5 Myths about becoming an Entrepreneur

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We Indians really like to dream big. We simply want to spread our wings and touch the skies. However, most of our dreams are often put on ice due to certain misconceptions or myths. Myths can be defined as the ideas or belief that are usually false. The dream of becoming an entrepreneur is also often crushed with certain myths that prevail in our society. Of all the things that you hear about entrepreneurship, make sure not to believe these few mentioned below. Because, these all  are big Myths!

1. Entrepreneurship lies in blood:

It is normally believed that a person whose forefathers have flourished in the business world, will too do well in this field. However this is a complete myth. There are also plenty of successful entrepreneurs who leave the corporate world and a traditional 9-to-5 life to become successful entrepreneurs. You just need the guts to take the leap and the tenacity to battle through ups and downs until you accomplish what you set out to do.

Dhiru Bhai Ambani: His father was a school teacher and had nothing to do with entrepreneurship. But this didn’t stop him from trying his hand in the world of business.

2. You need lots of money to build your startup:

It’s just not a bad thing to have huge amounts of capital to start your business, but it’s not a necessity too. You can always raise capital for your startup. There are a lot of ways of getting funded. Even if you don’t have lots of cash, you can start small to rise big. So, just don’t worry because there are so many investors ready to place their bets on you.

Related: How to raise capital for your startup

3. Your idea should be completely new:

Having a unique idea is good but it also needs to be something that can be easily accepted by the masses. However you can always choose to go with an older idea which has some glitches or tweaks. Look at Uber, for example. Taxis have been around forever and are something that our culture uses day in and day out. Uber didn’t reinvent transportation; it simply made transportation more convenient.

Related: New Business ideas for entrepreneurs

4. Entrepreneurs have to be gamblers:

Being an entrepreneur doesn’t have to mirror a night of betting on red or black at the roulette table. Map out your plan so you are completely comfortable with your risk level. If that means continuing to work your 9-to-5 gig while working on your business in the evening, so be it.

5. You should have a lot of connections:

Do connections and “who you know” help? Of course they do, but don’t let a lack of business contacts prevent you from pursuing your entrepreneurial dreams. Contacts alone aren’t going to equal success — a lazy entrepreneur with contacts is going to get beaten every time by someone with a better work ethic, regardless of those connections.

 

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