Debunking 7 Popular Myths About Entrepreneurship

Entrepreneurship is the most coveted professional choice among passionate individuals determined to lead an organisation. They have many ideas and a go-getter attitude that helps them build businesses with a vision and mission. Business ownership allows them to run the operations without interference and create strategies and policies. This is the reason why most professionals have a hidden desire to enter the field of entrepreneurship.

Although it has widespread popularity, there are many myths about this type of leadership. These make many South Africans put aside their aspirations and continue with their routine corporate jobs. So, let us help you debunk the most common myths about entrepreneurship to realise the significance of this role. It will help you visualise and plan your future with the right knowledge and correct information.

1. Entrepreneurs Have Generational Wealth

Many believe that start-ups can be launched by affluent individuals with family wealth. However, this is far from the truth. Most successful companies have been launched by common people with minimal investment. For example, the largest tech company, Apple, was launched by Steve Jobs and Steve Wozniak for just $1,300, which they gathered after selling a Volkswagen Bus and HP-65 calculator.

Similarly, Facebook was launched by Mark Zuckerberg while he was studying at Harvard to connect students at the University. Thus, it is evident that businesses can be started through bootstrapping, crowdfunding or taking out a loan if the person does not have the funds to start up. So, if you are looking for business opportunities in South Africa, you can opt for government grants to give wings to your ideas.

2. Entrepreneurship Cannot Be Learnt

It is a common myth that successful business owners are born with the skills to lead. It is quite amusing that most of us believe in this and give up our dream of launching a company. However, the fact is that no one is born to be an entrepreneur. We become what we are through the efforts we put toward our goals.

Entrepreneurship requires financial literacy, confident communication, pitching, marketing, and business acumen. All these qualities can be developed with practice and determination to succeed. It is vital to learn from the experiences of others to gain insight into the role and its responsibilities and prepare accordingly.

3. Businesses Can Be Built With An Idea

It is childish to think that an entire organisation can be built from the ground up with just the idea of a product. It is a myth that businesses can be created out of thin air with your imagination. The process requires extensive market research and planning to ensure the viability of the idea.

Aspiring entrepreneurs can have a brilliant idea, but if they do not know how to execute it, they cannot succeed. Thus, they need to set the goals, vision and strategies to achieve them. They need to get the required funding, find people to perform different functions, and get the results. Some inspired individuals also purchase an established business for sale in South Africa to realise their entrepreneurial dream.

4. Only Well-Connected People Can Become Entrepreneurs

Another popular myth that needs to be busted is that people with many industry contacts can become successful entrepreneurs. However, it is not necessary because connections can be built over time through social media, industry events, partnerships, and long-term contracts with suppliers and clients.

Good interpersonal skills can help anyone build rapport with others instantly and create a big network of acquaintances and associates. In addition, the internet has made it easy to communicate with people who are separated by distance instantly. Also, launching a start-up or buying a business for sale in South Africa offers various ways of building connections because it is a team effort.

5. Entrepreneurship Must Begin in the Early 30s

Many youngsters are jumping on the bandwagon of entrepreneurship because they believe their 20s and 30s are the right age to do so. They feel that the 40s and 50s are the age for early retirement. However, this is not at all true. Many successful entrepreneurs started their businesses late. For example, Robert Noyce, who invented the revolutionary microprocessor Intel, was 42 when he started the company.

The founder of the fast food chain KFC, Harland Sanders, was 62 when he opened the restaurant and sold his unique recipe that has captivated customers ever since. Thus, age is just a number and has nothing to do with success. People with rich experience who have struggled for years are more poised to weather storms in their entrepreneurial journey and emerge victorious.

6. Entrepreneurs Have No Personal Time

It is a common perception that entrepreneurs are busy with their workload and have to spend sleepless nights in their offices. They do not have any time for family, friends or themselves. They are workaholics who suffer from high levels of stress and frustration. However, in reality, most entrepreneurs have loving families who support their dreams and passion for their work.

Also, effective time management is in the hands of the individual. They can easily balance their personal and professional commitments by scheduling their calendar in advance and delegating work to competent workers. It helps to maintain a work-life balance and take out time for socialising and personal gratification.

7. Entrepreneurs Are Stuck In their Role Forever

Many people feel that they cannot become entrepreneurs because it is for life. However, nothing is permanent in this world. Everyone has to retire at some point, including business owners and founders. It is not a lifelong commitment. Most entrepreneurs use succession planning to hand over the responsibility to someone in their management or a family member who has been groomed and trained by them.

Several others use exit planning and put up their businesses for sale in South Africa. It helps them to generate an excellent return on investment and enjoy their retired life. Many quit after the business becomes successful to pursue other dreams and passions. Thus, it is not a job that will bind you to one thing. You can move out whenever you want.

Wrapping Up

Entrepreneurs are individuals who can make sound decisions and can adapt quickly to the changing environment. They are optimistic and self-motivated people who work with integrity and conviction to achieve their goals. If you wish to purchase a business for sale in South Africa, you must avoid paying attention to the myths and stay focused on your vision.