For many, the American dream is to start their own business. It means being your own boss and having the ability to be self-reliant. Unfortunately, dreams are often dashed before they even get off the ground because leaving everything you know and becoming an entrepreneur is scary.
Popular misconceptions about starting your own business don’t help either.
Don’t let misconceptions keep you from becoming an entrepreneur. Learn the truth about these four misconceptions and you just may be inspired to go for your dreams after all.
You Have to Have a Lot of Startup Cash
This misconception cannot only be found in the world of business, it can also be found in people’s everyday lives. The idea is that you have to have a lot of money to do what you want. As an entrepreneur, it means having a lot of money to get started.
The truth is, you can do just as much with a lot less than you think. It’s true in the world of penny stocks, and it’s true in the world of entrepreneurship. Plenty of people started working on their idea part-time in their basement and became just as successful, if not more so, than the people who got started with a lot of money.
You Have to Know the Right People
It’s true that knowing the right people can be helpful to any business venture, but that doesn’t mean it’s absolutely vital to your success. There are plenty of other things that are more important including:
- Having one good mentor is better than all the business connections in the world
- Passion for what you’re doing enables you to continue even when the going gets tough
- Ingenuity will help you find creative solutions to complex problems
You Have to Take Huge Risks
You’ve probably heard stories of people who sold it all just to get enough money to start their business. These stories may be glamorous, but they aren’t the only stories out there.
Plenty of people start their business in the basement after they get home from their regular job. You don’t have to take a huge risk just to get your business off the ground. Start small and see where it goes.
If Your Idea Fails, Entrepreneurship Is No Longer an Option
It’s easy to get discouraged when you fail, but don’t let one setback get in the way of your success.
The truth is, most entrepreneurs fail over and over again before they’re successful. As a matter of fact, JK Rowling herself was rejected dozens of times before she finally got her book published.
If your idea fails, it doesn’t have to spell the end. Tweak it or come up with a brand-new idea. A true entrepreneur doesn’t stop trying until they know they’ve done everything they possibly can to make their ideas work.
Don’t let what you think you know about becoming an entrepreneur get in the way of actually becoming one. Break through all these misconceptions and you’ll pave an easier road to success.