5 Common Misconceptions About Entrepreneurship

Updated: Aug 31

People have different views on who entrepreneurs are and what makes them to be one. Below are the most common misconceptions about entrepreneurship.


1

It is in your DNA to become an entrepreneur. or

You have to come from a family of entrepreneurs to be successful.


Many people think that 'entrepreneurs are born, not made.' This kind of mentality can be looming for those who are not born from a family of entrepreneurs. In addition, associating entrepreneurial success to one's biology is a form of limiting your potentials.


Although it is true that entrepreneurship is not for everybody, certain traits are common among those who reach victory. It may include creativity, being a networker, being passionate, optimism, tenacity, resilience, and others. Many of these traits can be developed with the proper mindset, attitude and behavior.


Related Post: 10 Common Traits of Successful Entrepreneurs


Furthermore, business success can also be attributed to environmental factors, leadership and management experience, and some personal choices.


One advantage though of coming from a family of entrepreneurs is having the opportunity to be taught and trained how to become successful in business. Long time entrepreneurs have somehow experienced substantial bittersweet moments and have gained essential life lessons which they can pass on to the next generation.

2

Starting and running a business is like a gamble.


It is undeniable that opening and running your own business entails risks. The worst thing that could happen is you'd lose everything you invested. If you take too much risk specially in terms of money, then it is more likely you're gambling.


But business done with careful planning and moderate risk-taking behaviors do not define gambling.


Related Post: Reasons Businesses Fail



3

Businessmen are just after money.


Let's all admit it, we need money to live and perhaps it is the most common driving force why many employees want to quit their jobs and run their own business.


But money isn't the sole reason why entrepreneurs start a business. Other reasons may include:

  • to exercise control and to shape one's own future

  • to contribute to the society

  • be the best version of one's self

  • to be recognized

  • to make a living while having fun

Related Post: Benefits of Owning a Business

4

You can only start a business when you're young.


I have talked with so many people in their late 50s who said they would want to open their own business only if they were younger.


From this perspective, many actually believe that entrepreneurship is only for the young and energetic. They said they don't wan to risk their hard earned personal savings anymore and that they feel like it's already late for them to grow the business even if they're able to start it.


They also perceived they lack technological knowledge (compared to the younger generations) necessary to compete in today's business arena.


Age has nothing to do with business success. Just remember Colonel Harland Sanders who started the famous KFC in his 60s. There are many more successful entrepreneurs out there who did not let their old age stop them from reaching their dreams.


Older people are equipped with time-tested knowledge and wisdom which give them greater edge to prosper in business. Furthermore, the vast network that older people have established can make marketing an easier task.



5

Entrepreneurs work less hours.


The truth about business is that it requires long hours of work, patience, and hard work especially during its early phase. This is one of the downsides of owning a business.


Unlike when you're still an employee, you're now overall in charge of the whole business-- financial management, marketing, customer service, products or services improvements through research and development, and many others. All these tasks require tenacity.


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