The Entrepreneurship Trap — Why Most Businesses Fail
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Entrepreneurship is one of the toughest jobs on this planet to earn money.
As an entrepreneur, you carry the financial risk and emotional burden with little to no known outcomes.
I can’t wrap my mind around the idea of why everyone wants to become an entrepreneur.
The problem is that most wantrepreneurs or self-claimed entrepreneurs get into business because they think it’s cool, trendy, or would make them rich.
There is a hype around the idea of entrepreneurship and how everyone must start a business and become a hustling entrepreneur; it’s lucrative for the people who promote it, but is it the right choice for everyone?
I have identified eight myths that you must realize before getting into entrepreneurship and starting a business.
8 Myths About Entrepreneurship and Starting a Business
1. Entrepreneurship is only about having great ideas
Entrepreneurship is not about finding and generating unproven ideas. There are plenty of creative ideas, yet most don’t make it to the market.
Entrepreneurship is about taking an idea and making it into a reality. It’s more of an execution skill rather than an exercise of brainstorming a bunch of unique ideas.
2. Entrepreneurship is about inventing new things
Entrepreneurship and inventing are two separate skills. An entrepreneur is an individual who finds a pain point in the market and then arranges resources such as money, people, and tools to come up with a solution and deliver it to the market.
An entrepreneur might rely on innovation, which is taking something that already exists and making it better and more effective; however, an inventor is someone who creates an entirely novel way of doing an activity.
Some inventors develop entrepreneurship skills; however, most rely on licensing their ideas or working with an existing business to bring their creations to the market.
3. Entrepreneurs have access to an enormous amount of capital
