Myths and Realities of Being an Entrepreneur in India
“In order to succeed, the desire of your success should be greater than the fear of failure”
Entrepreneurship- It is all about the journey of achieving goals or fulfilling dreams. Nowadays, startups have become more diverse and abundant globally. Regardless of the recent downturn in the Indian market, entrepreneurship in India is still alive and really doing well.
The new entrepreneurs in the field of retail trade, Fintech, and IT services has shown a rapid growth. The success of such entrepreneurs has blasted the myth that the family managed business with connections get an advantage with access to capital.
To know how entrepreneurs think, you have to first drop the myths or you can say stereotypes that you may be carrying around. These myths will automatically get busted once you start accepting the reality.
Top Myths related to Entrepreneurship
Entrepreneurs are born, not made
This is the most common myth that people have in their mind. You may have often heard that you can’t teach entrepreneurship. But the fact is completely different, entrepreneurship is basically a discipline and a way of attaining goals that can be learned.
It is true that for being an entrepreneur, you have to be passionate or we can say that you must carry passion and persistence in your genes. But it usually takes time to learn such skills that an entrepreneur carries.
Need a lot of money to start a business
It is not true, if you will check the data then you may come to know that there are entrepreneurs who have started business with $1,000 or less. On exploring more in the same domain, you will get to know that there is no direct relationship between the amount from which the entrepreneurs started and ultimate business success. People have to understand that you can grow money with less investment as well.
You need a strong business plan to succeed
It is true that the investors will ask for a business plan before providing funding. A few Internet entrepreneurs that include Richard Rosenblatt of Demand Media, know the process of getting a website up and making money from the same within a couple weeks. As per these savvy entrepreneurs, it is important to understand the market more than writing a business plan.
Entrepreneurs are in it for the money
Fair enough, it is true that for some entrepreneurs it is all about the money, but there is no doubt in saying that most of the entrepreneurs start their businesses for independence and to create something which they can call their own instead of fulfilling someone others dream by working for them.
You have to be young and restless
Well, it is also one of the biggest myth that people have in their mind. It is very important for people to understand that for being a successful entrepreneur it is not necessary that you have to be young. In fact, as per the Global Entrepreneurship Monitor report –the number older adults who are self-employed outweighs that of young adults. Entrepreneurship is basically for all ages! It is not a thing that you should look on the basis of age, gender, etc.
Well, in simple words, entrepreneurship is for everyone who has the passion to make it possible. Everyone has the ability to work for themselves. Running a business isn’t easy, it requires hard work and discipline to reach success but having faith in yourself can be highly helpful for you in order to attain goals.