Innovation and entrepreneurship
are often linked together as we are in a world where the ideas that we have
help drive economies. No wonder that government from all over the world are
starting to conceptualize the importance of innovation and entrepreneurship
when it comes to attaining the much needed progress and improvement of a
country’s economy. People are encouraged to think out of the box and realize the
fact that the once practical ways of doing business, won’t work out especially
in this modern era.
Many people are hesitant to start their own business
because of these 5 common entrepreneurship myths. We are going to debunk them
today.
Myth 1: The Works of Entrepreneurship is Easy
Seeing a number of successfulentrepreneurs these days will give you an impression that entrepreneurship is
indeed easy. Not known to many, these successful entrepreneurs have gone
through numerous hardships in both life and business. For instance, a
successful restaurant does not mean that they have achieved this kind of
success only through the help of skillful chefs and tasty food. Though, they
are considered important factors, there are still other qualities that needs to
be considered to achieve success in the restaurant business.
Aside from the skillful chefs and
tasty food, a restaurant should also have a cool environment in a busy
location. You should also have a good marketing team, systematization and human
resource. Entrepreneurship is indeed easy on the surface yet very complicated
in the inside.
Myth 2: The Works of Entrepreneurship is Difficult
Yes, you read it right.
Entrepreneurship is not easy as it looks yet not difficult if you have the
right knowledge to start with.
Entrepreneurship is similar to
creating a building. It takes both time and effort to be able to create a
sturdy building. Investing some time to learn and understand the business and
putting what you’ve learn in action will surely lead to success. Entrepreneurship
is not difficult as long as you have a blueprint to keep an eye on. If you have
this blueprint, you will have a set of action steps to follow and things will
get easier on the long run.
Myth 3: High Failure Rate
Statistics show that 95% of new
businesses fail in their first 5 years and the remaining 95% out of it will
fall down in another 5 years. Sounds really scary, right? However, statistics
are only numbers. Success is never determined by that.
In life, the number of
individuals failing, be it in business or a college sports or game, always
overlap success. Hence, as an entrepreneur, you need to grab that 1% of success
and walk through its path than become the 99% failure. Get yourself up and
learn from all those successful people who was able to get hold of that 1%
success rate through hard work, dedication and knowledge.
Myth 4: Entrepreneurship is Risky
Risk is everywhere. You are
taking that risk in everything you do, every single day. However, eliminating
risk is impossible yet minimizing it are often more satisfying.
Knowledge is the key to it. An
adult has lower risk of chocking from a fish ball than a small baby who was
just starting to walk. That is all because adults already know how to chew and
swallow without getting choked. The best way to attain success and possible
reduce risks is through following the steps of successful people. Through their
success stories, you can have a glimpse of your own success in no time.
Myth 5: Starting a Business Requires A Lot Of Money
Just thinking of the cost for the
rent and renovation of your store is already too scary, not mentioning the cost
of supplies and products that you need to have to start your business. You also
need to hire employees and their salary is pretty costly. For short, you need a
huge amount of money to be able to go on the first step of business.
However, money is never an issue
these days. You can cut short your spending for rent, renovations and employees
by becoming an online entrepreneur. You can sell products online, in the
comfort of your own home. Marketing your business online also offers huge
savings because we already have different social media platforms to start with.
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