Entrepreneurship is a common notion, especially among the youth today.
What many young people do not know is that one of the biggest challenges becoming an entrepreneur involves learning to disregard baseless opinions around.
A major part of succeeding or even understanding entrepreneurship is to realize that many people will have absolutely no idea of what you are exactly doing.
Subsequently, it is important that the youth determine some common misconceptions that dominate notions on entrepreneurship.
Here are some of the main misconceptions that young people hold with respect to entrepreneurship:
Entrepreneurship Should Result In Instant Success
Some of the leading companies that serve as the epitome for successful entrepreneurship were founded and headed by young people. Firms like Facebook, Airbnb, and Apple attest to this fact.
However, not all entrepreneurs are/or will be like Brian Chesky, Mark Zuckerburg or Bill Gates.
Although there is a score of young entrepreneurs whose companies have become immediate successes, there are numerous others who have worked several years to make their breakthrough.
In reality, young people should keep in mind that the majority of entrepreneurs are not geniuses.
Moreover, most of them started late in life and they come in all sizes and shapes just like the businesses they represent.
Entrepreneurship Will Not Necessarily Bring You Overnight Success
“You Do Not Need College Education to Become a Successful Entrepreneur”
The statement is true to a minor degree. Like we have observed earlier, several entrepreneurs, especially in the tech world have realized success at a tender age.
Famous Techpreneurs like Mark Zuckerburg and Bill Gates, in fact, dropped out of college and went ahead to establish businesses with global acclaim.
What such an idea fails to mention is that these people were dedicated and high-performing students before they left college. More importantly, not all entrepreneurs are geniuses!
The majority of entrepreneurs across the globe have college degrees which have been fundamental to their success.
Smart-Young Employees Guarantee Success
A common misconception by most young people is that if a promising startup employs young and smart people it is bound to succeed.
Of course, all businesses need intelligent but not necessarily young people.
While young people can bring unrivalled skills in startups, there is some level of experience and discipline that requires elderly employees. Even in the best of startups, smart employees need a solid management.
Several successful Silicon Valley startups had to bring in experienced employees to direct and manage their excellent crop of young employees. This was the case when Steve Jobs was asked back into the management of Apple.
The founders of Google, Larry Page, and Sergey Brin had to hire Eric Schmidt to provide the company with much needed and more experienced leadership.
Entrepreneurship Means Tech Start-Ups
Although it is true that tech startups have had tremendous significance and success in the recent past, entrepreneurship does not mean starting a tech firm.
This appears to be a common assumption, particularly in the Silicon Valley famed for its giant tech startups.
Most business and popular news outlets have also focused on tech startups at the expense of other entrepreneurial achievements.
Young people should understand the men and women who start small businesses in other industries apart from tech are also entrepreneurs.
Best Ideas Make Successful Businesses
All entrepreneurial ventures are based on an idea or collection of ideas. Subsequently, it is essential that an entrepreneurial venture is built on the best ideas.
More importantly, a successful business venture is the one which is capable to successfully implement a good business idea.
Most of the current successful businesses are based on great and innovative ideas. Look at the examples of social media networking sites, search engines, or other new products and services.
One cannot deny these businesses are built on ingenious ideas.
However, the ideas alone are not enough. A successful entrepreneur must have the necessary skills to act on the idea and transform it into something that customers need or want.
Entrepreneurs Are Born
Most young people have the notion that entrepreneurs are born. Although this is true for some genius entrepreneurs like Bill Gates and Steve Jobs, that is not usually the case.
Most entrepreneurs are common people without distinct business desires or skills. Their only difference with the ordinary folks is that they have great ideas that they pursue relentlessly.
Where other people might easily quit, successful entrepreneurs go to the end irrespective of the outcome.
Young people hold so many incorrect beliefs on what actually constitutes a successful entrepreneur. Based on the above six most misconceptions, it is apparent that ignorance plays a major.
All that young people need to know is that you do not need to be a genius, educated from top schools, rich, or well-connected to become a successful entrepreneur.
All you need is a good idea and a better implementation strategy.
