Published in  
September 5, 2021

Debunking Myths About Entrepreneurs

Lots of people aspire to be entrepreneurs, the idea of financial stability and achieving a lifelong ambition can be very appealing. However, here are many myths about entrepreneurship that can be damaging, off-putting for aspiring small business owners and simply untrue. Here are a few of the most common myths about entrepreneurs debunked.

Entrepreneurs Never Quit

This is a very pervasive myth that can actually be quite damaging for entrepreneurs. Firstly, most entrepreneurs will have to quit a job so that they can begin their new venture, which is the first and most crucial example of entrepreneurs quitting. Then, an entrepreneur may have to quit the first (or first few) start-ups that they begin. Working hard and being determined, riding out the bad times and not being easily dissuaded are all important skills, but so is knowing when a venture simply will not be successful. It can take as much intelligence and grit to know when to stop as it does to know when to push through.

Entrepreneurs Are Born That Way

Some people believe that entrepreneurs are born to be entrepreneurs and that they have some kind of natural talent that is impossible to learn. The truth is, no one is born an entrepreneur. Of course there are some skills that people may naturally possess which make them more likely to want to become an entrepreneur such as creativity or innovation, but the skills required to create your own start-up can definitely be learned and honed throughout your life. This isn’t to say that you need to spend your whole life studying business and finance though, which leads us to our next myth.

Entrepreneurs Have All Extensively Studied Business

It is often a perception that entrepreneurs have qualifications in subjects such as business and finance, which allows them to be successful in the world of entrepreneurship but the truth of the matter is that you don’t need any formal qualifications in business to be an entrepreneur. If you are determined enough to learn the skills that are necessary for you to run a business, or you are able to outsource parts of the business, then that is all you need - no expensive degrees required! There are a huge amount of free resources available online and you shouldn't underestimate the value of simply asking people for a bit of guidance. If you are open and willing to learn then you don’t need to be a ‘natural’ entrepreneur or a business buff.

Entrepreneurs Get No Time To Themselves

Whilst this myth can be true to an extent, especially in the early days of a business, it definitely does not always have to be the case. One of the great aspects of being your own boss is that you can manage your own time, within reason of course. You never have to ask a boss for time off because you are the boss! Of course, being the boss comes with a lot of pressures, and you may have to put lots of hours of work in when you first start your business, but if you focus on time management and learn to delegate tasks, then finding time for yourself will become a lot easier. For example, try making to-do lists and prioritising things that need to be done, or setting aside a specific time for you to check emails and make phone calls.

Entrepreneurs Are Big Risk Takers

Although starting your own business can come with risk, it doesn’t mean that entrepreneurs are big risk takers or gamblers. Gambling implies being lucky, and you may benefit from some good luck, but you cannot just rely on luck to run a business. As with any business, you do need to take risks sometimes and being an entrepreneur can come with many risks, such as leaving your steady income for a brand new start-up. Entrepreneurs do take some risks, but these are calculated, thought out risks that will, hopefully, benefit their business. Huge risks that may significantly damage an entrepreneur’s business is certainly not the kind of risks that most entrepreneurs take.

Entrepreneurs Are Motivated By Financial Gain

Although earning money can definitely be a plus from owning your own business, most entrepreneurs do not start their own businesses just for financial gain. The main reason that people start their own businesses is for a feeling of personal achievement or to fulfill a lifelong dream. The second most cited reason for becoming an entrepreneur is to become financially stable, but it’s worth noting that this doesn't necessarily mean being incredibly rich, just being comfortable and consistently being able to make ends meet. There are lots of other bonuses to being an entrepreneur too, aside from financial stability and personal achievement. Being an entrepreneur means that you can work more flexible hours, giving you more control over your life. You also don’t have to answer to anyone other than yourself, which gives you even more freedom. Plus, you get to leave a legacy which future generations can continue to benefit from, long after your retirement.

Image by Artem Podrez