There are a lot of myths out there about entrepreneurship. Most people believe that becoming an entrepreneur instantly puts you on the track of success. Such perceptions are unrealistic. Here are five most common myths that are worth examining if you are planing to start a business.
1. Become rich overnight.
This is not true. Any successful entrepreneur can tell you that starting a business is not a direct ticket to financial success. Most of the entrepreneurs fail in less than two years after starting out. One should be mentally prepared to expect zero profits during first few years.
2.Be your own boss.
You may be your own boss, but great powers bring great responsibilities. Even when you are in a business you have to submit to the requirements of your clients.You are held accountable to your partners and stakeholders.In your own business, every wrong decision results in serious consequences that you requires your time and dedication.
3.More freedom and work-life balance.
As an entrepreneur, there are always going to be multiple tasks that require your attention. In the first few years, you will have to work for more than 50 hours a week to ensure success. You will work longer than an average corporate employee. You must take care of your health and personal problems. A strict schedule and discipline will be necessary and it will be difficult to work according to your own convenience.
4.Instant recognition and success.
In order to succeed, your idea should be innovative and trend-setting.It will take time for the market to accept your ideas.You will have to meet new people and make connections.You will have to market your product and services.It is hard to achieve the sales growth projections that your investors may look for. You will begin to receive recognition only when you acquire sufficient customer base.
5.Entrepreneurs are bold risk takers.
It is true that entrepreneurship is closely linked with risk taking but you must prefer situations in which taking risk has a notable impact on the outcome. You can reduce the chances of risk by choosing best business ideas. Passion will help you go through hard times when risks seem overwhelming. Your passion can help you cross any river that may get in the way of your success.