Entrepreneurship myths have been scaring business owners or anyone with a new idea for a very long time, and a lot of them end up giving up before giving their business a chance. As more people aspire to become entrepreneurs, it is important to debunk myths about what makes them succeed or fail.
Entrepreneurship myths have become common nowadays that a clarification is needed to set the record straight.
Entrepreneurship Requires a Lot of Funding
Everyone knows that having just an idea is not enough to become an entrepreneur, but this also doesn’t mean that for this idea to turn into a successful business it requires a huge budget or capital. Using personal resources is the easiest way to start a business and requires less efforts to convince potential investors or accelerators that the idea is worthwhile. In fact, loans and grants are also options to consider alternatives keeping in mind that benefiting from a grant leaves the entrepreneur with the financial freedom since the money is not required back. However, even with minimal upfront costs helping startup a business, it’s not realistic to disregard that developing an idea and turning it into a profitable business requires inevitable costs like insurance to protect the idea, potential labor cost, and investing in communication platforms.
Entrepreneurs Can Do It Alone
As markets become more and more competitive, it’s important not to lose sight of the fact that it’s also collaborative and there’s plenty of room for networking and growth. It can be as simple as tossing around ideas with other fellow entrepreneurs or even benefting from the input of mentors who’ve been through the startup process. Their stories can not inspire but also provide valuiable insights into the challenges that entrepreneurs can face in their journey. This also means that the other side of the funnel also matters: the customers. Focusing on their feedback and creating a sense of bond with them will uplight the business profile of any business for a very long time.
Entrepreneurs Don’t Quit
This is one of the biggest miconceptions ever. In reality, quitting is what makes an entrepreneur an entrepreneur and doesn’t mean they have to stick to their project if all signs indicate otherwise. Quitting can begin by leaving a full time job to pursue the big idea, and it can also mean knowing when to pull the plug on this idea. Successful entrepreneurs need to quit sometimes and there’s nothing wrong with that, because letting go of one idea can open the doors to many bigger and better opportunities even if the transition is not that clear and straighforward from the start.
Entrepreneurship is All About Passion
Well… not exactly. Passion, instinct, perseverance are at the core of any entrepreneur, but this doesn’t mean that the right academic support doesn’t play a very important role in shaping the entrepreneurs of the future. Programmes like an MSc in Innovation Management and Strategy will help them participate in the management of organisations and have control over innovation challenges and their decision making from where they stand.
Students and potential entrepreneurs will be able to make decisions in complex and innovative environments. They will know how to:
- Identify the relevant strategies and how to implement a new organisational model in an innovation environment
- Understand how to turn a company into a more agile organisation
- Understand how technologies and innovation are radically changing competitive dynamics across industries
- Lead the business change management activity for an allocated portfolio
- Define a plan of action for innovation products across an organisational value chain that enables market share gains in new markets.
Everyone can have and develop the competencies and mindset of an entrepreneur; it just requires a lot of passion, dedication, and the right formation.
Discover the entrepreneurship programme at EMLV business school that offers courses and practical activities fostering entrepreneurial know-hows and soft skills for business school graduates.