We are back in Part Two of myths about entrepreneurs. Below, find ten more myths about entrepreneurs and why they are not true.
11) Entrepreneurs are Happier and More Fulfilled in Their Work
Entrepreneurs have to work exceptionally long hours and need to be responsible for others’ salaries when they employ people. Entrepreneurs have a tremendous amount of stress on their backs to meet the needs of their company, as well as the needs of their investors by certain deadlines. One can be happy as an entrepreneur, but it is no easy task being an entrepreneur.
12) Entrepreneurs Rarely Stay in One Job for Long
Entrepreneurs usually use their experience in corporate jobs to give them the edge they need in developing their own businesses. People will take years to learn certain business practices and skills in order to be able to lead others in their own businesses. This point relates to the point above, in that entrepreneurs are made not born. It takes time to learn all the business skills necessary to succeed in one’s own business.
13) Entrepreneurs are Always Their Own Boss
Because entrepreneurs have investors, investors can control how entrepreneurs spend their time. The investors are not entrepreneurs’ bosses, but they do have some control over the entrepreneur. This can provide the entrepreneur with much stress and pressure.
14) Venture Capitalists (VCs) are the Primary Source of Funding for Entrepreneurs
It is actually quite the opposite. Because VCs require a lot from an entrepreneur in order to invest in them, it is easier to use other sources of funding for a small business. Often, people will use bank loans, credit cards, government assistance, or crowdfunding.
15) Entrepreneurs Are Often Uncompromising and Misleading
Entrepreneurs need positive relationships in order to succeed. “The truly ruthless or deceptive entrepreneur will often alienate others and be forced to waste time and energy repairing relationships with employees, customers, and suppliers, or simply fail.” By working with people, and not against them, one will develop a business that has great values, mission, and vision. These types of businesses last and grow, instead of wither and die out.
16) Entrepreneurs Know How to Get Exactly What They Want, When They Want It
Entrepreneurs may see a gap in the market where a business could thrive, but often, they do not know how to make a business succeed in that niche. It often takes plenty of time with potential business partners and investors to figure out how to make a business successful with a strategy and steps to get there.
17) Entrepreneurs with Great Product and Services Automatically Succeed
If you do not know how to be an expert marketing agent, it is extremely difficult to get one’s product/services out there for others to partake in it. One needs to have someone who is skilled in marketing in order to have his/her products/services reach the right customers who will purchase them. On that note, it can be difficult to understand one’s demographics who will purchase these products and services. If one does not understand who would be able to purchase the products/services, let alone who would be interested in purchasing them, one’s products/services, no matter how great they are, will not make the company any money whatsoever.
18) Entrepreneurs Never Quit
Entrepreneurs quit their “day-job,” so to speak, as well as companies that do not work out. An entrepreneur is not going to stay with a business that isn’t going to be profitable. Sometimes people take on a business as a side project and it ends up turning into a full-time business. Other times, people spend all of their time in their start up and it goes nowhere. A successful entrepreneur will be able to see the difference between the two.
19) Entrepreneurs Create Something Completely New with Each New Business They Create
There is a quote that says, “There is nothing new under the sun.” Most of the time, a product/service is not truly new and patentable. A company is often successful when they are able to offer a product/service to the right niche of people at the right price. Many products/services can be offered in a different way than they are normally offered, and it can make the company successful. For example, offering food to people is nothing new. Offering gasoline to people is nothing new. When you combine the two (e.g., a gas station with a food store in the same parking lot connected to it) you have a hub for people to rest and refuel in numerous ways. People are much more likely to stop off at this kind of rest stop than one that has just gas or just food.
20) Men are Better Entrepreneurs than Women
As we put more distance on the times when women and men were not at all considered equals, we are able to more clearly see that women are just as talented and able as men are. Women are naturally good at building relationships with others. This actually puts them at an advantage over men. Men will more often use connections only to their benefit. Women do the exact opposite. They usually use connections to be mutually beneficial partnerships.
Entrepreneurs are by far not perfect, but they are often looked down upon for reasons that are just not valid. If you are thinking of becoming an entrepreneur, take a look at this article for your first steps. So, what do you think of entrepreneurs? What are your thoughts on this article? Do you disagree with any of them? Tweet me @MikusKins with your thoughts and questions!