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Spooky Myths of Entrepreneurship

Copper Wolves at Wolf Plaza surrounded by fall leaves

It’s spooky season and that means one thing — there are a lot of scares and frights! But, there is one thing you shouldn’t be afraid of: entrepreneurship.

There are a lot of common misconceptions about what entrepreneurship is and what someone has to do to be an entrepreneur. This year we are putting those ideas to rest.

Myth #1: Entrepreneurship ideas have to involve something revolutionary that no one has seen before.

Sure, revolutionary ideas exist and there is no doubt they are great. But, it is really hard to come up with a brand-new idea that no one has ever done before. A good idea can simply just be “different” and still be successful. Differentiation can come in a variety of forms: price, service, quality, audience, location and more.

Learn more about creating an evolutionary idea in these articles from ReadWrite and FoxBusiness.

Myth #2: You have to be rich to start your own business.

It would be nice to have magical powers that give us the ability to make money appear when we need it. Not having those powers should not stop someone from wanting to start their own venture.

Daymond John, an investor on the hit TV-show Shark Tank, stresses that “you don’t need money to start a business.” Many entrepreneurs, including John, have started their business with a small amount of money and turned them into successful businesses. Daymond John believes in the idea of “the power of broke” which basically means that sometimes being broke and not having all the resources makes a person get more creative and innovative to get their desired final outcome.

Learn more about Daymond John’s story and beliefs in his book, The Power of Broke.

Myth #3: Entrepreneurs are extreme risk takers.

Yes, there are always risks when it comes to starting and running your own business. The reality is that entrepreneurs take calculated risks.

A risk taker is someone who puts everything on the line at once. If they fail, they fail big. An entrepreneur is a calculated risk taker or risk manager — someone who figures out how to reduce the downside to any outcome. It might seem like a huge risk to someone from the outside but entrepreneurs are very analytical and have already considered the potential upsides and downsides of the decisions.

Learn more about calculated risk takers in these articles from Forbes and Inc.