Council Post: Five Myths About Entrepreneurship For Aspiring Business Owners

HR Executive and Co-Founder of Gig Talent, a modern talent agency connecting organizations with elite HR consultants and coaches. 

Recently, my business partner and I were discussing how to pivot — where we needed to focus our time and where we might need to leverage others. This got me thinking about entrepreneurship and the many misconceptions that exist about entrepreneurship. While being your own boss definitely has its advantages, it’s also a lot of work.

The words “entrepreneur” and “entrepreneurship” have become glorified terms. They’re words associated with building your life on your own terms, setting your own schedule, being your own boss and doing work you love. All these things are true. However, there are some myths and misconceptions about entrepreneurship that I believe are important to dispel for aspiring entrepreneurs:

Entrepreneurs have easy hours. They don’t work a full day.

As entrepreneurs and business leaders, we are always on. Most, if not all, of us work very long hours every day. It is difficult to get a business off the ground, and it’s a lot of hard work to sustain it long term. We might have to work weekends when necessary and forgo happy hours and dinners with friends (pre-Covid-19 era, of course). And even when we’re not actively working, we are always thinking about our business and how to make it better, prepare for potential issues, etc.

Being an entrepreneur is not a cushy experience. If that’s what you are looking for, it might not be the ideal lifestyle for you.

The original business idea reigns supreme.

Sure, a great idea will attract investors and clients, but all entrepreneurs likely know the original idea that inspired the business hardly ever stays the same. Entrepreneurship is about adapting to the internal and external environment and not getting tied down to any one idea. James Dyson, inventor of the Dyson line of vacuums, made over 5,000 failed prototypes before getting it right. Had he given up after the first prototype, would the bagless vacuum even exist?

Entrepreneurship is an all-or-nothing game.

Yes, many startups fail, but many also succeed. They don’t generally succeed overnight, however. It takes many months, if not years, in order to see the payoff. Entrepreneurship is all about the long game. It’s not a get-rich-quick scheme. Many entrepreneurs give up if they don’t see success quickly. But don’t let your fear overtake you. Entrepreneurship is about picking yourself back up and trying again.

Entrepreneurship is a solo endeavor.

While entrepreneurs might be the face of the business, they most certainly aren’t the only members of the team. There are mentors, coaches, investors, business partners, family members, employees and the list goes on and on. Delegating tasks is essential for long-term success; just because you can do something doesn’t necessarily mean you should do it.

I often tell entrepreneurs to think about how they are spending their time and whether the items they are spending their time on are bringing the most value to the business. Think about the 80/20 rule: You should be focusing on the 20% of activities that produce 80% of the value. You can’t do it all alone. It will lead to stress, burnout and a whole host of challenges, both personally and professionally. Instead, surround yourself with the right people who can help you succeed.

Entrepreneurs take huge risks that always pay off.

Entrepreneurs take risks. After all, if starting a business were a sure or safe bet, everyone would do it. There are always risks with running a business, both known and unknown. One of the biggest risks is to quit your 9-to-5 job and go all-in with your idea. After that big jump, the risks are more calculated, and you balance the risk with the reward.

That said, some risks don’t pay off. Hopefully, these risks are few and don’t implode your business in the process. But as an entrepreneur, I can tell you that taking risks is part of the game. It’s not gambling, especially when you have a team that relies on you. But, in order to keep pushing and persevering, you have to get out of your comfort zone.

If you’re thinking about becoming an entrepreneur because you think it’s easy or a quick way to get rich, the best advice I can give you is to stay put because you might not be ready to run a business. But, if you have a passion and a purpose and are willing to work hard, play the long game and take calculated risks, then what are you waiting for? Be the entrepreneur you were always meant to be.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?