You may have envisioned starting the business of your choice and being financially independent. You possess the zeal, ideas and drive to start off. But there are other essentials which need to be thoroughly considered to thrive as an entrepreneur.
There are many misconceptions which especially young aspiring entrepreneurs have about entrepreneurship which if not cleared will prove to be barriers to the success of a business.
Common Misconceptions of Young Entrepreneurs
1: Entrepreneurs are College Dropouts
Just because Bill Gates, Steve Jobs, Mark Zuckerberg are successful college dropouts, it does not essentially mean that every young entrepreneur needs to be a college dropout or that you’ll surely be successful even if you discontinue your education. Knowledge always empowers you and helps you in achieving the unachievable.
2: It’s easier to Make Money as an Entrepreneur as Compared to being an Employee
Youngsters usually feel that entrepreneurship will enable them to mint money in no time. If you are also going ahead with one such misconception, then you need to pause and give a second thought. It’s essential to understand that most business are not overnight successes. Even if you have the best business idea in the world, you may not start making easy money instantly. You’ll have to work with dedication at least for a duration of three to four years before you expect returns.
3: Entrepreneurship will give me More Freedom and Work-Life Balance
Another misconception of being an entrepreneur is that you’ll have leisure time to do the things as you want. But the fact is that as an entrepreneur you will be working long hours to build your business as it is your initiative. You have to work beyond time restraints to solve numerous complex issues which your business may encounter on a regular basis. At times you may have to sacrifice your personal time and work throughout the weekends too if essential.
4: I need to Quit my job to become an Entrepreneur
The other misconception is that you can quit your current job in order to fulfil your ambition. But the right thing to do would be to continue with your present job for financial stability and step into entrepreneurship as a part time venture.
As specified earlier you can’t expect huge returns to begin with. You need to give time for your venture to flourish. You job gives you the required financial support till the business starts giving you the expected returns. Though you may find this to be a little tough in the initial phase, you’ll get used to the juggling with time and can resign from your full time employment once your start-up is fully operational.
5: I will be my own Boss
To assume that you will be your own boss and you will not be answerable to anyone is the greatest misconception you can have. Though you will be owning the business you need to meet the requirements of your customers. So in short your customers will be your boss as you will get business as long as they are satisfied.
6: It’s essential to take Risks to Succeed in Business
This may be true but only to a certain extent. You do have to take risks once in a while but those have to be well calculated risks so that you are never at a great loss. So, it’s not essential to drain your entire bank account and take a wild risk dangling between uncertainties. You need to check out the thin line between “calculated risks” and “wild risks”.
7: The growth of your start-up depends more on your talent than on the business you choose
This is actually not true. The industry you choose to start your entrepreneurial debut with has a great impact on the outcome.
Thomas Edison, the man who invented the lightbulb was quoted as saying, “I never perfected an invention that I did not think about in terms of the service it might give others. I find out what the world needs, then I proceed to invent”.
So you first have to make sure that there’s need for your product or service before you take the leap.
To become a successful entrepreneur, clear all the misconceptions and believe in this quote,
“Entrepreneurs don’t become entrepreneurs to work less.
They become entrepreneurs to work harder.
They work longer hours and usually for a lot less money.
All to make their dream become a reality.”
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