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25 Greatest Myths of Entrepreneurship

Myths about entrepreneurship are pretty widespread. They are even unwittingly perpetrated by a number of business books and business schools. Many of these business authors or business professors have probably never been in business in the first place. These myths have probably caused many individuals to turn back on their initial dream to be entrepreneurs. If these myths are not corrected, how many individuals more will have to wallow in self-pity and broken dreams because they were too scared to step into the void of uncertainty?

In his book “Breaking the 25 Greatest Myths of Entrepreneurship: Unlocking the Secrets to Business Success”, Filipino author Manuel Jose R. Oyson III breaks those myths. The author is a lawyer, professor, orator and entrepreneur who founded 20 companies in his 15 years as entrepreneur and manager.

The author hopes that his book will influence you enough to motivate you to take the path less traveled, to blaze new trails and traverse unfamiliar territory.

In a nutshell, the myths are:

Myth 1: Being an Entrepreneur is Very Risky.

Myth 2: Entrepreneurship Will Make You Rich.

Myth 3: If You Hurdle The First Three Years, You Will Already be Out of the Woods.

Myth 4: If Your Business Shuts Down, You Could Lose Everything.

Myth 5: If Your Business Closes, That Will be the End of You.

Myth 6: You Need a College Degree to be in Business.

Myth 7: You Need a Business Education to be in Business.

Myth 8: You Should First Acquire Business Experience Before Getting Into Business.

Myth 9: Entrepreneurs Come from Rich Families.

Myth 10: You Must Have a Vision Statement for Your Business.

Myth 11: You Must Have a Mission Statement for Your Business.

Myth 12: You Should Conduct Market Research Before Starting a Business.

Myth 13: You Need a Business Plan.

Myth 14: Get Everything Right Before Starting. Ready-Aim-Fire!

Myth 15: Start Big!

Myth 16: Listen to Your Parents and Friends.

Myth 17: You Must Come Up with a Ground-Breaking Product to Succeed.

Myth 18: Your Product Must be the Best in the Market.

Myth 19: If You Have Little Money, You Can’t Possibly Get into Business.

Myth 20: If You Have so Much Money in the Bank, You Can Now Spend it Freely.

Myth 21: Your Sales Revenues are so High, You Must be Making so Much Money!

Myth 22: Keep Your Prices Low and You Will be Okay.

Myth 23: Your Employees are Your Greatest Assets and Your Best Friends.

Myth 24: Stick to What You Know.

Myth 25: Stay the Course. Never Give Up.

The book is simply an “out of the box” thinking. The author has shown us how and why we should always question the way we do things. We will expound more on some of these myths in future posts.