9 Common Entrepreneurship Myths You Should Know

Entrepreneurship myths are under focus in this article, with the target being new entrepreneurs not knowledgeable about the subject.

In your entrepreneurship journey, you’re likely to come across different myths or untruths about the role, which, in some cases, may derail your desire to reach your objective.

The problem with entrepreneurship myths is that they undermine confidence and lead to unrealistic expectations. There’s also the discouragement from such misinformation and the presentation of an overly simplistic view of success.

Famous Entrepreneur Myths

To avoid falling into the pitfalls of entrepreneurship myths, you’ll need to know what these are.

The most common of these myths include the claims of the need to know everything. Others have the common phrase that entrepreneurs are high-risk takers and are born and not made.

Still, on common entrepreneurship myths, there are claims that you can start a business with no money and also that you can outsource all aspects of your business operation.

Another myth is that entrepreneurship is only for a particular class of people or that you need venture capital to start.

You may have heard other myths like entrepreneurs are loners & introverts or that entrepreneurs must be tech-savvy.

There are also misconceptions that entrepreneurs are mainly motivated to get rich and that they (entrepreneurs) give no attention to their personal lives.

i. Entrepreneurs Must Know Everything

In entrepreneurship, it’s common to hear myths about the need to be all-knowledgeable.

We must state that this is far from the truth as there’s no such thing as being all-knowing about the business world to succeed.

However, we must state the need to be in a constant state of learning as the entrepreneurship landscape will throw a lot of challenges your way.

All that’s needed for business success is having the right mindset to surmount any obstacles.

ii. Entrepreneurs Must be High-Risk Takers

Do entrepreneurs need to be high-risk takers? Not exactly! While entrepreneurship in itself is a risky undertaking, entrepreneurs are never high-risk takers.

Instead, they make strategic decisions known to result in favorable outcomes. In other words, entrepreneurship is only ventured into when the odds are advantageous.

That is why detailed assessment and strategizing are necessary among entrepreneurs as they determine risk exposure and viability. As such, entrepreneurs will mostly go for the most favorable scenarios.

This debunks the myth that they’re high-risk takers.

iii. Entrepreneurs are Born, Not Made

You might have heard of claims about entrepreneurs being born and not made. This is purely a myth, as anyone can learn entrepreneurship skills.

That is why MBA programs and entrepreneurship courses aim to teach these skills at different levels.

So, if you have any future entrepreneurship plans, find encouragement because entrepreneurs aren’t born but made. You can get all the knowledge you need by enrolling in any training program of your choice.

An investment in knowledge would pay handsome returns.

iv. You Can Start a Business with Absolutely No Money

Can one start a business with absolutely no money?

It depends on whether you want to use other people’s money or wish to start a business with low startup cost requirements. Either of these will require some funding.

However, starting a business with no money at all isn’t realistic.

There are fundamental skills like web design, writing, photography, and the likes you might have that can be leveraged to start a business without funding.

However, for your business to have a professional feel, you’ll need a website to market the business. This will cost you money.

v. You can Outsource All Aspects of your Business Operation

The allure of claims about outsourcing all aspects of your business operation can be misleading. A functional business operation doesn’t work this way as it can cost a lot.

Most new businesses can’t afford such expenses.

As a business owner, you must understand how the business works; total outsourcing won’t give you such experience. At best, you’ll have to outsource only essential tasks while handling the rest.

In a nutshell, this is a misconception you should ignore.

vi. Entrepreneurship is Only for a Certain Class of People

With a growing portrayal of entrepreneurship being a preserve of a specific category of people (such as the young, tech-savvy, or persons with high IQ, etc.), the reality is quite different.

People, irrespective of age, race, interests, etc., can establish and run successful businesses.

Such assumptions about entrepreneurship being for a specific class of people are false. If you’re drawn to start a business, all you must do is give it your best shot.

You have every chance of succeeding as long as you try.

vii. You Need Venture Capital to Get Started

Applying for funding isn’t an easy undertaking, as it requires diligence on your part and a compelling business idea that will capture the attention of investors.

The percentages of businesses getting private investment aren’t insufficient to prioritize this.

With this option out of the way, you should consider other creative ways of financing your business idea. You don’t need venture capital to get started as an entrepreneur.

Explore different funding options, as there are many.

viii. Entrepreneurs are Loners & Introverts

Are entrepreneurs loners & introverts? This is a myth; no specific personality type suits entrepreneurship.

At the early stages of the business, when the idea is being hatched, a business owner might go over their vision to come up with something worthwhile.

There’s a stage such an entrepreneur will need to share ideas with others to assess the concept’s viability. This claim is a misconception you’ll have to discard.

ix. Entrepreneurs Must Be Tech-Savvy

It’s not entirely true that an entrepreneur must be tech-savvy. This claim will largely depend on the area you’re most interested in starting a business.

For some tech businesses, being tech-savvy is a necessity. Outside of that, there’s no need to be tech-savvy, as you can hire experts for specific fields.

These are entrepreneurship myths commonly bandied around which mustn’t be taken seriously.

If you have any plans of starting a business, give it a shot by researching about it to learn what the requirements are before taking concrete steps towards its actualization.