Being an entrepreneur is a dream coming true. There’s no boring office routine or bosses who tell you what to do and what not. You’re a free man, who can work from anywhere. Entrepreneurship means freedom.
However, are all of these things true?
The answer is No. These are just the common stereotypes people have about entrepreneurs and entrepreneurship. The reality is entirely different. In this post, we’ll talk about a couple of such stereotypes:
Common Stereotypes People Have When it Comes to Entrepreneurship
- Entrepreneurship is Easier than Doing a Job
This is one of the most common reasons people leave their regular job and start making plans to open their company. “I will be my own boss after becoming an entrepreneur,” they always think.
However, this isn’t the reality. Entrepreneurship is not a bed of roses. After starting a business, things only get more hectic as there are added responsibilities. You’ll have to manage your employees and ensure that they’re working properly while taking care of their needs. You have to handle clients as well.
Not only this, there’s tough competition out there. Most startups fail within 3 years of their inception. Given this, entrepreneurship isn’t an easy job but a tough nut to crack instead.
- Entrepreneurs Have Plenty of Relaxation Time
Amidst business trips, client meetings, and business expansion strategies you’ll hardly get time to relax. You’ll find yourself busy the whole day.
- It’s Idea Not Money that Matters in Entrepreneurship
Who cares for money? Our idea is so impressive that investors will come around following us.
Many entrepreneurship have this response when asked about financial support, which is not right. Both money and unique ideas play an equally important roles in thriving your business. You can’t succeed without either. The sooner you realise this, more you’ll be at advantage.
- Taking Risks is Mandatory in Entrepreneurship
Have you watched Horrible Bosses 2? In this movie, 3 friends start their business. After a while, they sign a deal with an investor, who cheats them at the last moment. Not only they lose all the money but also end up in $500,000 debt.
So, why did they fail?
They failed because of an unwise risk. While they should have signed a contract or kept some investment as a backup, they invested all their savings and even took a business loan. In the end, they had nothing but regrets.
There’s an important lesson to learn here. Making plans to expand your business is important. However, it’s not a good plan to risk your life-long earnings on it. There is a thin line between calculated risk and unwise risk. You shouldn’t violate it.
- People Grow Rich Overnight After Becoming Entrepreneurs
This is the misconception we’ve made up in our mind after watching movies and TV shows. However, the reality is entirely different. It takes years to establish a business, let alone making the profit.
So, if someone tells you that you’ll make it in Forbes’ Billionaire list within 2-3 years, don’t believe them. It will take a lot of time and efforts unless you have an idea that suddenly goes viral.
- Entrepreneurs Work All Night
This is not entirely true. Except for some entrepreneurs like Mark Zuckerberg and Elon Musk, others mostly prefer to follow regular work hours so that they can devote equal time to friends and family. There are even some who start working less after opening a business and start living a lavish lifestyle. There’s a term labeled for them called lifestyle entrepreneurs.
So, it all depends whether you want to be a lifestyle entrepreneur or continue working hard to make your business big.
- You can Grow Big Without Collaboration
A few years back, growing a business big wasn’t that difficult as there was less competition. However, doing so these days isn’t easy as there’s tough competition in the market. Hence, it’s important to collaborate with other enterprises to expand your reach.
This method is highly effective. Perhaps that’s the reason most enterprises are moving towards it. Even big companies like Microsoft and Sony are no exception.
Let’s hope that you’ll restrain yourself from believing in these entrepreneurship misconceptions and start your business with a more realistic approach.
