Break the Myths to be Successful
Author : Writer at Chatur Idea
Posted : 8 months ago
Myth
24Oct, 2016

Being the entrepreneur is the new 'cool' thing. True that, you will be your own boss, you will play in crores, the world will embrace you with open hands...but to what extent it is true?

Truth VS myths of entrepreneurial journey is hard to define.

Entrepreneurs believe in some myths, some of the common being:

1. Starting a business is easy

What you need is some money, and a place to operate. In this era of social networking you just need a site, or a page. Still is it that easy? Studies say, seven years after starting the business, only one-third entrepreneurs have a company working with a positive cash flow greater than the expenses, salaries and owner's own money.

2. Banks don't lend money to startups

Budding entrepreneurs are always welcomed by banks and government with various schemes. Another common belief is that debts are not a good idea at the startup stage. Nothing of that sort is true. You just need to work upon an adequate debt equity ratio.

3.  Most entrepreneurs start business in attractive industries

You will be successful only if you take up an attractive venture. Mahima Mehra started Hathi Chap which was completely a new venture, where different raw materials were used to make handmade paper. After a lot research, they found out elephant's dung has more fibre which made it easy to make handmade paper. So if you've something different, go for it to an extent to prove the myth wrong.

4. Growth depends on entrepreneur's talent more than on the business chosen

This is not true at all. The venture chosen has a great role to be played in the success of an entrepreneur. Don't believe me? Think upon this. Many dot com companies mushroomed all over the world during the Y2K problem back in 2000.

5. Most enterprises are successful financially

A lot of wealth created by the enterprise is unevenly distributed.  The typical profit of an owner managed business is 2,40,000 rupees. Only yen percent of the entrepreneurs earn more than their employees. Typically, entrepreneur earns less than what he would earn working for someone else. Of course, efforts can take you an a mile extra.

So what constitutes a modern successful entrepreneur? Broken myths of a modern entrepreneur.