Entrepreneurship has become a hot trend. People around us are increasingly becoming interested in stepping into the world of entrepreneurship. It is true that the profession carries a fascinating prospect and it is nothing like any other kind of job on earth. You build something out of your own hands, putting in your hard work, potential, and sacrifices. You see it fail first, then set up, grow, and become profitable. It is a whole journey itself which becomes the most important thing in life for some individuals.
However, in our culture, there have been a vast array of myths associated with the prospect of entrepreneurship. These myths have led to misconceptions believed by people who end up making the wrong decisions. Since entrepreneurship has become a popular career choice, many of those who do not have any kind of experience or knowledge regarding it have given their views on it which are mostly not true.
If you want to steer clear from all kinds of misconceptions, then be wary of the following myths –
False perceptions: People are drawn towards entrepreneurship because they believe it is glamorous and fuels one’s social status. If the latter and former are one’s reasons to come on board the entrepreneurial platform, then it is far better to stay away from it. These aspects are true but to a minute extent which easily gets tarnished away as reality occurs. Entrepreneurship requires hard work. It can be mind-bending and involves unrelenting stress and challenges which need to be overcome first. Failure is a routine and success comes late.
Anyone can become an entrepreneur: Not everyone is fit for entrepreneurship just as not everyone can make a strong leader. Certain people carry distinctive qualities that allow them to be successful entrepreneurs. People may get some short term success, but in the long run, their actions and decisions are likely to keep them behind. It is essential to find out if you are even meant for it or not.
Only a certain category of industries are suited for entrepreneurship: Since a fraction of sectors is becoming famous with a rising number of entrepreneurs does not mean that other industries do not carry the same potential. There have been many diverse entrepreneurs in the world who are achieving great success. A good example remains Edward Parrish Whitaker IV, who is a top investment banker, investor, and entrepreneur. Whitaker started out on his entrepreneurial journey after success at Morgan Stanley. He is an expert at finance and advises people on how to raise funds through different channels. On an interesting note, he runs a company that prevents people from having hangovers. The company is called DrinkAde.
Entrepreneurship is all about making money: Accumulating wealth is not the only objective of entrepreneurs. These are brilliant minded people with high intellect, and money is not the priority for them. All that they do is give their absolute best in building something that extends a more significant influence on the world. Money does matter, but it is only a by-product, one of the results of what an entrepreneur intends to create.