Sawyer Howitt Describes 18 Myths Every Entrepreneur Should Disregard

Although small business owners have access to more information than they did in the past, misconceptions about entrepreneurship remain prevalent. These myths often create unrealistic expectations or convince people to take unnecessary risks. They can also discourage young entrepreneurs from trying to build new companies. Everyone ought to disregard these common falsehoods:

1. "Money motivates entrepreneurs to start businesses." Most successful startups concentrate on solving specific problems. Company founders frequently want to find solutions that benefit themselves as well as their customers. They earn cash by addressing problems that they wish to solve regardless of any monetary incentive.

2. "You won't succeed unless you operate the business on your own." In reality, few entrepreneurs have enough time to handle every aspect of running an entire company. Wise business owners usually get help from employees, contractors, friends or family members. Professional mentors may also help them succeed.

3. "Entrepreneurs need a presence on every major social network." Although startups might benefit from using two or three networks, it's unrealistic for most small firms to regularly post unique content on a dozen different websites. Social media holds considerable importance, but it shouldn't distract entrepreneurs from running their businesses.

4. "Entrepreneurship gives you flexibility and a work schedule that you can control." Unfortunately, it often demands long hours and doesn't leave much time for vacations. Startup founders frequently need to work more when staff members fall ill, quit their jobs or take days off.

5. "You'll always need to work at night and during the weekend." Many entrepreneurs must do so temporarily, but they typically find ways to avoid it in the long run. Some individuals accomplish this by hiring employees or independent contractors. Others have to locate reliable, well-paying clients before they can adopt normal weekday schedules.

6. "An entrepreneur only needs an excellent idea to succeed." A new concept might play a significant role, but it can't guarantee the success of a business. Startups must develop effective ways to produce, promote and deliver products. To consistently attract and satisfy customers, they also need to plan ahead.

7. "You'll never succeed unless you have the right connections." In truth, some entrepreneurs create prosperous businesses without knowing anyone important. Others successfully contact powerful individuals after setting up their companies. It's helpful to recognize that immigrants started top corporations like Colgate, Budweiser, Google and Intel. A lack of long-term connections didn't prevent them from succeeding.

8. "You cannot become an entrepreneur without investors or a large inheritance." Most small businesses benefit from their founders' personal savings. Some startups also borrow cash to cover initial expenses. Investors can help a company expand more rapidly, but they might force it to make short-sighted decisions or disregard important principles.

9. "To succeed, an entrepreneur must have a willingness to risk everything." Although news reports tend to showcase businesspeople who take tremendous risks, it isn't always necessary. Some individuals retain conventional jobs and start companies in their spare time. Others carefully limit the amounts of money that they invest.

10. "You must begin with a detailed plan and a specific goal if you truly want to become successful." This type of preparation can certainly help a startup prosper, but it's not essential. The truth is that people often succeed through trial and error.

11. "Entrepreneurship only benefits lucky people." Persistence, ambition and valuable skills help most entrepreneurs more than luck. They achieve success by working hard and discovering how to solve problems that affect numerous people. When the public complains about something, entrepreneurs see an opportunity.

12. "Women don't usually thrive as entrepreneurs." Although men start more businesses than women, this doesn't mean that they're more suitable for this role. Women frequently succeed at developing positive relationships with customers, employees and partners. They tend to build professional networks with greater ease as well.

13. "People can only establish new tech firms in California." This myth may have held some truth in the past, but company locations are much less important today. High-speed internet connections allow people to participate in this industry without leaving a small town or lesser-known city.

14. "Entrepreneurs instinctively make the right decisions." In reality, many startups succeed because they swiftly evaluate feedback and make changes until they find the right solutions. The leaders of these firms don't let criticism discourage them. For example, they might need to create dozens of prototypes before developing a suitable product.

15. "You can't start a successful business if you continue to work for an employer." While it may not be realistic to become an entrepreneur when a supervisor demands 60-hour workweeks, a number of prosperous businesses have been created by people who retained part-time or full-time jobs.

16. "Entrepreneurs think in a completely independent way." Most startup founders actually seek to gather valuable advice at all times. They listen to fellow business owners, employees, clients and consultants. A person who exclusively relies on his or her own knowledge will probably fail.

17. "You won't have a boss anymore." Entrepreneurs don't need to take orders from supervisors, but they still encounter various types of "bosses." They must meet the expectations of partners, investors, customers and government regulators. Nonetheless, many entrepreneurs have more freedom to decide how and when to perform tasks.

18. "Every successful entrepreneur has an amazing new idea." Inventors tend to attract the most media attention, but they're not the only people who establish new businesses. A founder may achieve prosperity by making minor adjustments to existing ideas or identifying a profitable niche. Other startups offer ordinary services in geographic areas where they weren't previously available.

Keep Reading: Top Cities For Young Entrepreneurs According to Sawyer Howitt

About Sawyer Howitt

Sawyer Howitt works for the Meriwether Group in Portland, Ore. He began serving as one of the firm's project managers while attending high school. Howitt's financial expertise helps him develop sophisticated presentations and spreadsheets. He also takes notes while participating in important company meetings.

Howitt recently enrolled in classes at University of California. He intends to earn a degree with a major in Entrepreneurial Finance. The young man's work at the Meriwether Group has greatly expanded his knowledge regarding entrepreneurship. He also serves as a mentor and works to promote women's rights. Howitt enjoys fishing when he has time to spare.

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