The 5 Biggest Myths About Entrepreneurship

It was only about 2 or 3 years ago that I really knew what an entrepreneur was. I was always an entrepreneur at heart, but I didn’t really know about the term until recently.

As the term ‘entrepreneur’ becomes more and more popular, people tend to believe more and more crap about it. As an entrepreneur with a bunch of friends who are in college, I’ve had a lot of people come up to me saying absurd things.

For some reason, many people believe the title of ‘Entrepreneur’ automatically entitles you to wealth, fame, and fancy parties with nice views. Boy are they wrong!

Here are the 5 biggest myths about entrepreneurship:

1. Entrepreneurs Have It Easy

Okay seriously, this is not true. When someone says this to me, I literally want to punch them in the face! Spend a day in the life of a true entrepreneur and you will know how difficult it really is.

Entrepreneurs do not HAVE it easy. They are happy, passionate, and satisfied because they’re doing what they love, but it’s NOT easy. The struggle, obstacles, and grind that people face on a daily basis make it anything but easy.

2. Entrepreneurs Are All Rich

For some reason, all my friends assume I’m rich just because I own a couple companies. However, just because you own a company does NOT mean you’re rich. In fact, most entrepreneurs are on the opposite side.

As an entrepreneur, you’re typically cash strapped and broke. Mark Cuban often says, “I used to eat ketchup and mustard sandwiches for years as an entrepreneur, it was tough.” Entrepreneurs tend to gamble and put all their money into their businesses. If anything, they barely make it day to day and have very little liquid money.

3. We Only Care About Money

The entrepreneurs who only care about the money typically tend to fail. Entrepreneurs chase dreams, goals, and their vision before they worry about money. I personally love to solve problems that people face with unique solutions.

Every entrepreneur has a different reason for doing what he/she does on a daily basis. Very few successful entrepreneurs only do it for the money. Most of us care more about helping others, changing the world, doing what we love, and having creative freedom.

4. Entrepreneurship Is A Last Resort

My family in India believes that ‘Entrepreneur’ is a fancy term for unemployed, broke, and future-less. It’s not just them, but many other people feel the same way. However, entrepreneurship to many is a choice.

I have friends who can get high paying corporate jobs, but choose to be an entrepreneur because it suits them better. If I was ever to be offered a job working under someone, I would reject it in a heartbeat. Entrepreneurship is my first choice and that’s why I do it.

5. You Can’t Do It Without Venture Capital

Venture capitalists have made a name for themselves in recent years. For some reason, everyone thinks you need Venture Capital to succeed as an entrepreneur. I personally think Venture Capital is evil.

I would do everything possible to succeed without VC money. Many people including new entrepreneurs feel like they HAVE to raise venture capital otherwise their company will fail. Some of the greatest businesses have been angel-funded, self-funded, or bootstrapped and succeeded.

Bonus – Zuckerburg or Bust

I was at a mixer one night talking to a lawyer (who graduated from Harvard, believe it or not) and he was impressed by my ventures. He told me, “You’re going to have to be the next Zuckerburg.” I was perplexed by his response.

Unfortunately, I’ve gotten similar responses like that from so many people. Everyone says that you as an entrepreneur have to be the next Zuckerburg. I will do no such thing. I will be the next Jeet Banerjee. Everyone expects you to be the Next Zuckerburg, but you should be the best you.

Conclusion

Being an entrepreneur has it’s ups and downs. People judge a book by a cover and put labels/identities on you that aren’t always true. However, we as entrepreneurs LOVE what we do and will continue to do it anyway! Share this article around and let the non-entrepreneurs know the real side of entrepreneurship.

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