Here we will elaborate you the 10 myths of entrepreneurship and Why Not Believe Them.
Among the meanings of the word “myth” is the idea of a thing or person that does not exist, but that is supposed to be real. In fact, when it comes to entrepreneurship, myths become limiting beliefs that paralyze and cause fear of failure.
1. Entrepreneurs always have great ideas, which usually come out of nowhere
No, this is false. This belief is limiting, as it prevents simple ideas from leaving the paper. We often know people who don’t start their own business because they don’t believe in the potential of a project. But for an idea to work, it doesn’t have to be unique or innovative. So this is not a necessity to be an entrepreneur.
Remember that part of new businesses does not require great innovations or high technology. Retail is a good example. So, to be a successful entrepreneur, it takes a lot more than a good idea.
Also, using an existing concept to create your company is neither prohibited nor illegal, much less unethical. Provided that the trademarks, patents and the intellectual property of another person or business are respected.
Another myth that needs to be deconstructed when it comes to entrepreneurship: ideas don’t come out of nowhere, like an insight in the middle of the night. In fact, they need to be cut with commitment and hard work. Being creative is important, of course. But it’s not a requirement.
2. Entrepreneurs don’t get stressed about small things
It would be ideal, but it is not always possible. Entrepreneurs often spend time completing projects, delivering demands, meeting deadlines, controlling payments, among other actions.
In reality, entrepreneuring usually brings a certain level of stress, as it is common for the entrepreneur to get involved in all the inherent activities of management. However, entrepreneurs are not more stressed than any other professional.
Therefore, it is normal for symptoms to be part of an entrepreneur’s routine, as long as the disease does not affect productivity and health.
3. If the entrepreneur fails once, he will always fail
This statement is quite common among entrepreneurship myths. However, it falls apart when we know the trajectory of great entrepreneurs. In this context, many only achieved success after many attempts and most failed at some point.
Defeat is one of the greatest fears of those who decide to bet on their own business. But it is important to understand that failure is a possible consequence for those taking risks. Thus, with determination, persistence and planning, adversities can be overcome.
Furthermore, it is not because the business failed the first time that it cannot be resumed. So, work your mind to accept failure and, if it does, minimize the damage, learn from mistakes, and don’t give up.
4. Entrepreneurs never give up, never lose focus and have no social life
In the previous myth, we advise you never to give up. This tip is valid for the whole, so that the entrepreneur doesn’t give up on the dream. But giving up a step when something doesn’t go as planned can even be beneficial to the business. Therefore, not persisting in the error can be vital to success.
Furthermore, it is false to claim that entrepreneurs do not lose focus. In reality, distractions that hinder task performance are common. On the other hand, experts say that small distractions are beneficial, especially for activating creativity.
Also, self-awareness is critical to identifying the need for a break when productivity is low. Distractions also include setting aside time for personal life, as entrepreneurship does not mean working 24 hours, 365 days a year.
In fact, you need to set aside time for family and friends, for health care, and for leisure activities. Take advantage of being your own boss to organize your day. For that, there are a multitude of tools that help to maintain focus and optimize time management .
In that case, stick to a schedule and do one thing at a time, don’t be multitasking. Set specific times to check and respond to emails, prioritize the most important actions, silence your phone to focus, and cut down on social media usage.
These are simple actions that will bring much more focus, productivity and free time to your personal life. The same social principle applies to leisure, since they are fundamental to relax the body and mind, such as practicing physical activity, reading a book or watching a movie, in addition to going out to dinner or simply dedicating to leisure.
These moments are invigorating and necessary to maintain well-being and productivity at work.
5. Entrepreneurs are always young
Among the entrepreneurship myths, the theme of age is recurrent, as many people believe that only young people dare to start their own business. But when it comes to entrepreneurship, this is not a limitation and should not be used as an excuse. Dissatisfaction with your current job, open mind and resources are enough to get started.
To illustrate that this is not a determinant, the average age of an entrepreneur in the United States is 40 years. In the UK, it is 47. Generally, life experience counts for a lot and is an advantage.
Thus, facts that support the idea of age are not an obstacle. Furthermore, the energy required to run an enterprise is not related to youth. Even experts say that maturity would be a positive factor to undertake.
6. To be an entrepreneur you need a lot of money
Having money is important to building a business. But financial resources alone are no guarantee of success or permanence in the market. Often, the initial contribution of an entrepreneur is small and he needs to look for funding sources.
In fact, it is very common for low-income people and communities to start a small business with only a minimal investment. Thus, with time and consistent work, they are able to prosper, generating income sustainably to expand their business.
