Following many entrepreneurs closely, and working in the area of entrepreneurship, sometimes we at BGI come across some rumors and myths about the sector.
Many people form the wrong idea of what it means to be an entrepreneur through what they hear from other people, through jokes, or through what they see in movies. Of course, the experience of each entrepreneur is different, however there are some popular myths.
Well, today we are here to demystify some of those rumors and prove that no preconceived idea should be a reason to stop you from starting your dream business. Likewise, there may be misconceptions that paint entrepreneurship gold and encourage you to start a business. We will also debunk these ideas today.
Here are 5 myths you should know before developing your startup:
Myth #1: Entrepreneurs don’t have free time
There is a common idea that all entrepreneurs who want to succeed must work 24 hours a day, 7 days a week. It's true that entrepreneurship requires long hours of work and commitment. But that doesn't mean that you are unable to take time for leisure, and to be with family and friends.
In addition, long working hours are not exclusive to entrepreneurs. Many executives, managers and employees of large companies know what it's like to work beyond the average 40-hour workweek. The difference between the corporate world and entrepreneurship is that you don't have a specific work schedule to stick to. That is, you have more freedom to manage your time and choose how much time you will spend working and resting.
This can be good, or bad, depending on one's self-discipline. You can easily get carried away with work and work more hours than you should. But of course, this doesn't mean that you are unable to give yourself a break and think about your personal life. It's all about knowing how to manage time and set different priorities at different times of the day and week.
Myth #2: Being our own boss is the best thing ever
We must say… Becoming an entrepreneur because you don’t want to take orders from anyone is not the right choice to make. Everyone has to report to someone, even if it’s not the typical boss figure we know.
The truth is that when you have your own company, it becomes your boss. Just as your customers and investors also become your bosses. In addition, being at the head of a company brings tasks and responsibilities that we don't normally think of when we imagine the "no boss" fairy tale.
Myth #3: You need huge funding to start your business
Having millions and millions of euros through investors is not a prerequisite for creating a startup. Many businesses wouldn't have started if their founders were waiting to create Uncle Scrooge's safe, with the help of VC's and angel investors.
Often the initial money comes out of your pocket, because it's unrealistic to think that you will have a wealthy investor at your front door ready to give you millions for your idea right from the first moment you create your company. Along the way, there are several ways to get the investment you need to go further.
Don't be discouraged if you don't have a pile of money to start your business.
Myth #4: Entrepreneurs take too many risks
What is life without a little risk? A little excitement?
Of course entrepreneurs take risks. As the old saying goes "nothing ventured, nothing gained". And let's face it, if there was no risk, wouldn't anybody do it?
But that doesn't mean that entrepreneurs are in high risk situations all the time. The trick is to know how to calculate the risks and how to balance them with the gains. There is no point in taking unreasonable risks without guaranteeing any gain. It’s not just a matter of luck.
Myth #5: Everyone can be an entrepreneur
"Entrepreneurship is easy and fun". If you think like that, listen to our bitter laugh. Not wanting to prevent someone from becoming an entrepreneur - that wouldn't be smart coming from an accelerator - but the truth is that entrepreneurship has ups and downs, like our daily lives.
Sure - there are a lot of good times, and our alumni are sure to confirm that. But believing that it's fun all the time is unrealistic. Nothing is fun all the time.
Furthermore, it is also not right to believe that the life of an entrepreneur is for everyone. If so, no one would work in the service sector, no one would be in agriculture, no one would work in industry, no one would be unemployed…
So, if in theory anyone can start a business, the truth is that in practice not everyone has the motivation, the vocation, the mentality and the resources to do so.
If, on the contrary, entrepreneurship is your “thing”, we are happy that you are part of this team! And we will be delighted that you get to know our work and become part of the BGI community. But to be a successful entrepreneur, you must first forget all the myths about entrepreneurship that you have always believed in.
What other myths do you know and could be part of this list?