Entrepreneurs are the driving force behind much of our local, national, and global economy. They produce new ideas and support business ventures which take products and services to new heights. However, like in any career, entrepreneurs can sometimes develop stereotypes. Keep reading to discover some common myths about entrepreneurs and the truth behind them.
1. Entrepreneurs only want to get rich.
Entrepreneurs know better than anyone how difficult it can be to start and manage a small business. It can take several years to generate the desired client base and revenue, which means there isn’t much extra cash laying around. Entrepreneurs have to work hard to reach their business goals, but either way, who isn’t a little motivated to get rich? There’s nothing wrong with wanting some financial cushioning!
2. Entrepreneurs are born, not made.
There are certainly those who enter the career field with a passion for entrepreneurship, but that doesn’t mean others can’t develop the same skills and ideas through learning and guidance. “Natural” entrepreneurs may already have the determination and drive, but there are plenty of other necessary abilities for starting and running a business, such as financial management, business management, and marketing know-how.
3. Entrepreneurs don’t stay in the same job for long.
While some entrepreneurs may quickly grow tired of stale positions or startups, most end up working for a steady business for years before developing their own. As stated in the previous myth, entrepreneurs need to acquire a business and financial management skills before they can run their own show. The entrepreneurs who jump from job to job won’t be anywhere near as successful as those who take the time to learn their trade and develop a good network.
4. Entrepreneurs are young go-getters.
Entrepreneurs must have a little tack, but there’s no age limit on being a successful businessman or businesswoman. In fact, according to Inc., a Global Entrepreneurship Monitor report found that the number of older adults who are self-employed outweighs that of young adults. No matter what your age, you can still be a successful entrepreneur!
5. College dropouts make better entrepreneurs.
While powerhouses like Steve Jobs, Bill Gates, and even Mark Zuckerberg didn’t walk across their college’s graduation stages, that doesn’t mean you shouldn’t. According to the Washington Post, earning a degree can make a big difference; the choice of major or college doesn’t play a significant role in success, but the greater the education of the founder, the lower the rate of business failure and the higher the business’s profits, sales and employment. While people with no college education can still achieve great success, let’s consider them flukes for now; they don’t outweigh the number of successful degree-earning entrepreneurs by a long shot.
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