Top 7 Entrepreneurship Myths Debunked! Part-1

Becoming an entrepreneur has been on top of wish list of most people. After all, who don’t want to be a boss at least once in their lifetime? However, many people procrastinated to build their own business, mainly because they believe a bunch of entrepreneurship myths. I have listed the Top 7 entrepreneurship myths. Today, I will debunk the Top 4 myths.

Entrepreneurship Myth #1: Entrepreneurship is Easy.

Many people believe that entrepreneurship is easy when they see successful entrepreneurs making lots of money, but what they did not see are the hardships they gone through. When people see a successful restaurant with lots of customers, and believe that a successful restaurant just needs to have skillful chefs, tasty food, cool environment and facilities in a busy location, then they are very wrong.

This makes them want to start a restaurant with even better qualities than the successful one. However, they don’t see themselves making close to that restaurant. This is because there are others factors, that come into place: you need to look into Marketing, Training, R&D, Human Resource, Systematization and so on. Entrepreneurship seems easy on the surface, but in fact it’s not.

Entrepreneurship Myth #2: Entrepreneurship is Difficult.

I can almost hear you saying, “What? You just said it’s not easy, and now you say it’s not difficult? Aren’t you contradicting yourself ?”

Oops. Sorry to confuse you, but I didn’t contradict myself. It’s not easy, but it’s not difficult too.

Entrepreneurship , just like erecting a building, it takes time and effort. Investing time to learn how to build a business, and putting effort to apply what have been learned.

It’s not difficult, if you have a success blueprint. Success really leaves clues. If you have a blueprint to follow, a set of proven action steps laid out for you, a mentor to teach and guide you when you’re off track, things will not be as difficult as it seems, as you know there are help you can turn to when you need.

Entrepreneurship Myth #3: Failure rate is high.

Statistics have shown that 95% of businesses fail in first 5 years, and 95% of business remaining will fail in the next 5 years.

Hence, by referring to the statistics, we can say that failure rate is quite high. However, your success as an entrepreneur should not be determined by statistics. Statistics are dead and are just numbers. What determines your success is based on your performance, not by stats or probabilities.

In every aspect of life, be it business, college or sports, the number of people failing is always greater than the number of people succeeding in it. The bigger the award, the smaller the number of people succeeding in it. Hence, it’s normal to have a big percentage of failures and a small percentage of success.

Your job as an entrepreneur is to work towards the top 1% of successful entrepreneurs and study how to become one of the top 1%, and how Not to become one of the bottom 99%. Learn from successful people, and you can be sure you are on the right track towards the top 1%.

Entrepreneurship Myth #4: High risk.

I define risk as “not knowing what you are doing“. There is risk in everything. There is risk in eating fishballs, there is risk in driving a car.

We cannot eliminate all risk, but we can minimize risk, by educating ourselves and so we know what to do and how to do.

You would have lower risk of getting choked by a fish ball than a 6 month old baby, because you know how to chew and swallow. The best way to reduce your risk, and increase chances of success, is follow the blueprint (footsteps) of people who have achieved what you want. They have taken high risk to ‘draw’ out the blueprint, and what you have to do is to obtain the blueprint and use it. Of course, success secrets won’t be shared everywhere, and you have to ask for them yourself. But i can tell you that there are some really friendly and generous mentors who will give you some secrets of their success.

There you go, the top 4 Entrepreneurship myths debunked! This is Part 1. We’ll have the next 3 myths debunked in the next post. They are quite long, so i decide to split it up.

I hope you have received some great value from this post, and I would love to hear your feedback and opinions. I will personally answer your queries πŸ™‚ And also, you can click the TweetMeMe button and share it with your friends too. Thank you so much πŸ™‚

4 thoughts on “Top 7 Entrepreneurship Myths Debunked! Part-1

  1. Ryan Biddulph

    Hi Ding,

    An excellent post here! Thanks for sharing your entrepreneurial insight.

    I liked your points about statistics and taking risks. Statistics are bunk. People who use them to determine their potential are using other’s results as their benchmark. This is a tragedy in my eyes.

    As for taking risks, the moment we are born the risks start coming πŸ˜‰ Everything is just one opportunity unfolding after another. Those who are scared believe in risk-taking, those who believe in themselves see opportunity.

    Ryan Biddulph

    Reply
  2. Pingback: 7 Entrepreneurship Myths Debunked - Part 2 | Ding Neng | Making Network Marketing Works Online and Offline

  3. Hazel Zainal

    Nice to meet you Ding! and thanks for sharing this great post.

    Debunked indeed! Yes, there are too many risks in life even when we’ve careful with what we do.

    Reply
    1. dingneng

      Hey hazel! Thanks for dropping by my blog too:) Hehe. Wow. Your Hazelhub blog is clean and nice! I didn’t manage to do that when I’m in blogger. Nice one Hazel! πŸ™‚

      Reply

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