Therefore, it is a myth to believe that a lot of money is needed to be an entrepreneur. In fact, the necessary money is neither unattainable nor an impediment to the dream of entrepreneurship. So, for starters, have a minimal investment that includes working capital to organize your finances.
7. Entrepreneurship in Brazil is not beneficial to anyone
You may have already heard that entrepreneurship in Brazil is difficult. Still, there are countless obstacles that discourage and make many people give up on the dream. In this sense, high tax burden, lack of credit stimulus and high competition are some factors.
In addition, Brazilian entrepreneurs still need to deal with bureaucracy and limitations to manage the company. Therefore, the scenario in the country does present some difficulties.
However, entrepreneurship in Brazil has some encouraging particularities, for example:
- culturally, there is a large workforce;
- Brazilians want to generate jobs and leave a legacy;
- the national market is needy and has tradition;
- Brazilians have an entrepreneurial soul and a taste for challenges, they are flexible and not afraid to take risks;
- we like to have autonomy to work.
On the other hand, despite the bureaucracy, in recent years, governments have created incentive policies, such as the Individual Micro-entrepreneur Law, Simples and, more recently, the Startup Brazil program.
These actions help to encourage the emergence of new entrepreneurs, who will create more jobs and solutions, increasing tax collection and gaining more support from public authorities.
8. Entrepreneurs must have a course and academic training
This is perhaps one of the most widespread entrepreneurship myths. Many people believe that only those who have the technical or academic training to do so can undertake. Also, you don’t need to study business to have a successful company.
Of course, formal education helps, but it is neither a requirement nor a sign of success. So much so that, in the United States, most entrepreneurs do not have a university degree. Data are from a survey by CNBC/SurveyMonkey Small Business.
Therefore, not having a degree is not an impediment to being an entrepreneur. On the other hand, having some knowledge about management is always positive, as successful companies are not made with just a creative idea and some money to invest.
So, if you have the opportunity, try to study the market, gain experience and gain knowledge about finance to manage your cash flow well, for example.
Also, develop a good business plan to help with key tasks, devise a marketing strategy , and understand financial management. Investing in training in these areas can be useful, especially if you are a beginning entrepreneur.
So, owner or collaborator, it doesn’t matter, there are entrepreneurial employees and entrepreneurs who don’t know how to undertake. Therefore, it is essential that organizations make room for good ideas and make room for those professionals who have an entrepreneurial profile.
Finally, observe the employee with initiative, self-motivation and the ability to sell and lead people, whether customers or the work team.
9. Entrepreneurship is genetic and passes from parent to child
Another big myth. Nobody is born an entrepreneur and this characteristic is not a gift given as a family heirloom. Even if a person has a large company as a cradle, this condition does not guarantee success in business.
But the opposite also happens, that is, a successful businessman can emerge in a family without any connection to the business. The JSA Advising , for example, who advises companies, released the following data on family organizations for generation in the United States:
- 30% of companies survived to the second generation;
- 12% survived to the third generation;
- only 3% of organizations survived to the fourth generation.
The question is to know why these entrepreneurs failed to run family businesses. In general, they didn’t have an appropriate succession plan or didn’t work hard enough to be successful like their predecessors.
So keep in mind that entrepreneurs are not heroes, nor are they born ready. Most people develop an entrepreneurial profile, as every human being can learn and improve skills.
10. To be an entrepreneur, you must always say “yes” to customers
In the eagerness to serve the clientele with all their needs, many good entrepreneurs lose credibility when they are unable to honor their commitments. Therefore, believing that saying yes to the customer is an obligation is one of the myths of entrepreneurship.
Understand that to maintain a business for the long term, it will not always be possible to serve the greatest number of people. Remember that delivering a quality product or service is a sine quo non for every company.
To undertake cautiously, it is important to recognize the organization’s limitations. If she can only produce 1000 items a month, she shouldn’t accept a contract to manufacture 1200 items. Of course, the delivery will not take place.
At first, the entrepreneur will think he is losing money, when, in fact, he is preserving his good relationship with the clientele and the company’s reputation in the market.
So, know that saying yes to the customer is not always a good thing to do. Keep in mind that he is not your only “boss”, as the entrepreneur is not an independent professional. In fact, it answers many people: investors, partners, suppliers, creditors, employees, family, among others.
As we have seen, there are many myths about entrepreneurship. But they are there, being propagated as truths that the entrepreneur needs to deal with, in addition to all the business pressure and adversity along the way.