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Debunking Five Common Myths About Entrepreneurship

Updated: Apr 14, 2023

By Natalie Ward (naward@clarku.edu)

For many people entrepreneurship can seem intimidating, lucrative, or daunting. You might have the ideas, but feel you lack the confidence to put yourself out there. Many think, “I could never start my own business”, but this is only a limitation you place on yourself. There are various myths about what it takes to get into entrepreneurship, but many of them are wrong!

Myth 1: You have to be born with certain skills to be an entrepreneur.

One of the biggest myths about entrepreneurship is that you have to be born with certain skills, such as creativity, leadership, and risk taking abilities. While some people may have a natural inclination towards these skills, entrepreneurship is something that can be learned and developed over time. Many successful entrepreneurs have started with very little and learned the necessary skills through experience, education, and mentorship.

Myth 2: Starting a business is only for risk-takers.

Starting a business does involve taking risks, but it is not only for those who are willing to take big risks. In fact, successful entrepreneurship often involves calculated risks and smart decision-making, rather than blindly jumping into something without a plan. Many successful entrepreneurs have also started their businesses as side projects or worked on them part-time before making the leap into full-time entrepreneurship. You do not need to invest your whole life’s savings or all of your time into your first business. Start small and work your way up to something you feel comfortable doing full time.

Myth 3: You need a lot of money to start a business.

While having a substantial amount of money can certainly help when starting a business, it is not always necessary. Many successful businesses have started with very little money, and entrepreneurs have found creative ways to seed their businesses or secure funding through alternative sources such as crowdfunding or grants. It is also important to note that having a lot of money does not guarantee success in entrepreneurship, as financial resources alone do not equate to a successful business. Passion and intrinsic motivation are what really drives a business.

Myth 4: Entrepreneurship is a solo endeavor.

While entrepreneurship can often involve working independently, it is not always a solo endeavor. Many successful businesses have been built through partnerships, collaborations, and networking. Building a strong support system of mentors, advisors, and peers can also be beneficial in navigating the challenges of entrepreneurship. Do not be afraid to put yourself out there and build the connections you need to boost your business.

Myth 5: Entrepreneurs have to work all the time.

While it is true that starting and running a business can be time-consuming and demanding, it does not mean that entrepreneurs have to work all the time. In fact, many successful entrepreneurs prioritize work-life balance and recognize the importance of taking breaks and taking care of their physical and mental health. Prioritizing time management and delegating tasks can also help entrepreneurs avoid burnout and increase their productivity. Oftentimes, people will quit their 9 to 5 to start a business, thinking it will save them time, but they end up dedicating all hours of the day to starting their business super fast. This type of commitment is not necessary, and patience during the process should be valued.


A Message From The Author: Natalie Ward

Before I started my education as an entrepreneurship minor at Clark University, I never thought I would be able to start my own business. I thought I lacked the creativity, the confidence, and the business skills to create something successful. Once I decided to let go of those beliefs, I found that entrepreneurship is actually really approachable and not scary. I realized that these misconceptions I previously held created a mental block for reaching my potential. I believe absolutely everyone can do something entrepreneurial, no matter your background.


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