Myths vs. Reality of Entrepreneurship

Failure always exists as a variable quotient but no statistical number can ever guarantee a success rate

Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

The world is seeing a rise in the number of entrepreneurs and people taking charge of their own aspirations. With any such upward trend, there are also endless presumptions and notions that get established in time as parameters of success. Aspirants very often become soft targets of these "myths' predicted by generalists. The world is recorded to have approximately 582 million entrepreneurs, out of which only half managed to defy all odds and succeed. The fallouts are usually a result of trying to follow the circulating standards, which completely defy the scope of innovation which is at the essential core of successful entrepreneurship.


Here are some myths that came along an entrepreneurial journey

Myth No. 1: Entrepreneurs are Essentially Inventors

Many aspirations die in the bud due to the existence of this perceived prerequisite. Entrepreneurship is often confused with the invention, where it's taken as a condition to be able to tangibly invent an app, system, product or a new equation in order to create market value. For example, the way Ola/Uber disrupted travel and Airbnb/Oyo Rooms disrupted hotel stays.

Reality: Entrepreneurs are Ideators

Entrepreneurship is a phenomenal journey which is flagged off with something as basic and simple as an idea. Entrepreneurs arise from an existing gap, and the right idea to fill that gap. Once the idea stands out as disruptive, innovation and invention automatically fall in line. Work it up to the top before someone else works on it to build an empire.

Myth No. 2: Entrepreneurs are Mainly Motivated by Money

While money is the big game, it definitely isn't the end game. Money making makes for a very narrow viewpoint for those who certainly wish to establish a business. There are a larger passion and a bigger purpose that every budding entrepreneur holds or must hold onto than just making big bucks.

Reality: Entrepreneurs are Motivated by Passion

Most entrepreneurs believe in taking a risk and living life on the edge. They carry small phones but wider visions, live on bare necessities but live for huger possibilities. For any new business, the first few years are all about reaching a breakeven, profits become a part once execution is patiently handled and aimed for. Passion is the biggest motivation.

Myth No. 3: Entrepreneurs Have to be Risk-takers

A myth almost ingrained in the market almost believed to be a fact. Risk taking is more of an attitude when it comes to entrepreneurship. In the sea of bigger things, risk-taking is only one of the sailing boats. Very often many fierce risk takers fail due to the lack of ability to be risk avengers or that of being on the safe side of the spectrum at all times.

Reality: Entrepreneurs Have to be Challenge-takers

As an entrepreneur, all you need to be is a relentless challenger, which encompasses taking risks as well as avoiding them. To pose your idea as the distinguisher, all that you need is the attitude of a go-getter. The always prepared to face the adversity attitude should always come in play while facing obstacles, financial ups-downs and severe, cut-throat competition. Nothing is as strong as a strong will.

Myth No. 4: Entrepreneurs are Born

Where do we think they plan for the idea, while they develop in the womb? This is one of the biggest scandals of a myth, which makes thousands of people miss the chance of being the next big entrepreneur. Intelligence, high scores, family blood, none of these actually guarantees your ticket to the top.

Reality: Entrepreneurs are Made

Nothing begets dedication, will-power and courage. You aren't born an entrepreneur, you become one. The greatest entrepreneurs come from very average set-ups with almost no fortune in the bloodline. There will never be a shortcut to Hard work.

Myth No. 5: Entrepreneurship is Prone to High Failure

This myth represents every bit of anticipation and also hints of laziness. Those who are either too scared or are too engulfed in the future, often become prey to this myth in their present. Forbes once reported 90% of start-ups failed, and since then, this myth has grown to be an entrepreneurial law. Truth is spoken, start-ups fail due to lack of proper planning and execution. And if all your cards are well-timed, then this myth isn't strong enough to keep you from taking the leap.

Reality: Entrepreneurship is Prone to Performance

A service or a product, entrepreneurship is the only performance of both in the market. Failure always exists as a variable quotient but no statistical number can ever guarantee a success rate. As a dedicated and ambitious professional, your task is to only focus your energy in making your set-up perform, and when it heads a low point, not get scared but find resources to bring it back in the game.

Well, myths like these and many more keep on sprouting like weeds in the field of entrepreneurship. But the only and only reality to surpass them is to NOT believe in them. No myth or in fact reality can be bigger than your aim, and if this becomes your motto, you're the next on the top list.