4 Entrepreneurship Myths You Must Debunk.

12 Jun 2022

Source: Unsplash.com

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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