If it feels like every other person has their own startup, you’re not very far off from the truth. According to Bill Schantz, about 1 in 18 people has their own business. Some do it to pursue a passion and others out of necessity. Whatever their motivation behind it, there are some myths that follow entrepreneurs around.
Bill Schantz Explains Common Myths About Entrepreneurs
Born That Way
Entrepreneurs are not, in fact, simply born as entrepreneurs. While it is true that some people are better able to adjust to the role than others, Bill Schantz explains that these traits are not innate and anyone can learn them. Entrepreneurism in itself is a skill that is learned rather than a natural ability.
A Good Idea
Contrary to popular opinion, you don’t just need a good idea to start a business. While it is the core aspect, there is a whole host of other things needed. According to Bill Schantz, most startups – even the ones with the most compelling ideas – fail because of lack of capital and improper execution.
Freedom
Freeing yourself from a boring 40 hour work week might be motivation for some to start their own business, but entrepreneurship often brings with it new demands. For example, it can get a lot more time-consuming and laborious than a typical job.
All or Nothing
Businesses are not an all-or-nothing game. Some businesses see success almost immediately, while others see it slowly. Some businesses run in loss for a few years before they start reaping the benefits of investment. Bill Schantz explains that while it can be demotivating for a business not to flourish in its initial years, this is not a surefire sign of failure.
Quitting Is Not An Option
According to Bill Schantz, a major misconception that follows entrepreneurs around is the idea that they cannot quit. While quitting is seen as a sign that an individual cannot persevere through hard times, this is untrue. When the going gets tough, quitting may be the right thing to do, and knowing when to quit is also necessary. If you don’t quit when things are bad, you may end up digging your own grave.
Bill Schantz Explains Why Debunking Myths is Necessary
While it may not seem like a big deal, it is actually quite necessary to debunk myths around entrepreneurship. This is because if individuals enter the business landscape with these ideas in mind, they may have a false idea of what it’s truly like to run a business and what is the ‘correct’ way to do so.
Many startups fail because people don’t understand when to quit, while others may not make use of the potential ideas and skills they do have because they believe they don’t have what it takes to be an entrepreneur.
Debunking myths is necessary to give everyone a clear idea of what running a business is really like so that if they choose to pursue entrepreneurship, they do so with a realistic outlook.