The press makes plenty of reports about entrepreneurs. Some might be true, many are not. Listed here are the five myths about becoming an entrepreneur.
Myth #1: Entrepreneurs only worry about earning money
Lots of people think entrepreneurs do the things they’re doing strictly your money can buy, which taking risks is about entrepreneur’s personal reward.
While anxiety about poverty or utilization of money like a scorecard might have some relevance – and you will find, obviously, some entrepreneurs focused mainly on financial profits – generally, money isn’t the ultimate motivator for almost all entrepreneurs.
Many effective entrepreneurs don’t live a deluxe lifestyles that reflect their financial success. Their motives are frequently much more about ego and emotion. For many entrepreneurs, money is simply a method to keep score.
Money is another method of doing bigger and much more exciting deals. The excitement of challenge, the motivation of the break through, and also the risks involved have much more capacity to motivate the entrepreneurial spirit than money.
Myth #2: Winning means someone else is losing
This attitude causes it to be appear such as the only possible results of a company deal would be to get one side win and yet another side lose. The resulting final point here is zero. This really is sometimes known as the “zero-sum game.”
Entrepreneurs are creative and expansionary thinkers. Instead of accepting a zero-sum result, and, resistant to the myth that the entrepreneur’s success comes at the fee for others, entrepreneurs frequently try to find techniques that each side can win.
Myth #3: The higher the risk, the higher the reward
This myth is definitely forwarded to youthful entrepreneurs as economic gospel. The theoretical relationship between risk and reward is coincidental at the best, after which only in a few instances.
Risk is really a relative concept. Everything else being equal, real risks are modified by understanding, experience, effort, passion, and unforeseen conditions. Applying understanding to the investment can alter the danger profile.
Essential in thinking about risks, thought of risks is frequently not the same as reality. What one individual views high-risk may be from another’s perspective a sure factor. Who then can tell what’s dangerous or perhaps a great reward?
Myth #4: Being an entrepreneur, you will get wealthy quick
Have you ever heard of individuals dotcom millionaires? Online, it sure appeared like people got wealthy overnight. But remember that things frequently appear simpler compared to what they are.
It might appear for you that entrepreneurs made the vast amounts, but are you aware that there are numerous effort before he earned it. Think hard about just as one entrepreneur, if you feel you will get wealthy quick.
Myth #5: A great strategic business plan may be the entrepreneur’s critical roadmap to success
Vc’s frequently make strategic business plans the important thing criteria in deciding if you should fund new companies. Business educators frequently discuss strategic business plans like the Scriptures of economic success. The idea would be that the more and better complete the strategic business plan, the greater the company goes. This can be a myth.