Studies show that every 18 individuals globally own a business to chase entrepreneurship opportunities, while the rest in developing nations, kick-start a business out of necessity. No matter where you hail from or what motivation you have, you will benefit from entrepreneurship by learning new things about operating your business.
According to an article published on https://www.huffpost.com, there are numerous myths about entrepreneurship that needs to be busted. Operating a business is challenging, but then you need to be logical as well as collected to make your business successful.
Learning about the myths and debunking them will help you determine things that matter the most for your company to succeed. In this article, you will learn about the common misconceptions about entrepreneurship and understand why they are not true ideas.
Robert Trosten dispels the myth that entrepreneurs are born leaders
There is a common myth that entrepreneurs are born leaders and talent comes naturally to them. Then, the reality is that anyone can start a business and succeed if they know the rules of the game. All they need to do is master the required business knowledge and skills.
It is true indeed that some leaders adapt to the demands of entrepreneurship faster than others do, but there is no hard and fast rule that only certain individuals can become successful entrepreneurs. The business leaders are usually extroverts, introverts, visionary, and know how to implement their ideas to succeed. When it comes to entrepreneurship, the skills are learned. And, not some natural talent that one is born with, no matter whom.
Starting a business gives entrepreneurs the freedom
Do you believe that operating a business in these troubled times will give you freedom? No, it takes time, hard work, and much effort to grow your business so that you can make good money. The attraction of defying the traditional ways of working 40 hours every week draws young people. To the possibility of kick-starting their business. People discover that what they have left behind, meaning their old routine and creative constraints. They exchange these for new requirements.
However, when it comes to entrepreneurship, you will find more liberty in certain ways. But at the same time, entrepreneurship calls for much sacrifice too. When you have a business, clients, and employees to manage, your work will not end at six pm. On the contrary, you will need to stay awake for taking client calls late in the evening. Before you finally leave your office and head for your home. The road to entrepreneurship is not rosy but strewn with many challenges. Then, that does not mean that business leaders shy away from taking these challenges head-on and solve the problems.
Robert Trosten shuns another myth that entrepreneurs need one great idea
There is a misconception; entrepreneurs need a single good idea to succeed. Many Americans think that one outstanding notion or concept will make their business pop. Though the idea might not be false completely, it is certainly ambiguous. Even some of the best business ideas do not work and disturb an entire organization or industry. The ideas brainstormed needs proper implementation to succeed. Ideas, according to Robert Trosten, matter, but so does planning, leadership, strategy, talent, communication, and decision-making abilities.
Money is the sole motivating factor for your employees
Many believe that money is the sole motivational aspect for employees, which is not true. Recent studies indicate that the millennial generation is mostly employed in companies, and they would accept a little less salary than do a high-paid job that they do not like doing, or which does not relate to their skill sets and experience. Winning over this myth places a huge obligation on the corporate leader to build a business model that creates revenue and a company culture that believes in employee engagement.
Robert Trosten debunks the myth that entrepreneurs demonstrate risky behavior
If you are aspiring to become an entrepreneur and someone tells you that entrepreneurship is about exhibiting risky behavior, it is a big lie. It is true indeed that, business leaders take risks but that does not mean they display dicey behavior. On the contrary, they think of innovative ways to mitigate business risks and turn them into great opportunities. It calls for some planning and foresight.
Aggressiveness and a go-get attitude are beneficial for businesses when applied with smart strategies and intelligence, leading to success. Even if true leaders take huge risks in business, studies indicate that they have achieved success in their endeavors.
When it comes to successful leaders, they are aware of their mental energies and know how to direct such energies for the growth and expansion of their company. That is why, you will find that true entrepreneurs avoid smoking, and drink in moderation. They understand that discipline is the key to the success of their business.
Entrepreneurship is about growing rich faster
If you are planning to grow wealthy fast, entrepreneurship is not your cup of tea. That is because running a business calls for hard work, time, and effort to make money. It is no shortcut to growing rich in a few days. Though it is true business means making profits, the idea that business leaders only think of money and making some quick bucks, is a complete misconception.
If you are starting a new company, it will take at least 3-4 years to make a profit, and then, you’ll be considered as a successful entrepreneur if you make profits and pay your employee salary on time. If you are just breaking even, you still have a long way to go.
A successful leader will not buy things that he does not require immediately, like a swanky car, especially during the initial days. He may invest in a moderately priced vehicle. He can always buy a BMW once he is extremely rich, have many companies. To his ownership, and does not have any big debts in his business. A true entrepreneur will focus on growing his company that has a rock-solid financial base to survive. When the weather is rough. True leaders are strategic and patient in their approach.
Stay away from these myths if you want to build a successful business. These misconceptions will only misguide you. Therefore, believe in what is true to succeed.