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It may be true that we have all imagined or thought about launching our own business at some point in our lives. However, it takes a great deal of bravery, self-assurance, and a certain amount of risk-taking in order to do so. Unfortunately, there are lots of false ideas about entrepreneurs that hinder people from taking the plunge. To help clear the air, let’s go through the five most common myths about entrepreneurship.

You need to wait for the right time.

People often assume that they need to wait for the perfect opportunity to start their own business. However, this isn’t necessarily true. You may never feel truly ready, so the best way to move forward is to do your best to prepare and take on smaller tasks. Procrastinating and planning for too long can prevent you from achieving your goals. There is no magical bell that will let you know when it is the perfect time to start your business. Becoming an entrepreneur requires a lot of knowledge and experience, and you can’t learn everything from books. The earlier you start, the closer you’ll get to achieving your business goals.

You need to know everything.

Entrepreneurs who are successful appreciate learning as a constant part of their lives. They take pleasure in inventing, adjusting, and pushing limits. Liz Wiseman’s renowned book, Rookie Smarts, inquires, “Are we able to be at our best when we have no experience, doing something for the first time?” The answer is yes, with the right mentality. Newness and even some ignorance can be an advantage in today’s quickly changing world. This is because succeeding in business requires strength, creativity, and the capacity to take yourself out of your comfort zone. It is often not what you know but how quickly you learn that matters.

You need to be a risk-taker.

Although it is usually thought of as a dangerous endeavor, successful entrepreneurs adjust their decision-making in order to reduce the chance of failure. They use a method of learning and experimenting that helps them to limit the risks they face, taking proactive steps to limit their exposure to potential danger.

You need a business plan.

The results of research conducted by William Bygrave and Anthony K. Tjan indicate that having a written business plan prior to launching a new venture is not necessarily a requirement for success. Bygrave’s analysis revealed no difference in performance between businesses that were launched with and without plans. Tjan’s research, conducted as part of his book Heart, Smarts, Guts, and Luck, showed that 70% of successful entrepreneurs who had an exit did not start with a business plan. Therefore, unless an entrepreneur needs to raise capital from investors, there is no compelling reason to write a detailed plan. The majority of successful entrepreneurs spend more time taking action than planning.

You need a huge budget.

Despite popular belief, it is possible to launch a business without millions of dollars or venture capital. Using your own resources is the simplest way to start. You don’t need to persuade investors to believe in your concept – you just need to believe in yourself. Personal resources, incubators and accelerators for startups, crowdfunding, and loans and grants are all viable options to consider when beginning a business. Crowdfunding through sites like Kickstarter and Indiegogo is another method, where money is collected from family, friends, and individual investors, generally through social media. Grants are especially beneficial as they provide free money that does not have to be paid back.

To become a successful entrepreneur, you must have a vision in combination with the conviction that you can make your idea come to fruition. More and more individuals are starting their own businesses, and anyone can develop the skills and mentality of a go-getter. All that is necessary is great enthusiasm, faith in yourself, and the determination to never give up.