Roughly 62% of US billionaires are entrepreneurs who worked from nothing to something great. Most believe that being in the top 1% requires receiving a hefty inheritance but that is far from the truth.
Entrepreneurship can break barriers when it comes to elevating your quality of life. It is estimated that one in five workers plan to overturn their corporate careers for a chance in entrepreneurship. Yet, many do not take the leap.
With an economy that encourages you to believe entrepreneurship is a bad gamble, it’s easy for us to get imprisoned in a corporate rat race. However, there’s a simple way to break through this endless cycle – by debunking the most common myths and misconceptions surrounding entrepreneurship.
Myth #1: Entrepreneurs are Really Solopreneurs
When we hear the word ‘entrepreneur’, we imagine an individual running an entire business on their own. They become the sole risk-takers, managers, executives, and more. But what you’re actually thinking of is a solopreneur.
Solopreneur is easily interchangeable with ‘entrepreneur’ but there are certain distinctions. A solopreneur works on their businesses without delegating work to another, increasing the risk of burning out.
A good entrepreneur knows the best way to grow a strong company is to delegate work to a specialized team. Through teamwork the synergy of other people’s ideas, feedback, and thoughts are phenomenal. This allows the business owner to invest their time and energy responsibly while living life on their own terms. A strong team will sustain the growth of any business. Delegation is the magic sauce that makes the dream work and true entrepreneurs understand that the best!
Myth #2: Entrepreneurship is a Gamble
Most dictionaries describe entrepreneurs as ‘high risk-takers. They gamble away their lives and the chance for a steady career by jumping into something very uncertain.
The truth is entrepreneurs are the ones who calculate risks more than anyone else. They take action after they evaluate the measure of ‘risk/reward’ and this enables them to become great entrepreneurs.
Entrepreneurship is far from a gamble – it is knowing how to play the game, which cards are to use, and when to use them. It’s being strategic over impulsive.
Myth #3: Entrepreneurship Comes with Too Many Sacrifices
According to Freshbook’s survey of the expectations people have about self-employment, most believe that entrepreneurs have to work harder. Many people think they are more stressed out, have less career certainty, and are less healthy than corporate professionals.
These sacrifices can be too burdensome for some to bear unless of course, it is all false. In reality, self-employed professionals have better lifestyles. They have uncapped earn potential. Not one of them has to wait for their boss to approve an annual cost of living increase. Business owners have more freedom over their time than many corporate professionals. Let’s not forget the financial autonomy successful entrepreneurs enjoy!
Entrepreneurs typically work fewer hours, are more productive, and can also work remotely. This flexibility allows them to travel and spend more quality time with their families and friends. All of this increases their quality of life.
Myth #4: Entrepreneurs are Born That Way
Most businesses that have a worldwide impact started as small enterprises, which typically incurred losses in their first few years. While some business owners come from wealthy families, statistics have shown they only make up 20% of the pool of billionaires in the world. More than 70% are completely self-made.
The truth is many successful entrepreneurs aren’t born with a silver spoon in their mouths. What they do have is belief in their hearts and GRIT in their bellies. They have an open mind and the will to try new things. Their focus is on solutions, not comfort zones and excuses! Successful entrepreneurs are made not born, which means anyone that believes they can – CAN!
Myth #5: Successful Business Owners Start Young
Studies show that 60% of people who start their small businesses often do so between the ages of 40 to 60. Furthermore, people in their middle-ages often start the most successful businesses. They have followed the path to success that their parents, teachers, and society have paved, only to find that wasn’t it. Oftentimes, it is in their middle ages when they decide to be a trailblazer for purpose and significance. These entrepreneurs are thinking of leaving a legacy for their children and living a life of contribution on a larger scale.
This does not mean there is an age bracket to when you should launch your business. In fact, it only goes to show that you can become an entrepreneur at whatever age you choose.
However, to be a successful entrepreneur, you need to learn how to let go of everything that holds you back from entrepreneurship. The only way to succeed is to start!
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