There are particular ideas and notions about entrepreneurs that might discourage you from beginning your own business.
You are watching: Which of the following is not one of the five common myths about entrepreneurs?
These myths aren’t necessarily every true.
Furthermore, there are some theories about business owners that can encourage you to create a startup company.
Some the these room myths as well.
I want to clean up any type of misconceptions you could have around entrepreneurship.
We’ll go v the optimal 10 most typical myths about entrepreneurs.
The info I’ll offer you can aid you identify if you’re an employee or an entrepreneur.
There’s naught wrong with being an employee.
Personally, I uncover entrepreneurship more profitable – yet it’s no for everyone.
Being one entrepreneur bring away commitment.
Once you begin your business, the takes simply as much effort to keep up and running.
You’ll should learn different strategies like how to use connection marketing to attach with your customers.
If she on the fence about building a startup company, take it a watch at some of the myths and also misconceptions about entrepreneurs.
Then you have the right to make a more informed decision about your future.
Myth #1: business man don’t have a an individual life
Lots of people think that entrepreneurs job-related 24 hours a day, 365 job a year.
Working nonstop method that friend won’t have time for your family, friends, and leisure activities.
While the true that entrepreneurship deserve to take grueling hours and also commitment, that not true that girlfriend can’t have a an individual life.
Part of gift your own boss way that you can schedule her own hours – to some extent.
I’m not saying you can take time off whenever you want, but there’s still enough time for family and also social activities.
One the the tricks to being a effective entrepreneur is mastering your time administration skills.
If friend can create a appropriate working routine, friend won’t have trouble finding totally free time.
Sure, it deserve to be overwhelming as soon as you have actually 100 points on your to-do list that require to obtain done.
But you can’t do every little thing at once – you can only perform one thing at a time.
Stick to her schedule.
Don’t worry around tasks the you’re not concentrating on at the exact moment.
Entrepreneurs should limit multitasking.
Multitasking to reduce productivity.
So, how do you limit multitasking and also increase productivity?Schedule specific times to check and answer emailsPrioritize your to-do listPut your phone ~ above silentGet turn off social media (for an individual use)
These space a couple of tips to acquire started.
Answering calls and emails when you’re working on a task is no an efficient use of her time.
Instead, pole to her to-do list.
Make sure you’re functioning on the most crucial tasks first.
Don’t waste time on society media – uneven of course, it’s organization related.
You shouldn’t be uploading old photos of you yourself from high school or holidays photos from last winter come your an individual social media pages while you’re on the job.
Get earlier to work.
Entrepreneurs who have the right to master their time management skills will have plenty that time because that a an individual life.
Myth #2: businessman take many risks
Entrepreneurs take risks.
With the said, they don’t necessarily take lots of dangers or placed themselves in high-risk instances all the time.
Are over there risks linked with beginning and to run your very own business?
Entrepreneurs learn just how to take it calculated risks.
It’s all about balancing the risk and also reward.
You won’t have much luck obtaining high return if you’re not willing to take some risks.
If there weren’t any risk – everybody would certainly be doing it.
Entrepreneurs aren’t gamblers. Gambling implies there’s lucky involved.
Sure – business man may have some an excellent or earlier luck end time.
But ultimately, you can’t rely on happy to run your business.
Learn from your mistakes.
Sometimes you’ll take it a risk that no pay off.
It’s bound to happen.
Not every idea will be a home run.
The vital to persevering v mistakes is through limiting her initial risk.
You can’t take it a risk that will placed your agency out of company if the fails.
So, correct – business man take some risks.
But they’re not gamblers. They take calculated risks.
Myth #3: Entrepreneurs are only urged by money
Would entrepreneurs begin a company if castle couldn’t generate a profit?
I doubt it.
However, financial acquire is no the only an inspiration for little business owners.
It’s not even first on the list.
Achieving a lifelong dream is the main an inspiration for entrepreneurs.
Financial stability is second on the list.
Being financially stable means that she comfortable and able to do ends meet.
It no necessarily average you’re filthy rich and also buying Ferraris.
Money is absolutely a motivator, yet it’s not as important to entrepreneurs as human being assume.
Interestingly enough, the lot of money you have can affect how happy friend are.
These number contradict the saying, “Money can not buy happiness.”
So you can’t fault business man who have actually a financial motivation.
There are plenty of other incentives to beginning your own service as well.
Entrepreneurs have flexibility and control.
Earlier we disputed how you might have a an excellent personal life if you discover to use monitoring skills.
Your hours can be flexible, and also you have manage over her life and also decisions.
You likewise don’t have to answer come anyone other than for yourself.
Leaving a legacy is an additional motivational aspect for entrepreneurs.
Their company is something that deserve to last also after they happen away.
It’s additionally something they can leave behind for your families and also future generations.
Entrepreneurs are also motivated by freedom.
People have restricted freedom in their jobs.
75% of workers don’t think their bosses store the team motivated.
The absence of motivation in their current job deserve to inspire people to leave and become an entrepreneur.
Money is not the just driving force in this decision.
Myth #4: Entrepreneurs raise money from venture capitalists
Not all entrepreneurs advanced money from undertaking capitalists.
So where do people get accumulation to start a company?
Let’s take a look at the top capital sources.
Venture funding money is on the list, but an individual loans, credit, friends, and family much outweigh the venture capitalist funding.
If you want to be a successful entrepreneur, you need to put up your very own money.
You can’t guarantee ~ above securing her finances native banks, point of view investors, or VCs.
This relates earlier to what we disputed earlier around risk-taking.
Yes – entrepreneurs take risks.
Risking your own money is part of being an entrepreneur.
Based ~ above the number above, you may also be risking money raised by your family and friends.
This isn’t necessarily a negative thing.
Sure, friend don’t desire to let yourself down.
But that extra an inspiration when you room responsible because that repaying fan to your loved ones.
How much money do you have to raise to begin a business?
It depends on the industry.
Starting a business may take much less money than you think.
Let’s take a look in ~ some popular companies.
Hewlett Packard is worth end 30 billion dollars today.
They started with much less than $600.
Obviously, this is one anomaly.
I’m not saying you have the right to turn $600 right into a multi-billion-dollar corporation.
I am saying that you have the right to raise sufficient money between your personal savings, credit, and also loans from household to gain your startup off the ground.
You don’t need to secure funding from undertaking capitalists.
Myth #5: businessman have great ideas
Some human being may no attempt to start their own business because they don’t have a distinctive idea.
You don’t must reinvent the wheel to it is in an entrepreneur.
There’s naught wrong with taking an currently idea and making your own company out the it.
As lengthy as you’re no infringing on anyone else’s trademarks, patents, or intellectual property – the fine.
Let’s look in ~ an example.
I’m certain you’re familiar with Uber and also Lyft.
Uber to be founded in 2009.
Lyft launched in 2012.
These two businesses are much more or less the same.
Are the founders of Lyft no entrepreneurs?
Of food they are.
Just due to the fact that they used an existing principle to produce their company, doesn’t readjust anything.
You don’t need a new idea to be an entrepreneur.
How countless pizza shops space in your city?
Those restaurant owners didn’t create a brand-new concept when they determined to market pizza.
With that in mind, learning how to generate ideas can still aid your business.
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Once you obtain started, you’ll want to come up with an imaginative marketing methods to prosper your business.