5 Common Myths about Entrepreneurship

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So, you want to quit the ‘corporate jungle’ and become the next Mark Zuckerberg? Before you decide to become your own boss it is important to realize that running a business may be completely different than you think. In fact many myths have arisen around the subject and these might affect your decision about jumping on the entrepreneurial bandwagon. Here are a few of these myths:

Myth No 1: You need a unique and innovative idea

One of the most common myths is that you need a truly unique and innovative business idea in order to succeed. Many people come up with great ideas and then they become instantly discouraged when they find out that similar businesses already exist. But the fact is that with over 7 billion people worldwide there is always a market for at least a few companies in each niche.

Just think about it – how many cafés are there in your city? How many online marketing agencies can you find on Google? How many kebab shops are there in Egypt? Yet the majority of them generate at least enough cash to provide a living for the owner and his employees.

Myth No 2: If you work hard enough you will achieve success

There is a common misconception that those who work hard achieve success. The fact is that working hard alone is not enough and doesn’t guarantee anything – it is important to work hard, but it is even more important to work smart. What does that mean? Use your resources wisely – focus on the most important aspects of your business. Don’t try to make everything perfect from day one – instead, launch your product or service early and improve it as you go.

Myth No 3: Being your own boss means more free time and less work.

If you think that you will be able to work less and have a lot of free time when you run your business – you are wrong!

In fact, you will probably have much less time compared to regular employment. Your clients will become your boss, and you can forget about paid holidays. Entrepreneurship is definitely not for lazy people and unfortunately there are no shortcuts.

Myth No 4: You need a large network of connections

Although a good network of connections can be helpful, it is definitely not crucial in order to set up and run a successful venture. In fact, historically some of the biggest and most prosperous companies in the USA were set up by first generation immigrants from all over the world. These people were typically very poorly connected, but they were extremely ambitious and determined.

Myth No 5: A great product guarantees success

Very often you will hear that if your product is good enough you will be successful. The fact is that it doesn’t have to be great – it is more important that your product sells well. In fact there are millions of products that are not good at all, but they are successful due to other factors, such as price, current fashion or lack of competitors.

So, do your research and before you spend all your time polishing your product or service, find out if there is an actual demand for it.

Do you know any other entrepreneurship myths? Share them with us in the comment section and don’t forget to subscribe to StartupPandas on Youtube.

About StartupPandas

StartupPandas focuses on promoting entrepreneurship, work-from-home, freelancing and startups. We are part of VideoPandas.com, a leading explainer video production and animation studio.

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