4 Entrepreneurship Myths You Must Debunk.

12 Jun 2022

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The media is largely responsible for perpetuating many misconceptions surrounding business ownership and startup. Although some of these are true, most are clearly not true. The following is a list of the five most common myths:

Myth 1
Entrepreneurs pursue financial gain and nothing else.
A lot of people have the misconception that entrepreneurs are only in it for money. There are those who pursue their goals solely for the sake of accumulating wealth, but for the vast majority of individuals, monetary success is not the be-all and end-all of their lives. Although this statement is partially accurate, it is important to note that this is not always the case.

See also: Five Steps to Building Your Blockchain Project.

Myth 2
An Entrepreneur's gain is someone else's loss.
People frequently talk about achieving success in business at the expense of another person. What they imply is that if an entrepreneur is successful, it is at the expense of someone else in some part of the world. It would appear from this that every economic transaction must necessarily involve a victorious and a defeated party. The term "zero-sum game" has also been used to refer to this scenario.

This is not true. Entrepreneurs are creative thinkers. They frequently try to find a middle ground to avoid engaging in a game with a 'zero-sum' outcome. This is done in the hopes that all parties can leave the negotiation table satisfied. 

 Myth 3
Greater risks equal greater rewards.
Contrary to popular belief, greater risk doesn't always translate to greater rewards. The link between risk and return is intricate and cannot be limited to a single, overarching statement of any kind.

Both the 'risk' and 'reward' phrases should be vetted through the lens of information, experience, wisdom, hard work, and perseverance. Taking risks in business has a serious impact so much that, if taken wrongly, it might not be recovered from.

Myth 4
Entrepreneurship is a fast way to get rich
The rise of "dotcom millionaires" may give the impression that becoming an entrepreneur is an easy way to get rich quickly, but you should keep in mind that nothing is ever as simple as it appears.
Entrepreneurs put significant labor into generating the ideas and products that make them wealthy.

Myth 4
An excellent business plan is all that is needed to become a successful Entrepreneur. 
A great business plan is only one factor that makes for a successful entrepreneur. So many others come into play, such as management of resources, availability of market, demand for the product, etc.

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You need a huge budget You don’t necessarily need millions of dollars or venture capital money to start a business. Ryan Holmes, the cofounder of Hootsuite, says,” When in doubt, bootstrap. Using your own personal resources is the easiest way to start a business. You don’t have to convince investors about the merits of your idea. You just have to convince yourself.” If you want to go beyond bootstrapping, there are many other possibilities.
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With the point for number 2: With the assumption that money in this world is generated at the expense of it's value (aka inflation) a gain in wealth from one party inevitably means there is a loss of wealth from another source, whether it be from an individual, group or company. With tax that goes to the government for any amount almost never gets distributed back to the ones who paid tax, any money that is 'new' to the world would have to be printed, and when that happens the value of the dollar decreases. I guess all in all, money is never created, only passed around. Similar to energy transfer, you can't make energy, but you can pass it along, but there is always a fractional percentage of it that gets lost along the way.
I'm so happy to see you dispel Myth #2. Entrepreneurship is not about taking; it is about creating!!
Great article! Debunking entrepreneurship myths is crucial for individuals who are looking to start their own businesses or invest in startups. These misconceptions can lead to false expectations and cause people to overlook potential opportunities. By shedding light on the reality of entrepreneurship, you are setting a solid foundation for aspiring entrepreneurs to make informed decisions. Keep up the good work!
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Well-noted points with clear and reasonable poins in article. Absolutely loved your contents. Apart from it, I want to share my opinion on it to. The main reasons why people gets myth on Entrepreneurs pursue financial gain and nothing else is due to : The media often portrays successful entrepreneurs as people who are solely focused on making money. This can create a perception that entrepreneurship is all about financial gain. Misunderstanding of motivation: While it is true that financial gain is often a motivator for entrepreneurs, it is rarely the only motivator. Many entrepreneurs are driven by a desire to solve a particular problem, create something new, or make a positive impact on society. Confirmation bias: People may have a tendency to remember and focus on stories of entrepreneurs who have made a lot of money, while ignoring those who prioritize other values. This can reinforce the idea that financial gain is the primary motivation for entrepreneurship.
I’m glad you included myth 3, it does not matter how much you put in or what risk you take. Like you stated, the link between risk and reward is intricate and often times are unpredictable.
I'm really impressed by such an amazing article
You presented your ideas and thoughts really well