Debunking5PopularMythsAboutEntrepreneurship
3outof5peopleinIndiathinkaboutsettinguptheirownbusinessorventureintheirentire life.AccordingtotheRandstadWorkmonitorsurvey,83%oftheIndianworkforcewouldlike tobeanentrepreneur,higherthantheglobalaverageof53%.
Thismeansthateveryindividualseemsinterestedinentrepreneurshiponceinalifetimedue toitsvariousbenefits.However,therearecertainideasandnotionsthatmaydiscourage peoplefrombeginningthisempoweringjourneyofentrepreneurship.
Here,inthisarticle,wearedebunkingthosemythsaboutentrepreneurshipthatpeople actuallybelievedsofar Ifyoucomeacrossanyofthemythsorifthisarticlechangesyour perspectiveaboutentrepreneurship,donothesitatetomentionitinthecommentsection below
MythsAboutEntrepreneurship
● Myth–#1:Entrepreneurshipdoesn’tprovidework-lifebalance
● Myth–#2:Entrepreneurshiprequireshugefunding
● Myth–#3:Entrepreneurshipcomeswithhighrisks
● Myth–#4:Entrepreneurshipeitherendsupwithflourishmentorfailure
● Myth–#5:Entrepreneurshipisabornquality
Myth–#1:Entrepreneurshipdoesn’tprovidework-lifebalance
Oneofthemostpopularmythsaboutentrepreneurshipisentrepreneursdon’tgettimefor theirfriends,family,andleisureactivities.Peopleoftenthinkthatentrepreneurshipisa24*7 jobwhichmeans,anentrepreneurhastoworkmorethananaverageemployeetoachieve theirdreams.
Tosomeextent,it’struethatsettingupyourownventurerequireshardwork,commitment anddedication.However,it’salsotruethatentrepreneurscaneasilymaintainawork-life
balance.Todoso,theyneedtomastertimemanagementskills.
Ifyoucancreateaproperroutineforyourself,youwouldn’tfaceanyhurdlesinmanaging yourprofessionallifeandpersonallife.
Manycorporatemanagersandexecutivesalsoworkbeyond40hoursaweek.Therefore, entrepreneursdon’thaveapersonallifeisamyth.Thebestwaytomaintainabalanceis ‘TimeControl’.
Myth–#2:Entrepreneurshiprequireshugefunding
Peopleoftenthinkthatiftheywanttostartabusiness,theyhavetohaveapileofcash.Toget greatfunding,theywillhavetowheelanddealwithinvestors,capitalists,andmore. However,thisisnotalltrue.
Youcanstartabusinesswithyourownmoneytoo.Allyouneedtohaveisanideaand motivation.Ifyouhaveagoodbusinessidea,youcaneasilywininvestorsorifyouwantto startsmall,youcaneveninvestyourmoneyaswell.
Careercounsellingisanever-greenfield.Ifyoudon’twanttostartwithhavingabig organization,youcanstartwithasmallbusiness.Youcanworkfromhome.Startcounselling students/parentswithsocialmediapromotion.Whenyouthink,youhaveenoughmoneyand experience,buildabiggerorganizationandappointstafftoo.
Myth–#3:Entrepreneurshipcomeswithhighrisks
Asperthedictionarydefinition,anentrepreneurisonewhoassumesbusinessrisks.Butwhat kindofrisks?Whatisthewholeideaofrisks?
Overaperiodoftime,thedefinitionofriskhasbeenchanging.Ifweseeclosely,everything isatrisk.However,inentrepreneurship,wehavegivenaseparatedefinitionofrisk.
Entrepreneurstakerisksattimes.But,it’snottruethattheyputthemselvesinhigh-risk situationsallthetime.Theydon’tnecessarilytakelotsofrisksallthetime.Entrepreneurs calculaterisks.Theydoacertainactionandcalculatetheconsequencesandaccordingly decideupontheirmove.Theyworkondecisionsthatarecalculated,data-driven,andpursued withteeth-grindingdetermination.
RecommendedRead:7Must-ReadBooksforEntrepreneurs
Myth–#4:Entrepreneurshipeitherendsupwithflourishmentorfailure
Therearemanycaseswhereyoufindanall-or-nothingoutlookonentrepreneurship.Theysay it’seitherheadortail.However,thereisalsoasituationwherethecoincouldstanddespite fallingonanyofthesides.
Thisalsohappensinentrepreneurship.Openingandstartingyourownbusinessdoesn’tmean thatyouwilleitherwinorlose.There’samidwaytoo.However,entrepreneursneedto understandthatit’simportanttobepatientandstrategicatthesametimetokeepthecompany afloat.Initially,theycanfalter,orhavelacklustregrowthratesatthestart,butgoingwiththe flowwillendupwithhealthygrowth.
Myth–#5:Entrepreneurshipisabornquality
Entrepreneursarebornandnotmade.Oneofthemostpopularmyths.Peoplebelievethat entrepreneurshipisnottheircupofteabecauseentrepreneursareborninthisway.However, it’snotatraitthatyoucaninheritfromyourparents.Thetruthisthatthisisaskillthat
everyonecandevelop.Eveninsomecollegesanduniversities,entrepreneurshipisbeing taught.Peoplecanreallydevelopthisqualityontheirown.Anyonecanbecomean entrepreneuriftheycanlearnthenecessaryskills.
Thesearesomedebunkedmythsaboutentrepreneurship.Readthesemisconceptions carefullyandtrytospreadawarenessaboutthemtoo.
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