Have you ever been told not to visit or enter a place because it’s haunted? Whether ghosts exists or not is debatable but most of us will avoid going to such places.
The same principle holds true when you want to become an entrepreneur. Various myths will stand between you and your goals. And this results in unfulfilled dreams and missing opportunities to get rich.
You might have that killer idea for starting a business. But myths you’ve heard and those fed by close relatives and friends might prevent you from entrepreneurship. Therefore, let’s identify these myths about entrepreneurship that stand between you and your goal and bust them systematically.
Why Myths About Entrepreneurship Exist?
Before identifying myths about entrepreneurship, let’s find how and why they originate. Myths are usually stories or ideas that exist without proven facts or based upon partial truth.
Often, myths flourish due to someone’s bad experience with something. Myths about entrepreneurship generally exist because a lot of people want to get rich quickly. And they do so without having any clue about entrepreneurship. Hence their ventures flounder and fail. They unabashedly broadcast stories of their failure.
Unfortunately, the human though process has inherent propensity to accept negative thoughts willingly. Hence, we fall prey to myths and are afraid to entire into entrepreneurship. Eventually, these fears we don’t face become our limits.
Therefore, let’s explore some of the myths that could stand between you and your goals.
Myths that Stand Between You and Your Goals
Here are some common myths about entrepreneurship that could be standing between you and your goals.
Myths from Culture and Tradition
In some cultures, entrepreneurship remains a taboo due to issues about caste, class and prestige. Hence, there are myths that entrepreneurship is below dignity. Caste system and traditions in other Oriental cultures prevents millions of people from venturing into business due to age old culture and tradition.
In western cultures too, most people live under the myth that stable jobs are better than own business. Why? Because a job assures regular income while earnings from entrepreneurship can vary. Those who have broken away from these myths are now successful entrepreneurs whom others can only envy.
Myths about Money
Unfortunately, the biggest myth about entrepreneurship that stands between you and your goals is about money. People will spare no effort to drum in the myth that entrepreneurship is only for those with loads of spare money.
Brian Chesky and Joe Gebbia were bankrupt while launching Airbnb.com with banks chasing the due for payments. With ingenuity and skill, they overcame money problems and bust the myth that entrepreneurship is only for the wealthy.
Sir Richard Branson who is now worth more than US$5 billion, began entrepreneurship with the launch of a smalltime magazine known as ‘Student’ when 16 years old with very limited money. Today, Sir Richard Branson is famous worldwide as founder of Virgin Group of companies that has diverse interests including an airline and telecom.
Myths about Education
Having qualifications about the field where you wish to venture is excellent. But that’s not a prerequisite. It’s a myth that you need a degree in the field where you want to become entrepreneur. Millions of people live under the false myth that education in a specific field is necessary for entrepreneurship. They fail to follow their passion instead of a degree.
A superb example is Jeff Bezos, founder and CEO of Amazon, the world’s largest online store. Jeff Bezos holds degrees in electrical and computer science- fields that have no relation with ecommerce or online retail. Today, Jeff Bezos is famous not only for Amazon but also as the richest entrepreneur on this planet.
Myths about Poverty
Another major myth that could stand in your way is poverty. Anyone who says that poor or penniless people can’t become millionaires or even billionaires has never read some success stories. Poverty is no reason why anyone cannot become an entrepreneur and become rich.
Two female millionaires- Oprah Winfrey and JK Rowling were are superb examples.
Oprah’s grandma expected her to find a job as domestic helper at best. In 2019, Oprah Winfrey’s net worth is estimated at US$2.5 billion. She donates a lot of money for uplift of people that are poor.
JK Rowling, creator of Harry Potter and author of other books was living on dole from British government and was victim of depression with suicidal tendencies. Harry Potter series of books made her fortunes swell to US$7.7 billion.
Myths about Age
Do you think you are too old to become an entrepreneur? Then let me burst this myth too. . Colonel Hartland Sanders founded KFC at the age of 62 while Ray Kroc bought over McDonald’s from its owners and his former employers while 57 years old.
As everyone knows, Colonel Sanders’ KFC and Ray Kroc’s McDonald’s are now global brands. Why? They simply didn’t allow age and its myths to become a fetter to their entrepreneurship.
There are countless stories about entrepreneurs that started later in life, especially after 40s. And yet they set up some of the largest businesses in the world. These people simply did not fall prey to the myth that entrepreneurship is for younger people or something like that.
Overcoming Myths between You and Your Goal
It’s fairly easy to overcome any myths about entrepreneurship that stand between you and your goal. The easiest way is by reading success stories and some of the greatest business books by great authors. These motivational authors guide you about overcoming barriers arising from myths.
Yet another way to bust myths about entrepreneurship is by reading success stories about people that have overcome all odds. There are countless such real life instances which will provide necessary inspiration.
Remember, myths and not facts. Instead, they are opinions. And these opinions are often embellished by people that are failures or those unwilling to try something new. If you are serious about getting rich, it’s high time to bust all myths about entrepreneurship that stand between you and your goal and start moving towards building your business. It’s quite likely you will meet astounding success too.