Starting a Business Means Instant Riches—And Other Myths About Entrepreneurship

By Miguel Salcido

(Allbusiness) Entrepreneurs are heroes in our culture; their celebrity is eclipsed only by famous actors and celebrated athletes. They’re revered for their brilliance, their ability to make money, and their original and innovative ideas.

Yet just like most people have no idea what it’s like to be a sports star, many people have misconceptions about entrepreneurs. Let’s dispel some of the mystery surrounding entrepreneurship by debunking some of the biggest myths.

1. Entrepreneurs never sleep

It’s true that building something from nothing

is hard work, and many entrepreneurs work over 16 hours a day, seven days per week. But HuffPo founder Arianna Huffington says feeling proud about getting no sleep is the same as rewarding yourself for coming to work drunk. It’s a lesson she learned the hard way during her earliest days at the Huffington Post. After collapsing from exhaustion in 2007, Huffington committed to getting eight hours of sleep every night.

Follow her example by turning off all electronic devices before bed, winding down by reading a book, and going to sleep in a comfortable bed. In addition, stop using your cell phone as a wake-up alarm, and use an old-fashioned alarm clock like Huffington, who aims to have no electronics in her room. She’s also created napping spaces in her offices to ensure her staff gets enough rest. Huffington has authored a book on the benefits of sleep, which will be released in 2016.

2. Entrepreneurship equals quick riches

Many people see entrepreneurship as a short period of hard work followed by a limo ride to Easy Street. Although it’s true some entrepreneurs make millions off their ventures, many lose all their startup capital when an idea goes bust.

It’s vital to not let your startup dreams be motivated by money alone. “If you get into entrepreneurship driven by profit, you are a lot more likely to fail,” writes Richard Branson. “The desire to change things for the better is the motivation for taking risks and pursuing seemingly impossible business ideas.”

3. If you’re over 30, you’re too old

Many entrepreneurs photographed for magazines look like they’re barely out of high school. In reality, the average entrepreneur launches a startup at 40 years old, and people 55 years or older are twice as likely as 35-year-olds to launch a high-growth startup. Reed Hastings was 37 when he co-founded Netflix; Ray Kroc was 53 when he got involved with McDonald’s.

Older entrepreneurs often have two big advantages: they’ve developed leadership experience, and they’ve built a strong professional network. Sandra and David Pledger, who recently secured £25,000 to launch a booking site for inns and guesthouses in the U.K., are 73 and 71, respectively.

4. All you need is a great idea

Building a successful startup requires consistent effort, a good team of advisors, and a heavy dose of business savvy. Steve Jobs saw the potential of entering into the personal computer market, but he needed Steve Wozniak to design and build the computer, and he needed Mike Markkula’s capital and expertise. Without Jobs’ hustle, Wozniak’s design, and Markkula’s guidance, Apple would never have gotten out of the garage.

Not every startup begins with a novel, never-before-seen idea. Richard Branson didn’t invent record stores or record labels; he just ran them better than many of his competitors. Too many people don’t start their own ventures because they fear entrepreneurship is beyond their reach. Even average ideas can turn into successful businesses when they’re executed by exceptional people.

5. Successful entrepreneurs never have to work again

Many of the world’s most successful entrepreneurs don’t need to work again to have financial security. Even so, when someone’s a true entrepreneur at heart, it’s unlikely they’ll be satisfied by the mythical four-hour workweek. Elon Musk didn’t stop with PayPal. He went onto launch SpaceX and Tesla, and he’s heavily invested in Solar City. Musk wasn’t driven just by a desire for wealth. He has a big vision for humanity’s future.

Most entrepreneurs who succeed launch great businesses—and then they launch more and more endeavors. Again, when entrepreneurship isn’t about the money, the money doesn’t satisfy the entrepreneurial spirit. Whether they’re building additional businesses or even not-for-profit organizations, entrepreneurs are driven by insatiable creative energy. Remember: Bill Gates co-founded Microsoft and became a billionaire. Then, he decided to save the world.

Miguel Salcido is a veteran search marketing executive with a focus on SEO and link building.