an entrepreneur, but most people don't get beyond that stage. Many think that being an entrepreneur is all about setting your own schedule, becoming rich beyond imagination & never having to listen to a boss ever again. Here are the common misconception about starting a business you should be aware of -
You will Only Need a Good Idea to be Successful - Yes, a great idea is the foundation of a profitable and sustainable business most times. But do keep in mind that even the best ideas can end up failing if they are not supported properly.
Great ideas are fantastic but the execution of them is by far more important than the idea. Quite fascinatingly, a lot of times, mediocre ideas turn out to be extremely profitable when executed properly. Please note that there are no million brilliant ideas, but just a million brilliant executions.
Entrepreneurship is an Easy Way to Get Rich - This commonly goes right along with the misconception that all you need is a great idea. Entrepreneurship can be understood by some, as a wealth-building process, if the variables involved line up to help with success.
But the money that stands to be made cannot be made the focus/thought as ‘easy money’ because it usually takes a lot of dedicated time and effort before entrepreneurs reap hard-earned fruits of their labour.
Entrepreneurs who are solely driven by profit are way more likely to fail at their venture and entrepreneurs who do succeed are focused on adding value to the world. They wish to make a difference in people’s lives by satisfying their inherent needs.
You will Work Less Hours - The truth about business/entrepreneurship is that it does require long hours of work, a ton of patience, and hard work (especially during the early phases) This is one of the downsides of entrepreneurship.
Unlike, when you're still an employee, you're now in charge of the overall whole business, of aspects like - financial management, marketing, customer service, products or service improvements through research and development, and many others. All of these require intense persistence.
So as you can see, being a newbie entrepreneur is far from a cakewalk. It has its fair share of challenges, which not everyone is able to face. So be under no wrong impressions before jumping into the world of entrepreneurship.
These were just a few of the common misconceptions about being an entrepreneur/business owner. There are a lot more of them & busting them is necessary to give a clearer picture to people looking to start a new business.
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