When people think of what an “entrepreneur” is, there will usually be a variety of definitions. The perception of what an entrepreneur is will vary from person to person. As such, there are many misconceptions about entrepreneurs and what it means to be one. Here are some myths about entrepreneurship that need to be debunked:
Myth #1: All Work, No Play
One of the biggest misconceptions about entrepreneurs is that they are all work and no play. Contrary to popular belief, entrepreneurs do have a personal life outside of their professional pursuits. Although entrepreneurs can work grueling hours and have an unwavering commitment to what they do, they still have time for a personal life. The best part of entrepreneurship is being your own boss. As such, entrepreneurs schedule their own hours and master their time management skills to have the best of both worlds.
Myth #2: It’s All About the Money
Another major misconception about entrepreneurs is that they only care about making money and getting outrageously rich. While financial gain is of course a big motivation, entrepreneurs have other significant goals in mind as well. For many, it’s achieving a lifelong dream and having more freedom. Having a normal 9-5 job can have restrictions on when you can travel, have a family, or even something as simple as taking the day off. As an entrepreneur, there’s more freedom to make those decisions and you’ll be able to pursue your dreams.
Myth #3: All Their Ideas Are New and Innovative
Although most entrepreneurs would like you to think otherwise, not every idea they have is new or entirely innovative. Contrary to popular belief, great entrepreneurial pursuits don’t have to be founded on a unique idea. Many entrepreneurs find success in taking an existing idea and making their own business out of it. As long as the business does not infringe on the trademarks, patents, or intellectual property of someone else, it’s good to go. An entrepreneur can take an existing idea and find a creative way to either make it better or take it to the next level.
Myth #4: Entrepreneurship is For Anyone
To put it simply: entrepreneurship is not for everyone. Not everyone has the drive or motivation to build a business from the ground up. Not just to get the business started, but continue to find new ways for it to grow and remain successful. Even if a person had the financial resources and connections to get the business going, it takes a certain mentality to be an entrepreneur. The reality is that not everyone has this mentality or what it takes to be a successful entrepreneur.