As more and more people get into entrepreneurship with success on their minds, it is important to go into it with realistic expectations. Many of today’s successful entrepreneurs have failed in the past and have had to overcome many obstacles to get to their current level. With that in mind, here are 4 common misconceptions that are largely prevalent among budding minds today:
Entrepreneurship is about the Entrepreneur
This is a common misconception formed by the focus on entrepreneurs themselves in magazine covers and ads. In reality, once the entrepreneur creates a start-up, their concerns take a back seat to that of the organization’s. Entrepreneurs have to make tremendous sacrifices and always put the organization ahead of themselves.
Personal Financial stability
Entrepreneurs are seen as successful people with million dollar companies. However, it is important to remember that for every success story, there are hundreds more that were failures. Financial gains and stability can never be an entrepreneur’s top priorities as nothing is guaranteed. More traditional career paths are recommended for those looking for financial security.
Everyone knows someone that has worked for a start-up with a funky office and great policies. What most people don’t realize is that before the fancy office, there was a single room or a small garage, where the business was originally started. Most entrepreneurs don’t get successful for years after they begin. Immediate success is a myth that needs to be debunked.
Many entrepreneurs start companies with the sole purpose of flipping it for big profit. This is a rarity – there is a reason why every company that is sold out for millions makes the news, it’s because it does not happen everyday. The years of frustrations and slow growth that are necessary for success, demand commitment that is greater than the idea of flipping it.
In the end, a vast majority of entrepreneurs fail as they overestimated profits and underestimated effort and commitment. Myths are prevalent in every career but they can be deadly for entrepreneurs.