Entrepreneurs are those who innovate and take calculated risks to cater to the unaddressed demand of consumers. They are creative and usually work in unorthodox ways. Entrepreneurs belong to the cliquish group of who unfetter from the stereotypes. The restriction and benchmarks that are set by the society we live in can become very confining. There are no fixed frameworks for success therefore, its indispensable to extricate ourselves from social conformity.The stimulation of change regarding the increased inclination towards business in future is prompted by the entrepreneurial avidity. And to support this change, we need to break away from the common myths mentioned below:
- Entrepreneurs are genetically predisposed to be one
To debunk this myths, lets start from the basic. If we talk about the word itself, it is derivation of the French word ‘Entreprendre’ which means ‘to undertake’, ‘to pursue opportunities’, or ‘to fulfill needs and wants through innovation and starring businesses’. Entrepreneurs posses qualities that can be gained by undergoing proper training or by acquiring relevant experience in the field. The most essential characteristics of entrepreneurs are being imaginative, risk-takers, organizational skills and having sense of social responsibility. So, it is quite evident that these qualities are not restricted to being innate and can be obtained in anytime, anywhere in life. You can become an entrepreneur if you grasp the requisite skills. Various researches have also fortify the fact that nobody is born to be an entrepreneur but everybody have the capabilities to become one.
Entrepreneurs are Gamblers
Entrepreneurialism have famously been associated with taking high risks like gambling away. Riskiness involved in an entrepreneurial startup has always been blown out of proportion. As Webster’s International Dictionary defines an entrepreneur as ‘an organizer of an economic venture, especially one who organizes, owns, manages, and assumes the risk of a business’, risk is inherent part of entrepreneurship. Evidently, there is always going to be some sort of risk involved in an entrepreneurial adventure but they rarely act without investigating the risks involved and creating some innovative ways to eradicate or minimize them. In reality, they are moderate risk-takers. There is always some sort of unique advantage an entrepreneur have in their venture and can influence the outcome. As the famous saying goes “without risk, there is no reward”, taking risk is inevitable when starting a new venture. Taking a leap of faith is critical and is also very motivating when you know that odds are in your favor.
If you don’t want to assume the complete risks of the business, there is always an option of partnership. Of course, the profit will be distributed as well but the uncertainty and risk is also divided. Successful entrepreneurs always take calculated and managed risks backed with motivation and assuming responsibility.
- Entrepreneurs are predominantly influenced by Money
In reality, entrepreneurs are seldom motivated by money. Monetary rewards have never been the main motive of triumphant entrepreneurs and in all likelihood will never be. They follow their passion and fully commit in building their business. Wealth is the consequence of the hard work they do for what they believe in. Although it is naive to think that entrepreneurs don’t seek financial gains but it is rarely the case. Entrepreneurs conviction and enthusiasm regarding their entrepreneurial start-up is conveyed to the stakeholders and soon builds a good reputation of business.
When the goal is just to generate more and more money, it narrows the long-term perspective and impede good decision making. This, in turn hurts the business credibility and challenge stability. One set up unrealistic goals of becoming wealthy overnight. Entrepreneurship is a journey, not a shortcut to get rich. Therefore, some entrepreneurs warn about distraction that pursuit of money can cause. New start-ups generally take one-to-three years to become profitable. And until then, its a strive to survive with break-even.
Entrepreneurs don’t just start splurging money once the business has taken off. They are more focused on making the business more financially stable and on the path to growth. Its about making sound decisions regarding re-investment of money or paying off liabilities. With this approach, there are very few chances of burnout as you become more patient.
Entrepreneurship is path of the young
There is no golden rule about the age when it comes to becoming an entrepreneur. We often associate entrepreneurship with youth but on the contrary, successful entrepreneurs are usually middle aged and beyond.The qualities that are deemed as strength in the industry are directly associated with age. Investors adduce that mature entrepreneurs with more experience and good performance history come across more robust. Normally, with age comes wisdom as Oscar Wilde stated.
The only typical thing about entrepreneurs is that they are not typical. Successful entrepreneurship cuts across all ages. Research also upends the myth of successful entrepreneurs being young people. As a matter of fact, age has a direct relationship with the entrepreneurial odds of success. Statistics have also shown that there were more entrepreneurial activities in the 55-64 age cohort over the last decade. Some factors that are more in favor of older entrepreneurs are:
- With age, they develop a better network ofprofessionals increasing business support.
- They have more substantial support from family andsocial circle, which motivate them to propel through the wearing initial stag
- They are more competition-orientedand don’t shy away from taking risks.
We need to redraft the popular narrative of entrepreneurs mostly being young to utilize the untapped potential. In conclusion, becoming an entrepreneur is dependent upon an individual’s personal choice with the surrounding environment and life experiences; not the conventional myths.