5 Myths That Entrepreneurs Are Told

There are many decisions that an individual must make in his or her life that can shape the course of their life for the better. When we are children, we are told to stay in school and that extra-curricular activities enhance character. We are directed to earn the best grades possible in school, always finish our homework on time, and graduate with a stunning Grade Point Average (GPA). When it comes time to graduate from high school, the individual must make a decision as to whether or not to enroll in college. And should one do so, after graduation from college, it is really no longer possible to postpone a career any longer. It is at this point that you have to decide—will you take the common career path or will you pave one of your own?

There exists a spirit in many to create a path of one’s own in order to make a life for him or herself. Those individuals, who often have a more creative spirit, are known as entrepreneurs. These personality types are prone to innovation and boldness. These individuals are often told that their ventures will not be possible because those dear to them fear their failure instead of investing in their success. There are many myths that entrepreneurs are told in order to keep them from succeeding. Five of these myths are: people will not purchase from small business owners, people will not like their product, people will stick to big brand names in the industry, small businesses do not succeed, and more education is needed.

People will not purchase from small business owners 

Many entrepreneurs who vend a product or service are told that the general public just will not choose to purchase from their business because it is not a big brand name. This could not be further from the truth. Consumers no longer look just to TV and radio ads to make their purchase decisions. In fact, most consumers now use social media advertising to decide on their purchases. This means looking at local and small business brands for meeting their demands.

People will not like their product 

Another myth that entrepreneurs often hear is that people will not like their product. People tell this myth to entrepreneurs because they themselves are afraid of rejection or failure, so they project this sentiment onto others. The fact is that if you have a good product that is proven to supply existing customer demand, there is no reason why the customer will not love the product.

 People will stick to big brand names in the industry 

The fact is that the average modern consumer just does not favor big brand names anymore. There even exists a new holiday called Small Business Saturday, which celebrates and encourages purchasing products from small businesses. The holiday falls on November 28th, in close proximity to Black Friday. The insider trade has shown that consumers’ trust now lies in the hands of small businesses and not big box brand names. Many of these large chains are even going out of business, as consumers shift their focus toward small businesses.

 Small businesses do not succeed 

This myth just could not be further from the truth. It is estimated that eighty percent of small businesses go on to see success within the first year of starting. The U.S. Census Bureau says that by the fifth year, fifty percent have succeeded and that by year ten, a third of these small businesses have succeeded. These are encouraging numbers that demonstrate small businesses really can thrive.

More education is needed 

Some believe that the entrepreneur needs to gain further education prior to starting his business. The beauty of entrepreneurship is that education can be obtained while running the business, through hands-on experience. While it is sometimes necessary to gain a relevant certificate in the subject of one’s business, it is also possible to begin the formation of the business while pursuing education simultaneously. The entrepreneur may wish to take classes in business management or economics at the local community college.

There are many myths that entrepreneurs are told to discourage growth. The lively spirit will take these considerations in stride. Entrepreneurship is a hopeful endeavor.