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Common Myths about Entrepreneurs that Students Planning to Pursue Business Management Degree Courses should Know

If you are thinking of starting your own business someday, pursuing B.B.A. Entrepreneurship and Innovation is a great way to kick starts your dream.  The three-year programme will help you gain a deep understanding of evaluating opportunities and successful business models. You will also learn to create business plans and attract venture capital. However, when it comes to becoming entrepreneurs there are myths. Here we bust common myths about entrepreneurs:

 

Myth 1: Entrepreneurs are born.

Often it is assumed that it takes natural instinct to become an entrepreneur. Well, there is no doubt entrepreneurs need to be talented but so is true for successful managers. The truth is if you want to be a successful entrepreneur, you need to learn and develop the necessary skills. but remember, some people learn these skills more quickly than others. In simple words, becoming an entrepreneur is a learned skill.

 

Myth 2: Entrepreneurs are high-risk takers

To become an entrepreneur, it is necessary to take some risks, but not necessarily high risks.  Entrepreneurs usually take calculated risks and they know  when to take risks, whether to try again, or cut losses.

 

Myth 3: All entrepreneurs need is a good idea

Good businesses start with a good idea.  But that’s not enough to become an entrepreneur. There are many factors responsible for why some entrepreneurs succeed and some do not. Besides a good idea, an entrepreneur must research well to ensure whether the product or service he or she wants to launch has a market or not. Despite having a huge potential, if the timing of the launch is not right, the idea will eventually not work.  Ideas are important to start with, but so are market research, planning, execution and many other factors.

 

Myth 4: Entrepreneurs have all the time in the world

It is often wrongly assumed that entrepreneurs do not follow the 9-to-5 schedule and therefore, they have a lot of time and freedom. This cannot be farther from the truth. Entrepreneurs have time and freedom only once they create their foothold in the market and their business is in the autopilot mode. Till this happens, entrepreneurs have to put in a lot of effort and time to get their business off the ground.

 

Myth 5: To be a successful entrepreneurs one just has to launch the business

Just launching a business doesn’t mean that entrepreneurs will earn substantial amounts of money. Although some entrepreneurs do make profits in the beginning, sustaining growth is the biggest challenge they face.

 

Myth 6: Successful entrepreneurs are geniuses who do not fail

There’s a misconception that entrepreneurs have to stick everything out — no matter what. But the fact is successful entrepreneurs toy with different ideas. They often fail but they learn from the failures and use them to better their next idea. Before Bill Gates launched Microsoft, he had launched another company which was not a huge success. But the experience was instrumental in the creation of Microsoft.

 

Looking for a BBA with entrepreneurship and business management degree courses?

Unitedworld School of Business (UWSB) offers business management degree courses that cover management fundamentals to gaining expertise. Our B.BA. Marketing, B.B.A. Finance, B.B.A Human Resources and B.B.A. Entrepreneurship and Innovation lay a solid foundation whereas our Ph.D. management degree is designed for those of you seeking academic research and management teaching careers. For KUAT 2022-2023, click here.

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