I’ve read so many articles that paint the entrepreneur as some sort of Unicorn or mythical creature that can’t be understood by normal human beings. And since people usually make up stories about what they can’t understand, a significant amount of social & cultural myths have been built around the idea of entrepreneurship and what it takes to become an entrepreneur.

Maverick Mentoring is busting some myths around Entrepreneurs. This is the time to embrace the Free Spirit of Entrepreneurship.

Here are 3 of the most common myths about Entrepreneurs & Entrepreneurship………. and what I think about them!

1) Entrepreneurs Start Their Business Solely To Make Money

photo-1426523038054-a260f3ef5bc9This is not entirely true. Of course, the nature of engaging in business and starting your own venture is to essentially create an income for yourself. However, I know for sure that there are several much easier and much less risky ways to make money. You could become a top executive for a multinational conglomerate for instance, rather than start a business.

The reality is that most entrepreneurs start their own business because they want more freedom in their decision-making process. Considering the level of risks entrepreneurs face on a daily basis. It would be ridiculous to say that they got themselves into this solely to make money.

2) It Takes A Lot Of Money To Start A Business

Yes and No. Money does play a significant role in starting a business, however it’s not the make-or-break factor. You do need a sufficient amount of money to start a business. The amount of money you have is not really that much of an issue. There are sufficent examples where entrepreneurs have started their businesses with $100 or less!

“Where there’s a will, there’s a way” – if you love entrepreneurship that much, you will eventually find a way to make everything work in your favour despite the limited amount of money you have on hand.

3) It Takes A Great Idea To Start A Business

Not really. It will be much easier for your business to penetrate the market if your idea is New & Innovative. An average idea that can greatly improve a “Process” that already exists in the market is enough for you to start your own business.

What matters is not the Idea but the way you plan to execute & improve it over time. Take the example of Richard Branson & his hugely successful organisation – Virgin. What exactly did he invent? Nothing. Is his idea Innovative & Ground Breaking? He saw an opportunity and asked the question: “How can we do this differently”

Richard Branson didn’t create anything ground-breaking and he still achieve’s great success. What he did, and still does to this day with Virgin, is fine tune his best to perfect what is already there. For an Idea to have success it will always be about the timing of the Launch. Virgin, came into the Market when people were looking for a cheaper option for flying. The Market was ready for more competition.

So go ahead, find something that you think you can improve, make up a plan for it, and start your business around that today!

This country is built on the foundation of the Entrepreneur. Australia will continue to grow as a result of our willingness to take risks. Entrepreneurs continue to rise up and become the Disruptors and Innovators for Enterprise. They dare to ask the question: “Why not?”

Then they get up and figure out how they can build the Business. Develop a new approach and solve a problem in the Marketplace that will open up new Market opportunities. They are not looking for your approval, they are backing themselves and figuring out the “How to” as they go along.

Want to know more about Entrepreneurship? Contact Maverick Mentoring now!

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