60-Second Business Tip: Myths of Entrepreneurship

There is a lot of great information about entrepreneurship out there, but some ideas floating around are not completely accurate, says business development consultant and Entrepreneur magazine writer Terry Rice. In the above video, Rice breaks down three common myths about entrepreneurship.

Myth 1: You have to follow your passion.

Well, that sounds nice, but it’s not completely true. Instead of passion, focus on purpose. What is something that you’re good at that can help people and have a meaningful impact on your life?

Myth 2: You should try to make as much money as possible.

You could be happy making $60,000 a year as a solopreneur or completely miserable, making $600,000 managing a large staff. You get to decide what success means to you, not society.

Myth 3: You need to have a unique idea.

The truth is a lot of good ideas have already been. But your personality, experiences and character can allow you to put a unique spin on them and potentially find room for improvement.

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