Frequent Misinterpretation About Entrepreneurship

 

This pursuit of happiness is leading many people along the path of organizing, managing, and assuming the risks of a business (entrepreneurship).

However, because Entrepreneurship as a term encompasses many different personalities, businesses and opinions; there are quite a few misinterpretation about what exactly it means.

So lets take a dig, to highlight and addressing some misinterpretations about entrepreneurship.

Anyone Can Be An Entrepreneur

Hypothetically speaking, yes anybody can pursue entrepreneurship, but quite honestly, not everyone should because not everyone can be a successful entrepreneur.

Becoming an entrepreneur has less to do with what you know or what your experiences are, and everything to do with the willingness to do the work required to succeed, the keyword here is willingness. The narrative that “anyone can be an entrepreneur” is inspirational but sometimes quite harmful due to societal pressure.

Although a lot of people have the skills to be entrepreneurs in their respective fields, a majority of them just aren’t cut out for the tedious and somewhat risky journey of entrepreneurship and there’s absolutely nothing wrong with that, as long as they apply themselves through other means. It is important to stick to whatever brings the best out of you.

Entrepreneurship Is An Easy Way To Get Rich

This usually goes hand in hand with the misconception that all you need is a great idea. Entrepreneurship can be seen as a wealth-building process, if the variables involved line up to aid success.

However, the money that stands to be made cannot be made the focus or seen as ‘easy’ because it usually takes a lot of dedicated time and effort before entrepreneurs reap the fruits of their labour.

Entrepreneurs who are solely driven by profit are a lot more likely to fail and entrepreneurs who do succeed are focused on adding value to the world. They want to make a difference in people’s lives by satisfying one or more of their innate needs.

 

Entrepreneurs Are Born That Way

One of the biggest misconceptions is that entrepreneurs are “born that way”, usually referring to certain skills they have or the innate need to start a company.

It is true that some people are born with traits that aid their entrepreneurship exploits like being good at public speaking or having a natural inclination for planning but in reality, these natural traits still need to be practiced and it’s possible to acquire the necessary skills to become a successful entrepreneur regardless of what you are born with.

Moreover, the deep-seated psychological need to build a business which people think entrepreneurs are born with, doesn’t necessarily arrive at birth. This drive could easily arise due to a developed passion or circumstances people face in their lives.

Entrepreneurs are not born, they are honed and groomed through determination and diligent work (whether that ‘work’ was initially intended for entrepreneurship or not). Great entrepreneurs are made through nurture, not through nature.

Entrepreneurship Means More Personal Time

It’s true that entrepreneurial success usually gives people the liberty to dictate their own hours and spend more time doing what they want i.e. more personal time. However, what a lot of entrepreneurs would refer to as ‘personal time’ is usually heavily related to their work.

If you listen carefully to entrepreneurs when they talk about themselves and what they do, you’ll realize their concept of ‘who they are’ is tightly intertwined with ‘what they do’. Their work becomes an obsession that they struggle to turn off for ‘personal time’.

Many of the world’s most successful entrepreneurs, artists and athletes have this ‘obsession’ and when countless hours of work stop feeling like hours of work, the distinction between work time and personal time becomes quite blurred.

All You Need Is A Great Idea To Be Successful

Yes, a great idea is usually the foundation of a profitable and sustainable business. But, understand, even the best ideas can end up failing if they aren’t properly supported.

Great ideas are fantastic but execution is by far more important. Quite fascinating, mediocre ideas are profitable if executed properly. Please note that there are no million naira ideas, just million naira executions.