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The Myths Around Becoming An Entrepreneur

Working for yourself can be rewarding if you learn to ignore the myths around becoming an entrepreneur.

Self-employment accounts for around a third of the growth in employment since 2010 in the UK labour market.

Figures published by the Office of National Statistics, late last year, showed the number of people working for themselves increased by 30,000 to 4.55 million.

Taking your first step can be scary but you need to have a positive frame of mind from onset if you hope to experience any form of success.

Learn to ignore these four myths that could stop you turning into your own boss:

“I need to have lots of money before I can start” (FALSE)

There are many success stories to date of entrepreneurs who have started their businesses with small amount of cash – Both Lord Sugar (BBC’s the Apprentice) and the Founder of Foxtons estate agents started their venture with £100 capital.

“I need to be the CEO since it’s my company” (FALSE)

Ask any established business owner and they will tell you that running a company is more than the status. Your company is a separate entity so you need to learn to see things from its point of view. Not every entrepreneur have the skillset to be the CEO of their own organisation: Entrepreneur vs CEO.

“All I have to do is start something” (FALSE)

In the beginning, yes, but this has gradually changed over time. An entrepreneur is an innovative person who is persistent in looking for ways to do things better and differently while a business owner has a set way of making something work and remains involved – You can be both or get a co-founder.

“I need to have an idea” (FALSE)

You don’t always need to have an idea but it is necessary to research your chosen market. There are those who have simply stumbled on their innovation (Solveiga Pakstaite – Bump Mark) and those who initially had an idea of what they wanted to do but ended up developing it into something different (Milo Spencer-Harper ‘Magi Metrics’). Keep your mind open to endless possibilities. 

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