Debunking Entrepreneurship Myths
Being an entrepreneur is a dream for many people. The excitement of having no boss, being able to be your own boss, and making a name for yourself. But is it all it's cracked up to be? In this blog I will give some clarity on the true ins and outs of entrepreneurship that aren't talked about nearly enough by debunking some common entrepreneur myths.
I'll Make A lot of Money
When most people think of entrepreneurship, they imagine fast cars and even faster money. But that's not always the case. In fact, it can be quite a bit slower—not to mention more challenging—than you might expect. For starters, there’s a big difference between being self-employed and owning your own business. Self-employed individuals operate their businesses solo, whereas entrepreneurs hire employees (and often build teams) to supplement the work that they themselves can't do alone. Entrepreneurs are willing to take on more risk in order to grow their businesses more quickly and generate more revenue than their self-employed counterparts typically can. And while self-employment is vastly different from being employed by an organization or another person, entrepreneurship comes with further risks that make it even less predictable than other options. If you're thinking about starting your own business, here are some things to consider:
I'm the Boss so I Can Do What I Want
While this is technically true; being your own boss means that you are responsible for making sure that the work gets done. There will be no one to tell you what to do other than yourself. You’re not required to clock in at a certain time and you can set your own hours, but that doesn’t mean you should just sleep in late and come into work whenever you feel like it. You have deadlines, clients who are waiting on deliverables, etc.
People often think that being an entrepreneur means working by yourself. Yes, as an entrepreneur, you may start off working by yourself or with only one or two other people. But there will be other stakeholders involved such as customers or investors who are giving you money to build your business and generate a return on their investment. This can mean having to pitch your business idea over and over again until someone gives you funding. Or it could mean having to sell your product/service repeatedly so customers keep coming back and buying more of it from you because they appreciate the value your business is providing them.
Everyone Will Love my Ideas
Your ideas are never wrong. Wrong is such a strong word. Sometimes your ideas can just be…bad. Don't be afraid to admit when an idea isn't working out and change course accordingly. After all, the best entrepreneurs are people who have failed not once, but repeatedly!
Before you spend any money or time on your business, start by talking with potential customers about what you're planning to do – is there a need for your company? Are they willing to pay for it? What would they change if they could? Qualitative research like this will help you determine whether you're taking the right steps or if changes need to be made before investing more into the project.
Obviously, you don't want to go back and forth with someone forever so make sure that listening isn't one-sided. Sometimes people get so focused on giving their opinion that they fail to hear what others have to say, which only leads them down the same path again and again without realizing how far off course they've gone from where they started out! This can also cause friction between two parties because one side feels like their voice isn't being heard at all times."
It Will Be Easy to Get Investors
Don't wait until you need money to think about investors.
Investors are providing more than just money. They can open doors, offer a different perspective and possibly help you make important decisions faster.
It is not a guarantee that they will contribute additional capital as your business grows.
It will be easy to find qualified people to work for me.
It will be easy to find qualified people to work for me.
I wish this were true, but sadly it's not. As an entrepreneur, your employees are one of the most important parts of your business. The right employees can take you to the next level while poor hires will hold you back, but it can be difficult to find the right people. Despite many job seekers, a lot of them lack the necessary skills or experience and finding the ones that do becomes a bit like searching for a needle in a haystack. This is why I love working with colleges and universities as they train students in specific fields who are often looking for internships or entry-level positions before graduating from their programs. By partnering with schools, entrepreneurs have access to high-quality candidates that we wouldn't be able to connect with otherwise.
Being an entrepreneur is hard enough without having to worry about hiring good people so if you're struggling to find qualified candidates, think about reaching out to local colleges and universities for help.
I don't need any skills to start a business.
First, the idea that you have to have skills to start a business is a myth. You can learn the skills needed on the job. Learn from someone that has been doing it longer than you, take a course and get the knowledge you need. The skills required to run a business are entirely different than what is needed to provide your service. You might be good at providing your services, but you need different skills to run your business. Skills like communication, management, leadership and teamwork will all help make sure your company is successful where others fail.
I can have it all at once.
Have you ever heard the phrase "you can have it all, but not at once"? If you want to be an entrepreneur, this is especially true. Successful entrepreneurs know that work-life balance isn't a myth, but it's also something they have to work toward.
Yes, there will be late nights and early mornings when things don't go according to plan. Problems will arise in business—and in your personal life—that require extra attention and focus. But if you keep one eye on the big picture and remember why you're doing all this hard work in the first place, those sacrifices won't seem so painful.
Remember: There are many paths to success. You'll have time for everything important, but it might not be right away!
I can do it all myself.
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I can spend as much as needed on my business startup.
If you are an entrepreneur, you need to be aware of your spending habits. Especially in the early days of your business, it is easy to lose control of your budget if you don't have a plan for what you will spend money on. Every business needs capital, which is cash that can be used for immediate investment in operations and expansion. It also refers to the value of assets that can be converted into cash quickly. Capital is essential for every business because it provides cash flow, which helps maintain healthy operations within a company by allowing leaders to pay bills and employees, acquire new materials and equipment when they are needed and make other investments. Without this capital or cash flow, businesses would not be able to grow and expand their operations as they intend.
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