Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

Entrepreneurial Myths (and how to overcome them)

Various studies have shown how you need to be charismatic and daring to be an entrepreneur. They have also shown how you need to look beyond the obvious and think out of the box. Some of us may be thinking “hmm, that doesn’t sound like me…” and that is okay. A recent study by Bill Aulet, lecturer at the MIT Sloan School of Management has broken the myths and notions that people have about entrepreneurship. Aulet, who is a serial entrepreneur himself, has raised over $100 million in funding for his companies. In an article on Inc.com author Minda Zetlin elaborates more on Aulet’s theories and says what and what doesn’t make a successful entrepreneur.

Sky full of balloons in Cappadocia

Myth 1: Entrepreneurs are born that way

It’s a popular belief that entrepreneurs are born with a particular gene or the efforts they make comes naturally to them. Aulet says that this is misguided and defeatist. It’s about the “will” and “capacity” to learn and take risks. He adds that concrete technical skills like sales and finance can be learned, so don’t let yourself be dazzled by the so-called entrepreneurship gene.

 

Myth 2: Individuals start companies

While most believe that the entrepreneur is a lone hero, after taking a closer look at success stories, Aulet has found that in many cases, you will find a diversified team of founders who achieve this dream together. You may not have employees or a C-Suite team, but it is important to have colleagues such as a board of advisors or mentors who are all part of your “team.”

 

Myth 3: Entrepreneurs are super smart

Aulet says that good academic grades aren’t a representative of smartness. What sets apart entrepreneurs from other people is that they tend to focus on something that deeply fascinates them.

 

Myth 4: Entrepreneurs need charisma to succeed

Aulet explains that this theory stems from the success stories of big personalities such as Mark Zuckerberg, Richard Branson and Steve Jobs. Apart from the charisma, successful entrepreneurs showcase vision, analytic skills and blend of humility and ambition.

 

Myth 5: Entrepreneurs are undisciplined

The wild streak in most entrepreneurs puts them in the spotlight. It’s not like they are always busy doing “crazy” stuff. Most successful entrepreneurs exercise extreme self-discipline in order to make the most of their limited resources and a finite amount of time in which they have to succeed.

 

Myth 6: Entrepreneurs love risk

While the common image of entrepreneurs taking risks fearlessly comes to your mind, it isn’t really that simple. Most entrepreneurs assess their risks, find their advantage and try to influence their outcome.

 

For more on the myths of entrepreneurs, read: http://www.inc.com/minda-zetlin/what-does-it-really-take-to-be-an-entrepreneur-6-beliefs-that-are-dead-wrong.html.

Thanks for reading and until next time… stay WISE!

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