6 Misconceptions About Entrepreneurship and Insights from CEOs

So, you’d like to become a successful entrepreneur? Well, who wouldn’t? After all, being an entrepreneur means being able to live the life you like: a life that’s comfortable where money is easy – and you also get to be your own boss – well, not really. Many people dream of becoming an entrepreneur with an idea that they will get to live the life they’ve been always dreaming of. However, real entrepreneurs know being one isn’t that easy. There are a lot of misconceptions about being an entrepreneur and here are some of them.

1. All you need is a brilliant idea to start an enterprise.

One misconception aspiring entrepreneurs have is that all you need is one brilliant idea to start an enterprise. What most people don’t know is that much successful business tried a lot of ideas before they hit it big.

Now, an entrepreneurial culture thrives when it’s easy to try lots of new ideas. Facebook wasn’t the first thing I built. I also built games, chat systems, study tools and music players. I’m not alone. JK Rowling got rejected 12 times before publishing Harry Potter. Even Beyonce had to make hundreds of songs to get Halo. The greatest successes come from having the freedom to fail.
– Mark Zuckerberg

2. It’s easy money.

We may see that the most successful entrepreneurs are now millionaires. It may seem like they have a lot of money and cash is easy to come, but it’s not always that easy at first. Entrepreneurs have experienced many lows and most of them didn’t even think they would get rich. Being an entrepreneur does pay off in the end but it doesn’t necessarily mean it’s always easy money.

I mean nobody likes to fail, but the worst thing was I lost my investors’ money and these were people that believed in this young guy that was passionate about this idea… [When you fail,] you start to question, are my ideas really good?

– Nick Woodman

Related article: 7 Reasons Why Great Employees Quit Their Job

3. You get to be the boss.

A lot of people fantasize that being an entrepreneur means being the boss of you and other people. However, successful entrepreneurs actually think otherwise. They actually think their purpose is to serve more than anything else.

There is only one boss-the customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.

– Sam Walton

4. You get to have a comfortable life.

Many people think that being an entrepreneur means being able to have a comfortable life. However, there were actually many sacrifices before they were able to achieve the life they want, and it wasn’t always that easy. Some of the most successful entrepreneurs have to go through uncomfortable circumstances before their sacrifice paid off, in the end, they know they have to go through some “discomforts” so their vision would grow.

I learned to always take on things I’d never done before.
Growth and comfort do not coexist.
– Ginni Rometty

5. You can work anytime you want.

It can be good if everyone can actually work at the time they want. However, if you want to be a successful entrepreneur, you should never limit yourself to a fixed number of working hours especially when you are just starting. A lot of entrepreneurs even work over 40 hours a day so they can take care of their businesses.

Work like hell. I mean you just have to put in 80 to 100 hour weeks every week. [This] improves the odds of success. If other people are putting in 40-hour work weeks and you’re putting in 100 hour workweeks, then even if you’re doing the same thing, you know that you will achieve in four months what it takes them a year to achieve. – Elon Musk

6. What works will work for a long time.

Successful entrepreneurs always have an open mind and are always open to change. They actually love change and they don’t get stuck with the old ideas. They know that it’s okay to evaluate old ways and ideas so they could grow their business.

It’s not that we need new ideas, but we need to stop having old ideas. – Edwin Land

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