Entrepreneurship comes with a lot of preconceived notions and stigmas attached. The lifestyle is often romanticized in our culture, with Jeff Bezos and Elon Musk inspiring many to take the risk and do their own thing.
People regard entrepreneurs is modern-day rock stars; they all want to be like them, but most don’t end up becoming them. Because of how Society regards entrepreneurs, and celebrities like Bezos and Musk pushing entrepreneurship, many people come up with misconceptions about entrepreneurs. The most common one is that entrepreneurs never sleep, and are like superhumans. While I wish this was the case, unfortunately (and fortunately), it’s not.
Because of these misconceptions, some people choose to no be an entrepreneur, while others get in way over their head. Here are five common misconceptions about entrepreneurs that you should know:
1. They never sleep.
This is by far the biggest misconception/stereotype, on entrepreneurs that I’ve heard. Entrepreneurs are like everybody else, and everybody else needs sleep. However, it does have some truth to it, especially if you’re a student. Juggling school and work can be difficult, and entrepreneurs may end up losing sleep because of it. But, this should not be romanticized, as it’s very bad for health.
2. You need to go to Business School
Business school definitely will help you in your journey to entrepreneur, or millionaire by 25, But it doesn’t make or break you. Bill Gates, Larry Page and Steve Jobs all didn’t complete College. In fact, data indicates that three times as many CEOs and founders have earned an advanced degree in engineering than an MBA.
Why? It gives you the framework that allows you to think analytically, applying knowledge (usually scientific) to the real world. Even Mark Zuckerberg, the famed Facebook CEO, didn’t finish his schooling at Harvard.
This just goes to show, that really anybody can succeed at being an entrepreneur with a lot of hard work. College and higher education is commonly seen as the only way to success. This is not the case. In today’s society, especially with the internet, with the right attitude and a lot of hard work, you can build anything that you want to.
3. You set your own hours.
A lot of people who are in a working situation that they don’t like consider switching to be an entrepreneur because they feel that you’ll be able to control your hours. Instead, you get exactly the opposite. If you’re a true entrepreneur, your business takes over your life, whether you like it or not. You’ll be working from the time that you wake up, to the time that you go to bed. This is especially true if you’re a student, and/or your business starts to grow rapidly.
4. Entrepreneurs are born that way.
Relating to the college section, most entrepreneurs aren’t born with it. Becoming an entrepreneur requires a lot of skill, but you can easily learn this skill in the real world, Especially with work experience. I stick to my belief that with a lot of hard work, anybody can make it happen. Invest the time and learning, and you’ll be able to cash out one day.
5. You’ll be able to do what you want.
Think of having a business as a baby. As an infant, they need 24/7 attention, but as they grow up they become more independent. Unfortunately for entrepreneurs, businesses can stay in the infant stage for years. And in those stages, they need your attention virtually all of the time.
Many people consider becoming an entrepreneur because it will allow them to do what they want with their life. Well this statement is both true and false. For the first few years, you’re not going to have any time to do whatever you want. This is especially if you’re a student, working towards millionaire by 25. Your entire life will be work. But, if you invest the time now, you’ll get a lot more time back (it’s just like stocks). Eventually, your business will grow up and become passive, or you’ll be able to sell it for a fair price. Then, yes you’ll be able to do what you want (but most entrepreneurs go right on to create a new business).
“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” -Nolan Bushnell