Entrepreneurs are the real driving force behind the economy and innovation of any country. They create jobs, gadgets and services that change our lives for the better. But there is not a well-defined path for aspiring entrepreneurs to follow since the life of any entrepreneur directly revolves around the venture he decides to work on. Due to this unconventional approach to professional life entrepreneurs face a lot of myths about them and their lifestyle. 3 Day Startup has worked with tens of thousands of entrepreneurs over the years. They have seen many myths about entrepreneurs over the years and have decided to share some of their findings with us today. Also, share your myths about entrepreneurs in the comments below and we’ll debunk them too.
Myth: Entrepreneurs are college or university dropouts
This is among the world’s most contagious falsehood. The truth is most entrepreneurs are very diligent in their work and put in a lot of work. Entrepreneurs are also very protective of their startups. So, if the burdens of university are becoming a hindrance for them, they leave it. This is the reason why Mark Zuckerberg and Bill Gates among other founders left their alma matter. To work on their startups full time without any distractions. Yet still most successful entrepreneurs are graduates of some of the top universities of the world. Elon Musk, Larry Page, Sergey Brin, Brian Chesky and countless other are examples of entrepreneurs who graduated from top institutions and did research in their relevant fields.
Myth: Entrepreneurs will steal your idea for a startup
Entrepreneurs are always looking for problems that they want to solve. After all every problem that you face in your everyday life is a potential business opportunity. So, whenever an entrepreneur observes a problem they can solve, they go ahead and solve it. So, stealing is never usually the intention of an entrepreneur, solving a problem is.
Also, the trouble with the idea myth is that it downplays the level of hard work required to launch a company. While having a great idea for a startup is important, it matters little in comparison with the ability to develop and execute a sophisticated business model.
Moreover, the initial idea of all startups end up being change or pivoted. According to Bart Bohn the most important factor in applying to an accelerator is the “Team”. Your idea can and will change. A great founding team will weather those changes. A poor team will rigidly cling to their original idea, which will weigh them down into obscurity.
Myth: Entrepreneurs are always partying
This myth cannot be any further from the truth. Most entrepreneurs work their ass off and work more than conventional employees. However, they do lose it when they party since entrepreneurs put more energy into everything they do than normal people. The picture above pretty much shows how most entrepreneurs spend their life. This is how Mark Zuckerberg spent his time during the early days of Facebook and continued to do so for almost a decade.
Most entrepreneurs are always busy with their work and they do everything they can to see their startups succeed. A typical founder of a startup is always looking for investments. Securing investors is an excursion which, according to Vijay Thakkar, the founder of Jolly Company, “will take up 80% of your time as an entrepreneur.”
Myth: An entrepreneur must be “taking over the world” and “disrupting” industries
Every person who tries to change the world for the better is an entrepreneur in our opinion. It’s not necessary for you to colonize mars to become an entrepreneur. Starting a simple online service which allows people to communicate with each other more efficiently will also make you an entrepreneur.
On the contrary most successful entrepreneurs start with something really small. It is only after the public’s positive feedback that an entrepreneur realizes the true worth of their idea and scale up.
Myth: Entrepreneurs are smooth talkers
Go to any entrepreneurship competition and you’ll see the truth behind this one yourself. The reality is that entrepreneurs are expected to be the front face of their ventures. Due to this they pitch their idea a lot, seriously a lot. All this constant pitching of their ideas end up making the entrepreneurs good at their domains. So, this myth is true. A successful entrepreneur is usually a very smooth talker and can talk his way out of most situations. They are also very good at convincing others to work for them and make the world a better place.
Myth: An entrepreneur needs to make something no one has ever thought of before
If you look at most great breakthroughs you will learn that they were neither unique nor original. From the lightbulb to YouTube, the success of most great ideas was iterative, based on analogy, and not terribly unique. And this is normal. As we explained earlier an entrepreneur is only looking to solve a problem. In some cases, the solution might already exist but isn’t readily available. In this case, the problem that the entrepreneur solves is to make the solution readily available. A startup doesn’t need to be unique, it just needs to solve a problem.
Myth: All entrepreneurs are cool
This is probably the only true myth about entrepreneurs. You will find entrepreneurs to come in all shapes and sizes. But one thing will remain a common factor in all of them and that is they are really cool people. We tried a lot to find an entrepreneur who isn’t cool but we failed to do so. If you have anyone in mind who claims to be an entrepreneur and is uncool – write his name in the comments below and prove us wrong.