There are many myths about being an entrepreneur.  Many of these myths are the reason why so many people don’t try to start their own businesses.  We address these myths in an attempt to help set the record straight.   These are the top 10 entrepreneur myths.
 

1.  It Takes A Lot of Money to Start A Business:

 

It does not take a lot money to start a business.  It depends on the type of business you’re getting into.  You can start a business with very little money and slowly grow it over time.  With the advent of the Internet and fund raising sites such as Kickstarter.com, gofundme.com, etc. you can even get your customers to pay in advance for the product you will deliver to them later on.  Hence, you don’t have to finance the production cost with out of pocket money.
 

2.  Only Tech Startups Succeed:

 

Tech startups get all of the buzz and attention.  However, they’re not the only type of startups that succeed.  Every day there are non-tech startups in industries such as restaurant, transportation, day care, hospitality, administrative services, medical, etc. that go on to succeed. 

 

3.  Most Startups Become Overnight Success:

 

Most startups don’t become overnight successes.  By the time you hear abuot most startups being successful they’ve been in business for several years.  Success requires that you take your time and grow the business by building a solid foundation from which growth can take palce.  This takes time.  Even if a business gains immediate traction it still takes time to grow a large enough customer base in order to expand and become a true success.
 

4.  Starting A Business is Hard:

 

Starting a business used to be hard.  At one time you couldn’t start a business without the service of a lawyer and accountant.   In the past it was necessary to pay someone enormous sums of money to complete and file your incorporation papers and fill out your tax forms.   Today it is not necessary to enlist the services of lawyers and accountants in order to start a new business.  You can do this on your own.  All it takes is a basic understanding of the state’s requirements where you will fill your incorporatino papers.  Today you can also start a business without having to file for incorporatino papers.  You can become a Soleproprietor without having to file incorporation papers with the state.  Tax services such as Intuit, TurboTax and others have made it easy for entrepreneurs to do their own business taxes without missing out on any authorized deductions.
 

5.  You Have to Wait Until You’re An Adult to Start A Business:

 

Practically anyone can become an entrepreneur.  You don’t have to wait until you’re of legal age.  If you’re under the legal age you can enlist others (such as your parents, relatives, etc.) to act on your behalf where a person of legal age is required.  Regarless of what age you are, you can start a business.
 

6.  Entrepreneurs Don’t Have to Work for Anyone Else:

 

There is a myth that entrepreneurs don’t have to work for anyone else.  This is not necessarily true.  If you have your own business you have at least one entity you have to answer to…that is your customers.  You may not have a boss in the traditional sense that you have to answer to, but the desire to please your customers will have some influence on your behavior.  For example, you may opt to keep your business open at later hours or work on weekends because that is the most convenient time for most of your customers.
 

7.  You Have to Invent Something in Order to Start A New Business:

 

Starting a new venture does not always require a new invention.  Most of the time all that is require is a new way of doing something old.  Starting a new pizza business does not require a new invention; opening a new hotel does not require a new invention; starting an automobile repair business does not require a new invention.  A new business starts with the desire to do something different and better or offer a service in an area where it is not being offered.
 

8.  Entrepreneurs Have to Risk It All In Order To Be Successful:

 

You don’t have to risk everything in order to be successful.  Risk taking is necessary to be an entrepreneur, but you can take calculated risks.  If you know what you’re getting into and how much you’re willing to risk you can still end up holding to some of your resources even if the business failed.  The key is knowing when to recognize that the business will not succeed and stop pouring more of your hard earned resources into something that will fail regardless.
 

9.  You Have to Go Into Debt to Finance the Business:

 

In the past this was true.  Today, not so true.  Today there are many other ways to raise money to finance your business.  You seek Angel capital, Venture Capital, Grants, Crowdfunding, etc.  None of these options requires you to go into debt.  They require that you give up equity in your business instead of taking on debt.  Grants and Crowdfunding require no debt or equity.  Learn more about financing your startup.
 

10. You Have to Be Born an Entrepreneur:

 

You don’t have to born an entrepreneur in order to be one.  All that is required is the willingness to try.  You can learn everything there is to being an entrepreneur.  There are tons of information on the Internet.  You can also read the thousands of books on the subject.  If you’re interested in starting a business in a particular industry, you can learn how things work in that industry and proceed to start your business.