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These Are The Wrong Reasons To Start A Business

In a recent survey, conducted by M Murshed Haider, on young people and entrepreneurship, a significant portion of respondents said they want to start a business because it gives freedom, it makes them their own boss. These are wrong perceptions about becoming an entrepreneur. You don't start a company because you want to have more control over your time or spend less time working. You start a company to solve a problem. We have tried to find few harmful popular myths about entrepreneurship and here are 4 such wrong reasons to start a company.

1) Making Tons Of Money

Yes, entrepreneurs make money but they seldom make easy money. In business every penny counts and business people earn money in hard way. There are hundreds of ways of making money and starting a company is not even close to easiest ones. If you want to become rich, make money, find ways to make money fast. Starting business is not an easy way of making money.

2) To Become Your Own Boss

This is the myopic assumption. As a startup founder you are no boss. There are more than one persons to be accountable to. You get to work with your investors, your customers, and your other stakeholders.

3) To Have Control Over Your Time

Many people think, since a founder is his own boss and ultimate decision maker, he can take leave whenever he feels like. This is a myth. Founders work harder than anyone in a company. You are here to build a company not to take leave and enjoy your time. Only difference is, since you love your work, it does not feel like work.

4) Social Status

Doing startup is cool thing now but it is cool to very limited number of people in our society. Most parents don't like their kids to go and start a business. Social status for entrepreneurs only comes once you become really successful and success rate is very slim.

Building a business is not a sprint, it is a marathon. You get to have the energy and patience to stay in the game for long haul. It only make sense when you do things you are passionate about.

Mohammad Ruhul Kader is a Dhaka-based entrepreneur and writer. He founded Future Startup, a digital publication covering the startup and technology scene in Dhaka with an ambition to transform Bangladesh through entrepreneurship and innovation. He writes about internet business, strategy, technology, and society. He is the author of Rethinking Failure. His writings have been published in almost all major national dailies in Bangladesh including DT, FE, etc. Prior to FS, he worked for a local conglomerate where he helped start a social enterprise. Ruhul is a 2022 winner of Emergent Ventures, a fellowship and grant program from the Mercatus Center at George Mason University. He can be reached at ruhul@futurestartup.com

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