5 Myths About Entrepreneurship

5 Myths About Entrepreneurship
  • Opening Intro -

    If you are tired of working a desk job and want to try your hand at entrepreneurship, I applaud that!

    But you should be aware of what entrepreneurship is and what it entails.

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Being the boss comes with some very real benefits, but the costs are high as well, and you should understand what you are getting yourself into. Here are five common misconceptions about entrepreneurship that you need to be aware of:

A good product or service equals immediate success

90% of your ideas are bad, according to one highly successful entrepreneur. Of course, you can’t see that. In your head it’s a great idea! But there may be a wide gap between what your head is telling you and what customers will buy. And even if the idea is viable, it is important to realize that marketing a product or service is not the same as having one; meaning that connections and relationships make a big difference when starting a business. Having the ability to make these relationships and market my skills went a long way in making my business a success.

See Entrepreneur’s article “Developing a ‘Cool’ Product is Only Half of a Successful Business.”

Being my own boss means I work when I want

You will be your worst boss. You’ll make you work harder and longer than you ever have in your entire life for far less pay and even less appreciation. You may not have to punch a clock like you did at your office job, but make no mistake – hard work is the central element of any successful entrepreneurial venture.

Giving away your service weakens your brand

There is a kernel of truth to this idea, because an activity that doesn’t make money is a hobby, not a business. You will need to learn how to close the sale and move your product. However, never underestimate the power of the funnel! Most consumers will be more willing to purchase products when they have already had a taste of what you’re offering.

I need to do it all myself

When starting up, especially with limited capital, it may be necessary to fund your operations with pure sweat equity. However, it is often more cost-effective to outsource functions that you may not be an expert in, such as manufacturing. Support services such as Succeed at Eagle (for starting mortgage professionals) or The Entrepreneur’s Club (for tech innovators) provide support, training, and guidance for new business founders. It is important to focus on what you have expertise in and let others help you with the rest.

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Creative Common Image from Pixabay

More clients equals better business

Business growth certainly involves customer acquisition, but not all clients are created equal. Don’t spread yourself too thin, and don’t bend over backwards to accommodate the demands of unreasonable clients. In the early stages of your firm’s growth, you may not have the option to be picky about who you will and will not do business with. As you grow, however, you will have the freedom to walk away from a bad deal if a reasonable agreement cannot be reached.

Entrepreneurship is not for the faint of heart, but it can grow communities and economies and provide untold levels of personal satisfaction. Before you begin a venture of your own, you need to be in love with early mornings, late nights, tough deadlines, setbacks, and tough sells, because that will be your day-to-day. Make sure you are in love with this process, and not just the idea of the results you might achieve.

Rachael Murphey is an entrepreneur and writer for Succeed at Eagle, Host Review, and Kraft Law. She currently lives in Denver, CO with her dog Charlie.

Career Management reference:

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