The following list presents some of the most common assumptions about entrepreneurs and explains why they are wrong.
1-You have to be young to be an entrepreneur
You absolutely do not have to be young to be a successful entrepreneur. In fact, a Global Entrepreneurship Monitor report found that more older adults are self-employed than younger adults. Entrepreneurship is for all ages!
2- The only requirement is to have a good idea.
Many people think that to live the American dream, all you need is a fantastic idea for a business. While this notion is not entirely false, it is misleading. Even the best ideas – those with the potential to disrupt an entire industry – must be executed properly to become a reality. Ideas are important, but so are planning, talent, leadership, communication and other factors.
3-Starting a business leads quickly to wealth
Some entrepreneurs mistakenly believe that starting a business will make them money quickly. While some businesses are successful immediately, others take a little longer to get there. Timing the expansion of the business and maintaining growth are two of the biggest tasks of the entrepreneur.
4-Businesses need someone with an MBA
Confusing value with necessity is a mistake when it comes to entrepreneurs and business degrees. On the one hand, a formal education offers immeasurable benefits. On the other hand, the market does not require entrepreneurs to have an MBA or other business degree. Some startup founders have degrees in disciplines such as engineering, for example; they use their deep technical knowledge to identify technology gaps and design solutions. Other successful startup founders have no degree at all.
5-You need a lot of money to start a company.
All you need is an idea and the motivation to test it. If your idea is good, you will quickly find customers or users and the money will start flowing. Real entrepreneurs find problems and propose solutions. Running out of money is just one more problem in the long list of problems you will have to solve to create and grow your business.
6-Entrepreneurs don’t have a personal life
Many people think that entrepreneurs work 24 hours a day, 365 days a year. Working non-stop means you won’t have time for family, friends and hobbies.
While it’s true that entrepreneurship can require intensive hours and commitment, it’s not true that you can’t have a personal life.
Part of being your own boss means that you can set your own hours – to some extent.
One of the keys to being a successful entrepreneur is mastering time management.
7 – Anyone can be an entrepreneur
There are over 7 billion people in the world.
What do all these people do?
Most people are not entrepreneurs.
Not everyone can be an entrepreneur. Entrepreneurs are a small part of the population compared to other professions in the world.
Not everyone has what it takes to start and run their own business. Nor do they have the personality or resources to do so.
8-Entrepreneurship is genetic
You are not born an entrepreneur. It’s not a trait you can inherit from your parents. Even if your whole family runs its own business, that doesn’t mean it’s your destiny.
On the other hand, it does mean that you can be an entrepreneur even if your family does not own a business.
If you aspire to be an entrepreneur, you must immediately stop believing these myths. To succeed as an entrepreneur, the first step may be to drop everything you’ve ever believed about entrepreneurship.
Here is a collection of the best tips to help you succeed as an entrepreneur:
1. Have a solid business plan
Planning plays a crucial role in the success of any business. A business plan is a good place to start: define your skills and weaknesses, what you offer, how it’s unique and how you plan to develop your offering. Also, try to prepare yourself mentally and practically for anything that could go wrong and how you would handle it.
2. Prepare for financial challenges
Most businesses reported that cash flow was by far their biggest challenge. Deal with cash flow challenges by saving for a month’s worth of expenses or getting creative to reduce your overhead. Either way, pay close attention to debt – it’s one of the biggest killers of small business success.
3. Be frugal – remember you are a start-up.
Resist the temptation to splurge on fancy offices, expensive equipment and over-the-top marketing. Your company’s livelihood depends on what’s in your wallet, so every rand and penny should be triple-checked. Keep overhead costs low and manage your cash flow effectively.
4. Don’t be afraid to ask for help
There are many resources for networking, knowledge sharing and advice. Networking is not just about finding new business opportunities; it can be a wonderful source of support and new ideas. Don’t hesitate to ask for help from those around you.
5- Marketing on a budget
Marketing your new business is extremely important, but it doesn’t have to be expensive. Social media is your friend – creating your business page on Facebook is free and will contribute to your online search engine rankings. The same goes for submitting your website URL to search engines like Google and Bing – it’s totally free.
Also keep an eye on Facebook community groups – some require a small advertising fee while others allow you to advertise your business on certain days of the week. When it comes to marketing, the key is to try anything and everything. You won’t know what will work for you until you try it.
7- Build a team that shares your vision
It’s simple: the right people make the right business. As your business grows, you may need to hire staff. First, take the time to thoroughly interview candidates to make sure they fit your culture and share your values. Second, it can be difficult to let go, but it’s important to learn to delegate tasks. Finally, don’t expect people to be your clones. Be open to new opinions and suggestions. It’s always good to get new perspectives on old ways of working.
8- Never stop learning
Starting your own business is a constant process of growth and learning. It is important to learn both practical and emotional skills. Check out free or inexpensive online learning resources.
Hone your project or time management skills, learn a new software program, or learn how to manage your own social media campaigns. You can also work on your management, presentation and motivational skills.
9- Invest in insurance
Risk management is an important part of an entrepreneur’s job. Every decision carries its own risk, some of which are completely unpredictable. No one will ever be able to predict what might happen tomorrow, which is why you should spare no expense in protecting your business and your assets. Many business owners regret not purchasing insurance, only after the calamity strikes and the bill arrives. Talk to an insurance provider about how to protect you and your business. In the future, you’ll be grateful you did.
Patience is the key. There is a process and a lot we don’t hear about in the media. Most of the time, it’s not about huge revenues, massive exits and mountains of success. Entrepreneurship is as much about taking risks as it is about being patient enough to realize the reward and do the hard work, brick by brick, day by day, while the other parts of life are going on right next door. Relationships, health, family, community, etc. don’t wait for your success or failure on the road to entrepreneurship; they continue. So much is out of our control, but the key is to be patient and do the hard work every day. Be patient to see it through to the end, whatever that may be.