Entrepreneurship seems to be the buzz these days. The issue is the wrong expectations of entrepreneurship many people have. Entrepreneurship can be a rewarding venture, but it can be risky and challenging too. Unfortunately, when people hear of entrepreneurship, they tend to consider only the positive parts; Working their hours and working on projects that they care about, and being their boss. And the appeal is relatively straightforward. More people today are leaving behind their conventional 9 to 5 jobs to start a business.
Studies show that 8-10 enterprises fail in the long run. Don’t get us wrong; there are chances of success; however, many exaggerate these chances. They believe that entrepreneurship will undoubtedly be the key to financial stability and will bring an end to their problems. As a matter of fact, some studies report that 90% of startups fail in the first five years. This article is a reality check; below, we identify some wrong expectations of entrepreneurship and the reality.
I will answer to no one.
Independency is one of the significant reasons people try to engage in entrepreneurship. They get tired of working for someone and having to do whatever they say. They think working for themselves will entirely rid themselves of all the stress. If you feel this way, you are in for a rude awakening. Your clients become your new bosses and whether your enterprise succeeds or fails depends on them, so get ready to suck up. Also, you will be working harder than you can ever imagine! You will invest all your time, energy, and savings into your venture.
Things are going to work out super smoothly, and I will be a millionaire overnight.
Now we’ve all read success stories of entrepreneurs becoming millionaires overnight. And think hey, if it can happen to them, it can happen to me, right? Well, not precisely, barely any of these stories happened like that, and if so, they are one in a million. Things will not work out smoothly at all. Execution is the most challenging part of any business venture, and many entrepreneurs constantly fail in that. You have to realize that success won’t come overnight. Success takes a lot of sweat and hard work, and even then, you cannot place bets on it. Entrepreneurship is a lonely road with a lack of sleep and pitfalls so know if you are ready to face it all.
My idea is the best out there.
Yes, you may have a legitimate business idea, and it may be out of the box, but successful enterprises don’t just run on good ideas. You need the right people to make your dream a reality which isn’t as easy as it sounds. Every business involves so many interconnections and relationships that go far beyond your product. Aspirational entrepreneurs must keep some of the challenges such as investors’ interference, longevity risks, and lack of funding in mind before leaping.
I’ll need a huge work capital to be a successful entrepreneur.
Now not just to the unrealistic negative misconceptions, this is also a common misconception many people have. Some people genuinely have the potential to be successful entrepreneurs but get scared off due to lack of finances. This sentiment is true in some industries. However, it’s possible to begin an enterprise with little or no money. You can do this provided you have the skills, determination, and ability to acquire the right team with trusting investors.