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Too many people (especially young people) always have the wrong ideas of what entrepreneurship truly entails. And most times, these untrue conceptions often drive a lot into becoming entrepreneurs. What are the common misconceptions about entrepreneurship that can be unlearned?
I’d say one of the biggest misunderstanding people have concerning entrepreneurship is you don’t have a boss. Being your own boss is rather difficult. It seems like an easy thing but it actually takes quite a bit of self discipline to get out there and hit the road running. Plus you have other bosses, these are investors. Anybody who is willing to bring an investment into your idea and help it come to fruition wants to know the progress. There, you have customers. Let’s face it; entrepreneurs do not work for themselves. Customers are your bread and butter, and they are some of the most difficult bosses around. The good thing about your customers is you can choose them. At first as an entrepreneur it’s easy to try and please everyone but this doesn’t work – you’ll eventually realize that the money to be made is in niche markets with loyal customers who do not consume all your time. They buy, are pleased, and come back time and time again, and they tell others about you. It’s hard; but it is also rewarding. Having the ability to bring your own idea to fruition and to see the concept develop into an actual physical product is quite fulfilling.
The desire for freedom, especially financial freedom and pursuit of happiness often make a lot of people loose interest in their 9-5 jobs, and they turn to entrepreneurship. Most times, when people decide to be entrepreneurs, they’ve seen someone close to them (either a friend or family member) who appears to be doing well in their personal business(es). Then, they decide to going to the one man business too. Unfortunately, most of the reasons that make people delve into entrepreneurship are just misunderstandings, mere misconceptions. Many people see entrepreneurship as an easy way to get rich, but often neglect the part of time dedication and effort before the business starts yielding. Entrepreneurs who are solely driven by profit are a lot more likely to fail. Entrepreneurs who do succeed are focused on adding value to the world; they want to make a difference in people’s lives by satisfying one or more of their innate needs. Another misconception is that entrepreneurs are their own bosses, hence they can do whatever they like. I’m sorry but this is is a lie. Entrepreneurs answer to a lot of people. Most times, you just see entrepreneurs at the surface, you don’t see the people funding their ideas. Bringing their ideas to life. They owe these set of investors the success of their business. The time you think entrepreneurs have, they put it back into their business. But y’all won’t see it because they’ve turned their brands into their hobby. That’s why when they work, they get so comfortable because they’re doing what they love. Not just anyone can become an entrepreneur, some people are not cut out for the tedious and risky path of entrepreneurship. That is why one should know one’s strength and stick to what’s best.