3 common misconceptions about entrepreneurship

Often people have misconceptions about entrepreneurship being straightforward. But in reality, being an entrepreneur has many risks involved, and it is challenging to make sure your business is a success. In today’s blog, we are looking at 3 common misconceptions about entrepreneurship.

It’s an easy way to get rich

90% of businesses fail within the first five years. Out of the 10% that survives the first five years, another 90% of them go out of business within the next five years. Entrepreneurship would not be an easy way to get rich if it were easy; everyone would be doing it. Typically, it takes a while to see a return on your investment into your business.

More personal time

Many think entrepreneurship work a couple of hours a day, sitting on the beach doing what they want and having so much free time. Unfortunately, this is not the case, especially at the early stages. If anything being an entrepreneur, you work twice or even three times more than in a standard nine-to-five. In most cases, at the start, you earn way less than what you would usually make.

If you're able to grow the business and do everything that's required to make your entrepreneurship journey a success, then that creates an opportunity in the future for more personal time. But at the start, if you feel like you can start the entrepreneurship journey and immediately have a lot of personal time, I would be very sceptical about anyone that tells you that.

All you need is a great idea 

There are so many people with great ideas. You often hear people saying, oh, that was my idea, or I have that kind of idea before, but someone stole my idea. Ideas are worthless. It's the implementation of the ideas that makes a successful entrepreneur. If you can implement and act upon a particular idea that you have and make it a success, you can become a successful entrepreneur.

Everyone has ideas, you stop anyone on the street, and they can probably reel off a couple of ideas on a potential business. But not many people are going out there, doing the work required to implement that idea.