Job & Career

8 Myths About Entrepreneurship That You Have To Know

author-img By Arina Smith 5 Mins Read 11 September 2023

Myths About Entrepreneurship

The act of undertaking has meant some myths, such as the wrong concept of believing that it is an act that is only practiced by young people who are finishing their career and decide to set up their own business to enter the market.

When it comes to entrepreneurship, hundreds of assumptions come to mind, perhaps the most frequent is that it is a topic more aimed at young people who are finishing their career and decided to bet on making a proposal that has its own seal to venture into the business world.

But, that is not necessarily true. In fact, a study by GEM (Global Entrepreneurship Monitor), which measures business dynamics in 70 countries around the world, including Colombia, revealed for the first time in eight years that the group that leads the creation of new companies in the country, It is not the youngest, but the one between the ages of 35 and 44, and even more revealing is that the group of entrepreneurs aged 55-64 begins to grow.

Then, Omar Andrés Sierra Morales, a professor at the University of La Salle lists the most common myths in this subject, which are further discussed by a company that has been providing Coursework help for over 5 years in the UK:

Here are 8 Myths About Entrepreneurship That You Have To Know:

1. The main motivation to create a new company is by necessity:

False. That was the reality a few years ago, but if the surveys have shown that the number of companies that arise from the simple need, has been decreasing since 2010 in the country, for example, last year 81.7 % Of new Colombian entrepreneurs were motivated by the opportunity represented by the business and not by being as we say popularly ‘in the pot’.

2. The subject of entrepreneurs is dominated by men:

Sadly true. According to statistics, at least in what is registered, the gender disparity is evident, since, among nascent companies, 17.5% are created by men and 10% by women.

3. The venture is reserved for young people only:

False. Entrepreneurship is not old, in my professional experience, I had the opportunity to share with students of different ages, from the age of 16 to 50. To illustrate this topic, I must tell you that at the University of La Salle we have a business sample in That students since the first semester have the possibility to work as a team and develop entrepreneurial projects quite useful for society. From this exercise have been products such as games for the blind, specially designed jackets for people with dialysis, keyboards for people with one hand, kangaroos pet walkers, appliances to collect fruit without damaging it, anyway.

4. Old people have too many prejudices to start a business project:

False. It is very interesting to see how the experience of the older person, coupled with the dynamism and knowledge of the young people creates a very powerful synergy. A good example is the management of social networks that have brought together young 20-year-old apprentices with 50-year CEOs, and between the ability of one and the other’s corporate judgment are great digital marketing plans. Definitely the issue of age is not a restriction to be an entrepreneur.

5. You need to have money to be an entrepreneur:

False. More than money entrepreneurs are needed, without a doubt, the money is an important aspect, nevertheless, today there are forms like the collective financing or the cooperation for the financing that in diverse sites is usually referenced like crowdfunding to obtain to gather economic resources.

6. The vital component of an entrepreneur is a good project, an innovative concept to:

True. For more money you have, it is not possible to be a real entrepreneur but you have a good project. Entrepreneurship in general terms can be related to that capacity that people have to make a perfect blend of effort, attitude, aptitude, creativity, and innovation. It is worth saying that we Colombians are quite enterprising, this venture is based on factors such as our own needs and those of the market.

7. Failure is just around the corner:

False. Talking about failure is like ensuring that the idea was never viable. To avoid this, first of all, it becomes necessary to differentiate the creativity understood as the action that translates into a capacity to generate new ideas, and on the other hand the innovation in which besides creating something new, novel and original, must be structured And translate it into a product or service that has a real impact on the market. In this sense, it can be said that creativity is the main input to reach innovation.

8. Personal taste for the subject is sufficient:

False. To enjoy what is done, that is, to have fun is important, but not the only thing. It is always necessary to accompany the initiatives with adequate market research in which the first step is to learn to observe. Entrepreneurs can combine their attitudes with their skills. It is not enough to generate creative ideas, you must come up with innovative ideas.

Maya works as a senior writer for one of the best Buy Coursework Help on the internet. Coursework Writers helps students who are looking for services.

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Arina Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at OnlineNewsBuzz.

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