A lot has been said about entrepreneurship, the entrepreneurial journey and the life of an entrepreneur. While most of these stories are relatively true, not all of it is as hyped or glamorous as it made to look. Being an entrepreneur is a difficult path to travel on, riddled with twists, turns, cliffs and valleys. But some entrepreneurial dreams do come true if you are prepared for the turbulence.
But, how can anyone make out the truth from all the noise? To help you with that, here are some of the biggest lies about entrepreneurship and the entrepreneurial journey.
1. If you have the passion then the money will follow
A majority of the time it’s not the passion or the love for work that helps a startup become a multinational success. It takes perseverance, dedication and a lot of hard work. One very famous example that comes to mind is that of Steve Jobs who created the iPhone, because he hated a guy at Microsoft and wanted to show him what a tablet can really be.
2. All it takes is one good idea
A good idea is definitely important for any successful startup but it is not the ultimate secret to success. The good idea needs to be followed up by smart strategy, planning and organization for any business to prosper. The founders of McDonald’s, Richard and Maurice, also had one good idea but it was Ray Croc who built it into a global franchise and made it the most successful fast food corporation in the world.
3. Entrepreneurs are temperamental lone wolves
One of the most common lies people tell about entrepreneurship is that it is a lonely road and entrepreneurs are the moodiest people. While mood cannot be attributed to entrepreneurship, no lone entrepreneur will be able to succeed in this journey. Every Bill Gates needs a Paul Allen just like every Steve Jobs needs a Steve Wozniak and a Ronald Wayne. Even Batman had Robin to help him fight crimes.
4. Entrepreneurs are born leaders
One of the major responsibilities of any entrepreneur is leading their team to success. But, that being said, some are born leaders while some have leadership thrust upon them. Entrepreneurs will need to be good leaders but everybody can learn how to lead as they grow. Virgin group founder Richard Branson was a 16 year old dyslexic teenager when he published his first magazine ‘Student’ after dropping out of school. He learned the skills he needed and implemented them to the best of his capabilities! Today, he is a multi billionaire and the fourth richest person in the United Kingdom.
5. Entrepreneurship is a young person’s game
A lot of entrepreneurs started young. Mark Zuckerberg, Bill Gates, Larry Ellison, Jan Koum and many more quit college to start their entrepreneurial journey and today are the leaders of the startup world. But, at the same time, Indian entrepreneur Narayana Murthy founded India’s second largest IT firm, Infosys when he was 35. Today, the co founder of Infosys is worth $ 1.5 billion while Infosys’ annual revenue is around $ 10.21 billion.
Not everyone will face the same challenges, neither will their stories be the same. But it is important to know about both the sides of a coin before making a decision! If you feel we missed out on some of the bigger lies or have a different entrepreneurial journey, let us know in the comments below. You can also write to us at [email protected]