The 15 myths of entrepreneurship

These days a lot is said and written about entrepreneurship, and there is much encouragement towards it too. Poles have always considered themselves to be a resourceful and creative nation. They have bravely overcome the stupidity of the times of the Communist system in Poland, but they are not managing so well nowadays. The challenges of the contemporary market require a conscientious approach to the process of building and developing new or existing businesses. Success awaits those who are prepared for failure and want to learn from it.

At the beginning of the 90s, Babson College as the first of its kind, began training in entrepreneurship. In addition to the valuable knowledge of finance, marketing, etc. it demonstrated the myths of entrepreneurship, where ignorance causes some people never to set up their own business, even though their skills and personality traits are suitable, and those who do establish one go bankrupt within the first 3 years of operation.

If you’ve always worked for someone else, you can reel off fantasies about what it would be like to be your own boss. Setting up a company and working for yourself has many advantages, but if you choose this path, you will encounter a few surprises, traps and myths. It is worth knowing them so as not to be stuck in illusions and not ‘die on the battlefield’ by your own ignorance and lack of basic information. Here they are:

1. Anyone can be an entrepreneur.
For many entrepreneurs starting a business, it seems that it is the genuine truth. However, as in life, success mainly favours those who are well prepared. Anyone can start their own small business but the trick is to remain on the competitive market and develop the business so that investors can achieve their objectives.

2. You are born an entrepreneur.
If you want to manage a really big business, having the right set of talents is necessary. However, in the case of the smaller businesses, you become an entrepreneur through the gaining experience, contacts, learning from your own mistakes as well as those of others, in other words through constant development.

3. You need money to develop your business.
In many cases small initial starting capital is favourable for the undertaking because it forces people to management resources better. In this case we remind ourselves of our contacts instead of buying expensive furniture or a car, for example. We get the opportunity of having the satisfaction and respect for money.

4. You need to dedicate the whole of your time in order to develop your business.
Those who have too much time, often have no motivation to get started. Many thriving businesses arose ‘after hours’. If you really care about it, you’ll be able to manage time better and delegate tasks to others and then rapidly develop the business.

5. I’m not smart enough.
Success in business does not depend on having a high IQ. Many entrepreneurs did not complete their education. What matters is perseverance, consistency in fulfilling your dreams and benefitting from the wisdom of those around you. If you gloat, you will not gain any respect among employees.

6. I’m not creative enough.
Notice how many people usually begin by copying other people’s ideas. As your business grows, customers, competitors and friends within your network will sometimes pass you on some interesting ideas.

business man busy and hard working concept

7. The economy is slack, so it’s not a good time for new businesses.
Such situations pose a great opportunity for new businesses, because big companies look for cheaper suppliers and many companies were founded during a recession. It is also a cheap opportunity to attract talented employees from the market.

8. I do not have sufficient experience to successfully run a business.
Businesses constantly work under pressure due to the lack of sufficient information, as well as the right solutions and business models. Many of those who have achieved spectacular successes, began without any experience and after a few setbacks learned how to cope in business.

9. I am afraid of failure.
You know that most entrepreneurs are faced with defeat in a short period of time, but those who draw conclusions from it in the longer term are successful. If you make mistakes, it means that you learn and you have a chance to grow and not stagnate – use it!

10. What matters is a great product.
Those are the thoughts of many seekers of the Holy Grail. In today’s world the advantage resulting from the introduction of an innovative product on the market is not there for too long because great ideas are quickly copied. What counts primarily is the proper management of the company and knowledge of the market.

11. Entrepreneurs are risk takers.
That’s how they can be perceived by the normal man in the street. By learning from more experienced entrepreneurs, they quickly discover that they can divide the risk into smaller pieces and can manage it.

12. Entrepreneurs are their own bosses.
This is a relatively naive belief guided by many a novice in business. In fact, entrepreneurs must count on many people such as vendors, investors, employees, family members, customers. Nobody is lonely island.

13. Businesses are working longer and harder.
Working for themselves and doing what they like. do not count as hours salaried workers. However, there is no conclusive evidence of this thesis. Some really behave in this way, others do not. This largely depends on how you set your priorities as you delegate and account for the task.

14. Entrepreneurs operate in immense stress.
Not at all more than managers in corporations. However, they have a greater sense of agency and fulfillment, thanks to which they better cope with stress and as a result are healthier.

15. Starting a business is risky and usually ends in failure.
Like many workers who change jobs every few years, business owners can look for their place in the market, transforming existing or starting a new business. Sometimes they return on time, sometimes they close one business and then open another one with partners. That’s life! Experienced entrepreneurs temper in the heat of defeats and thus they prepare themselves for success, which is usually the reward for persevering.