Entrepreneurship is more popular now than ever with the changing economy which is forcing the millennial generation into a different mindset about job security and the need for self sufficiency. In fact, a recent study found that over 58% of millennials identify themselves as entrepreneurs. It’s no doubt times are changing and an entrepreneurial movement is taking place. Let’s uncover some common myths that may flip your perspective on the modern day entrepreneur.
Myth #1. You need to find venture capitalists or investors to fund your business.
There’s no need to fully fund your business in order to get it off to a great start. The chances of finding an angel investor or winning money on a reality TV show are slim to none. Majority of the existing businesses did not receive upfront funding so roll up your sleeves and get started with what you can. Make every attempt to self fund until the opportunities for capital present themselves.
Myth #2. Entrepreneurship is only for the wealthy. In fact, the word entrepreneur is defined by Google as: “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.” The wealthy aren’t the only ones starting businesses. There are many success stories of people who have gone from rags to riches fueled simply by the passion and desire to succeed.
Myth #3. A “start-up” is a tech company.
Facebook, Twitter, Google and other web based companies have coined “Silicon Valley” as the birthplace of start-ups. It has become such a trend, Norm Bradsky from Inc. magazine states “9 out of 10 aspiring entrepreneurs want to start some sort of web based business.” This is all hype of course. Regardless of the industry you’re in, if you build it from the ground up, it’s a start-up.
Myth #4. An entrepreneur is someone who develops a unique and original concept or product.
This is a trend that has been embedded in our brains over time. You don’t have to be the next Thomas Edison to become an entrepreneur. There are thousands of ways to start your own business. You can purchase a franchise, market a direct selling opportunity, start your own version of an existing business, and much more. If you are in charge of running or operating a business, whether you came up with an original idea or not, you are an entrepreneur.
Myth #5. It takes a large amount of money to start a franchise.
When most people think of franchises, they automatically think of the fast food industry. McDonalds, Dunkin Donuts, Taco Bell, and others all carry hefty startup costs into the millions of dollars. Don’t be fooled by the big name brands, these types of franchises may not even be the best value for you. Consider yourself first, not the business. Which franchise best suits your location, demographics and your own personal interests?
We are at the beginning of an entrepreneurial revolution. Don’t let common misconceptions stand in your way. If you have the desire to become an entrepreneur, there’s never been a better time, Start now!