Top Five Myths about Entrepreneurship

This is what it takes to be an entrepreneur.

Except whatever wisdom is about to be imparted on you can vary widely depending on who’s sharing it.

What it means to be an entrepreneur is an experience that defies one definition — that's what makes our community so vibrant. But in a field so vast, myths can emerge that warp the perspective of what it means to vault into entrepreneurship and succeed within it. (Yes, you should sleep. No, it’s not a get-rich-quick scheme. Yes, it’s worth it.)

As an entrepreneur, I believe one of the best ways we can contribute to the community is to share our knowledge with others as they embark on their own journeys. Here are some of the top myths about entrepreneurship I’ve encountered — and the reality.

entrepreneurship myth 1:

Entrepreneurs are rich, travel the world and have the freedom to do whatever they want

Reality: Yes, you can make money. Yes, you can travel the world. Yes, you can do what you want. But that takes work (and a lot of it) and isn’t a guarantee — growing a business can mean financial hits and the preparedness to weather more challenging times. That shouldn’t be a deterrent.

Entrepreneurs are motivated by their passion for their pursuits and the enjoyment of the journey, not just where it might take them. By doing what you love, you’ll resist being defined by crisis and continue to show up for what you’re doing, even when things are more turbulent.

entrepreneurship myth 2:

Entrepreneurs don’t have a personal life

Reality: If hard work is intrinsic to entrepreneurship, then hard work might seem to be the overpowering narrative. But it shouldn’t eclipse the other things that bring you joy. A work-life balance is just as important (and maybe more so) when you’re starting your own venture and its well-being depends on yours. Take time to learn something you’ve always wanted to, journal and spend time on yourself, including getting enough sleep and eating healthy. Your investment in yourself is your most important one.

entrepreneurship myth 3:

Entrepreneurs take big risks

Reality: While risk-taking is part of business, entrepreneurship isn’t about constantly making big, risky decisions (meaning that if you’re someone who prefers to take time and analyze the situation, entrepreneurship is a very viable option for you.)

When most entrepreneurs take risks, they’re calculated ones, based on the situation, their goals and what they can afford to gain and lose. Of course, sometimes you’ll have to act on the spur of the moment, but hopefully by conducting these analyses frequently before, you’ll be acting from a place of insight and education, rather than emotion and hypotheses.

entrepreneurship myth 4:

Entrepreneurs achieve success alone

Reality: If you’ve interacted with me, you know that one of the philosophies that guides me is connection. Being an entrepreneur means being part of a community, both of the people that support, guide and assist you on your journey and that of other entrepreneurs.

And being a successful entrepreneur means understanding the power of connections: it is through our relationships with other people that we learn, grow, are challenged and create our best work that can best give back to the world.

By being vulnerable and authentic, and willing to reach out when we need help, we form stronger connections that provide support, opportunities and mentorship.

entrepreneurship myth 5:

There’s one formula for success

Reality: Like with anything in life, there’s no big secret for success and no formula that everyone can follow. Everyone’s journey is different, and that’s what creates such a rich diversity of opinions, voices and innovation. You don’t need to get formal business training or be born with a certain skill set. All of that can be learned — perhaps one of the only components present in everyone’s experiences should be a commitment to constant learning and constant curiosity. And as for success in everything, hard work, rigidity in your routine and resiliency are most crucial to your success.

Embrace what shapes you and your ability to introduce something new to the market, from your childhood to your current experiences to your values, just as you embrace the challenges that you face.

Beginning your entrepreneurial journey or seeking to take it to the next level? I offer consulting services for entrepreneurs at all stages of building their companies and would be delighted to chat with you to learn how we can work together.