Entrepreneurs have the most prolific and well respected placement in the domain of modern business. According to some experts, getting involved in entrepreneurship is one of the top wishes of most of the folks. After all, one will hardly find any person who does not want to give orders like a boss, no less than once in the whole lifetime. However, there are so many people who dillydallied to commence their very own business. It primarily happens due to the misconceptions about the entrepreneur ideas. Some of the most common myths regarding entrepreneurship are debunked here.
Entrepreneurship’s Extremely Easy
When laymen or novice businessmen take a look at young entrepreneurs who are successful in the field and making loads of money, they start to believe that entrepreneurship is nothing but a piece of cake. However, what they forget to see are tens and thousands of hard knocks they have endured. You are absolutely wrong, if one accepts it as true that a successful eatery that has loads of customers runs merely because of cool environment, scrumptious food and skilled master chefs.
Unquestionably, all these aforementioned things have a significance of their own. But there are quite a few other factors too, which turn a mediocre restaurant into an outstanding dining spot. These factors include systemization, human resource, R&D, training, advertisement and above all firm entrepreneur ideas. The challenge of entrepreneurship might look extremely effortless at first glance, but the truth is absolutely different.
Success Rate is Low
According to the statistics, almost ninety-percent of the businesses do not manage to sustain in the five years after their inauguration. If one refers to these statistical figures, then it is quite easy to state that the rate of success for the singapore entrepreneur is not very high. However, statistics and mere figures can never decide your success or failure. As aforementioned, statistics are nothing more than dead numbers and they have no influence in making anyone a winner or loser. Bear in mind, what makes entrepreneurs unbeaten is their performance and determination, not probabilities or stats.
The main reason in most cases is the lack or deficiency of capital. Big businesses have a great proportion of being successful even if they are found to be involved in scandalous and illegal activities. In the grey area of market, money is essential for buying one’s way out of trouble when needed. Small entrepreneurs have a great disadvantage of not being able to spend as much as they would like to make sure their business’s route to success is undisturbed. Still, it is unfair to say that one should not give a shot to their business venture.
High Level of Risk Involved
If risk is defined as “not having any idea about the future”, then it is not possible to find any job or any business which is absolutely risk free. Even crossing road, driving a car and eating up fish balls is a risky business. Therefore, it is certainly not possible to eliminate the element of risk on the whole. However, it can be diminished to a great degree, if young entrepreneurs educate their selves in a right way. So that, they would be able to foresee any potential crisis and take the essential steps before it actually appears.
The reduction of overall risk is highly significant for the singapore entrepreneurs to be successful. Aside from having good anticipation skills and adequate knowledge, following the footmarks of those experts who have already gone through this situation will be helpful too. Obviously, the secrets behind the success are not shared by anyone. But considering the general facts and figures will assist one a lot as well.
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