A business is an entity engaged in professional, organizational and commercial activities. Business can be profit or non-profit. In profit making business, organizations main goal is maximize their wealth and profit by buying and selling goods. On the other hand, In non-profit business, organizations work for the sake of society. However, Entrepreneurship is a way of turning ideas into business. Those who turn these creative ideas into business are known as Entrepreneurs.
But why do we have to become entrepreneurs rather than doing a job?
Some Primary Reasons of people become entrepreneur are:
Introducing own ideas and products:
Some people are very passionate about doing their own things. They want to design society in their own way by their creative ideas. They want to make a difference by introducing their own products. They love innovation and believe in creative destruction. They love to solve the problems of the world with their ideas and products.
Financial Freedom:
Entrepreneurs can control their own money. They can use it in whatever they like. In business, profit margin is unlimited. As people always seek to earn money, they want to be entrepreneurs.
Independence:
Entrepreneurs get creative control of their product and company. They can change the company as they will. They become their own boss. They don’t need to do traditional jobs. Because they become job-givers.
Social Impact:
Many people want to become entrepreneurs to contribute something in society. They engage in social business to do human welfare. They also work to reduce social issues like unemployment, illiteracy, poverty etc. But people face many problems before starting a business. They got discouraged by hearing the myths of entrepreneurship.
So, what are the myths of Entrepreneurship? And how to ignore them and start an own business?
Here are some common myths of Entrepreneurship:
Money is the only motivator for Entrepreneurs:
Money is the root of all. Everyone wants to be entrepreneurs to earn money. But it isn’t the only factor. Entrepreneurs also love new innovation and make a positive impact on society.
Entrepreneurs should be young:
It is known that young Entrepreneurs can do business effectively rather than olds. But it is a false idea. Age doesn’t matter in business. People from any age can start a business if they have much vision.
Entrepreneurs are risk seeker:
Every business has some risk. We know that, more risk, more return. But it isn’t true that entrepreneurs are always risk seekers. They always mitigate the risk by different kinds of analysis.
Entrepreneurs always want new ideas:
New ideas are good but not necessary for entrepreneurs. Many entrepreneurs can succeed with the existing idea. They can add some new features with these existing ideas to make their business attractive.
Entrepreneurs are born not made:
It is a fake idea that entrepreneurs are born by nature. Vision, passion and industry is always needed to become an entrepreneur. Creative mindset is also needed to become an entrepreneur.
Entrepreneurs always win:
It is not true that entrepreneurs are always winners. They also face failure in their journey. And every successful entrepreneur views this failure as their learning.
If you want to finance yourself by not searching for a job, Entrepreneurship is the best way to do it. Entrepreneurship is the way to reduce unemployment in a country. So, people shouldn’t focus on myths of entrepreneurship and don’t be afraid to start a business.
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Writer
Prottoy Kanti Das
Intern, Content Writing Department
YSSE