There are many things that are said about entrepreneurship and unfortunately, we see so many cases in which people talk without actually knowing much about running a successful business. Marc Leder, co-CEO of Sun Capital Partners, knows much about entrepreneurship. During his countless meetings with numerous aspiring entrepreneurs, he heard many myths that simply do not need to be trusted. The following are often mentioned so let’s learn the truth about them.
“Entrepreneurship Is High Risk”
The reason why people think entrepreneurship is high risk is that many start businesses without actually knowing what to do. There is risk attached to practically everything that we do in live, including eating and traveling.
Risk can never be completely eliminated but it can be effectively minimized. This is done through education and proper planning. You want to follow the blueprint that others put in place in the past and you want to adapt to how the markets change. Obviously, highly successful entrepreneurs are not going to easily share success secrets. However, this does not mean you cannot figure it out and you cannot use networking to your advantage. Mentors help, just as much as education and knowledge.
“A Lot Of Money Is Needed To Open A Business”
If you are to open a business the regular way, a brick and mortar establishment, much money is needed. Renovation and rent costs can easily reach an amount like $10,000. You also need goods and supplies that are stored in the warehouse. Then, you need to deal with salaries for employees. Such costs need to be paid even if no sale is made. With this in mind, you do need a large starting capital.
The problem with all this is that you can find ways around the traditional approach. Nowadays, the internet opened the doors for numerous businesses that can be started with a limited budget. Many of the highly successful entrepreneurs that you read about in magazines actually started their empires with a really limited budget thanks to the use of the internet.
“I Cannot Be An Entrepreneur As I Am Not Cut Off For It”
Many of the incredible entrepreneurs out there were not born to be entrepreneurs. In fact, many just ended up being successful because of all the hard work that they did. The belief that entrepreneurship needs to be in your blood is completely incorrect. Just look online and you will see stories written about regular people that ended up being millionaires.
You need to learn needed entrepreneurship skills, like marketing, selling, communication, management and leadership. Also, you need to be open-minded. In time, if you do work hard and you keep your eyes on the prize, you will be successful.
“You Need To Be Rich To Be An Entrepreneur”
You can start a business with as little as $200 these days. You do not need to be rich in order to be a highly successful entrepreneur. The big problem is most people simply never start their own business. This is so often because they think they need a lot of money to do so. Always start with a network or internet marketing startup in the event that your budget is limited.