Aspiring entrepreneurs today have access to not only a variety of potential business platforms but also a wealth of information on starting and running a business. Despite this, the same myths about entrepreneurship continue to persist, and it can sometimes be difficult for new and even experienced entrepreneurs to break free of these preconceived notions.
As experts, the members of Forbes Business Council have experience navigating the challenges that come with starting a business for the first time. Below, 19 of them share common misconceptions people often have about entrepreneurship and offer a more realistic perspective of what aspiring entrepreneurs can expect.
1. Entrepreneurship Is All About Freedom
A common misconception I hear is that entrepreneurship is all about freedom. In reality, it’s a constant cycle of problem-solving and adapting to the moment. Personally, I’ve learned that success isn’t just about a great idea—it’s also about the work. Aspiring entrepreneurs should know that the real work begins after launching. An idea doesn’t set you free, but the work does! – Brandon Aversano, Alloy Market
2. Entrepreneurs Must Start Big
Many think entrepreneurs should start big and have a lot of money saved up. In actuality, many successful businesses start small with entrepreneurs selling from home or offering services part-time. You can grow step by step while keeping your day job. This shows new entrepreneurs they don’t need to risk everything or have huge savings to start; they can start small and learn as they go. – Vikrant Shaurya, Authors On Mission
3. Entrepreneurship Is A Young Person’s Game
The myth of the college dropout burning the midnight oil persists. However, most entrepreneurs are in their 40s and beyond. They’re seasoned and savvy. It’s no fluke when they carefully proceed toward success. If you’re no longer 20 and feel like you should have jumped in a while back, why not get into the game now? – Arar Han, Sabot Family Companies
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4. Hiring Experienced Talent Will Solve Everything
A big misconception is that hiring highly experienced people will solve everything. That rarely works in reality. You must understand the key aspects of your business yourself—otherwise, you risk being misled or losing control over critical processes. My experience has shown that successful entrepreneurs stay hands-on to ensure their team’s work aligns with the company’s vision. – Egor Karpovich, Travel Code Inc.
5. Having Money Guarantees Success
Many entrepreneurs mistakenly believe that raising money guarantees success. While funding provides resources, it’s ultimately the execution that determines the outcome. Building a successful business requires a laser focus on customer acquisition and a proven ability to consistently deliver value to the market. – R. Paul Singh, Startup Strategies
6. Entrepreneurs Can Expect Instant Success
When we’re on the outside looking in, we often see entrepreneurs’ “middles” and their successes. People assume the middle was the start of that entrepreneurial journey and don’t understand how hard the beginning is. They think they can jump in and experience instant success. Instead, aspiring business owners need to understand that success starts with being consistent before anyone is even watching. – Sarah Williams, Launch Your Box
7. Entrepreneurship Is About Having The Perfect Solution
A common misconception is that entrepreneurship is about the perfect solution. In reality, it’s about being obsessed with the problem, not fixated on one answer. The best founders adapt—sticking to a single idea can block better opportunities. Success comes from relentless problem-solving and staying flexible. Those who evolve win. – Rana Hajirasouli, The Surpluss
8. Every Idea Will Work
A common misconception is that every idea will work. The reality is that most don’t. Failing is part of the journey. I’ve had ideas I thought were game-changers, only to realize the market didn’t agree. But each failure has taught me a valuable lesson I carry with me every day. – Adam Fineberg, My Personal Recruiter
9. Failure Is Irreversibly Catastrophic
A common misconception is that failure is catastrophic and there is no way back, which is often very discouraging for prospective entrepreneurs. So much can be learned through failure in entrepreneurship because it inherently gets you out of your comfort zone and forces you to develop as a person. Failure will set you up for the next phase of your life. – Yash Sinha, KAIO Labs
10. Success Requires Having All The Answers
One misconception is that you need to have all the answers to be successful. Most entrepreneurs don’t have all the answers or don’t know how to get everything done. What entrepreneurs do have is a vision, which they allow to drive their commitment. An entrepreneur can create a team to support their vision and bring it to life. Hire a team that has the right answers. – Ariya Malek, Educational Awakening Center
11. Entrepreneurs Must Do Everything Themselves
Many think success comes from entrepreneurs doing everything themselves, but that leads to burnout, not growth. True entrepreneurship isn’t about working the hardest—it’s about building something bigger than you. When you learn to trust others, delegate tasks and focus on the vision over having control, that’s when your business truly scales. The goal isn’t to work more but to create something that thrives without you. – Aleksandr Zemel, NYWD
12. Employees Will Do All The Work For You
When you’re an entrepreneur, the idea that you do nothing and others work to make you rich is a myth that only amateurs believe. Entrepreneurship is not for everybody; you have to learn to love the adrenaline because one day you’re up, while the next day you’re down. Be consistent, stay focused on your North Star, and be ready to pivot at any time. Never stop searching for ideas and solutions to challenges before they happen. Just enjoy the experience. – Magda Paslaru, THE RAINBOWIDEA
13. Entrepreneurs Achieve Everything Alone
People mostly associate entrepreneurship with entrepreneurs but it takes a village to build a company. In addition to the co-founders, employees, advisors, partners and customers, I would like to acknowledge the role of an entrepreneur’s spouse or family. They usually provide a much-needed support system throughout this journey, including all the ups and downs that come along the way. – Avik Pal, CliniOps
14. Customers Will Flock To Your Business
One of the biggest misconceptions is that if you build it, they will come. I often see people start businesses and say they are not salespeople. When you own a business, you need a salesperson because sales are what bring in business. People are buying you and your services, so get with the program, under-promise and over-deliver. You are the expert! – Allen Kopelman, Nationwide Payment Systems Inc.
15. Entrepreneurship Is An Escape From A Normal Job
Entrepreneurship is often seen as a quick escape from a nine-to-five job, but success doesn’t happen overnight. For example, many people in Nigeria start businesses without a strategy, financial discipline or resilience, leading to failure and rising unemployment. At GtextHoldings, we emphasize mentorship and training because entrepreneurship requires continuous learning. – Stephen Akintayo, Gtext Holdings
16. Entrepreneurs Must Suffer For Success
A common misconception is the idea that you need to suffer extreme hardships to be successful. While some hardship builds character, suffering extreme deprivation does not guarantee success. You can hit your goals and be successful without sacrificing too much. In fact, having a balanced life may even give you the energy and clarity of thought to make better entrepreneurial decisions. – Zain Jaffer, Zain Ventures
17. Success Cannot Be Studied And Replicated
A common misconception is that you can’t study success and replicate it because each time is different. Success leaves clues, and there are some basics that all successful entrepreneurs have implemented. Pick the right books, study them and then execute. Success will not happen overnight, but you can actually skip many of the repeated mistakes and make new ones instead. – David Mullings, Blue Mahoe Holdings
18. New Ventures Must Be Separate
Entrepreneurship doesn’t have to happen outside an established business. Companies with intrapreneurship programs, such as 3M, Google and Sony, often report higher rates of successful product launches and market innovations, as well as employee engagement and job satisfaction. Encourage an entrepreneurial spirit internally to challenge the status quo, solve unmet needs and harness resources with scrappy execution. – Sheryl Tullis, The Line Experience
19. Entrepreneurship Is Easy
One common misconception people often have is that entrepreneurship is easy. It’s important for someone just getting started to understand that it’s a long game. It takes time to build something from the ground up. There will be many mistakes made and lessons learned along the way. It’s about sacrifice in time, money and more—at least in the beginning. You have to be consistent as well as patient. – Melissa Johnson, E3 Coaching LLC
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