Mastering Entrepreneurship | The 10 Most Shockingly Untrue Entrepreneurial Myths, Exposed
Mastering Entrepreneurship | Facebook. Amazon. Whole Foods. All of these startups changed the rules of the game for their industries. We look up to their achievements but consider them beyond reach. Their stories often sustain misleading myths about entrepreneurship that keep capable people from embracing an entrepreneurial career. Do you really have to be the next Mark Zuckerberg or John Mackey to call yourself an entrepreneur? There are many misconceptions around what it takes to start a business. Working for yourself and running your own company does provide for certain benefits and freedoms, but, at the same time, comes with a number of responsibilities and potential risks.
Everyone will buy | Mastering Entrepreneurship
An entrepreneur argues that his or her product or service is the proverbial best-thing-since-sliced-bread breakthrough. It is so good that no one will be able to resist buying it. Entrepreneurs must generate their own business. This is done through marketing. Whatever your niche, you’ll have to sell, sell, sell. Entrepreneurs who sit back and wait for clients to come to them wind up sitting and waiting while the industry passes them by. The only entrepreneurs who succeed are those who beat a path to the world. When marketing your services, remember most people will tell you what they need within the first two or three minutes of a conversation. Listen to their needs, and then show them how your product or service can solve their problem.
Entrepreneurs see business building as a path to riches | Mastering Entrepreneurship
Yes, some entrepreneurs make a fortune and that’s as it should be. But anyone who thinks entrepreneurs wake up in the morning with designs on amassing wealth has never met one. Starting a business with a dream of riches is certain disappointment. There is no evidence that entrepreneurs make more money, on the average, than other professionals. There is much evidence that the risks of failure are higher on the business owner side. According to the Small Business Association, only “about half of all new businesses survive five years or more and about one-third survive 10 years or more.”
Failure is not essential | Mastering Entrepreneurship
Failure used to be something to be feared. It still should be. The trick is to develop a healthy fear of failure – a fear of having to start over, disrupting employees’ lives and losing invstors’ money. That fear should motivate the entrepreneur to work the twelve to fifteen hours a day, seven days a week, necessary to keep the business afloat in tough times. Mistakes are part of the learning curve. We learn from them because we take the time to analyze them. Successful entrepreneurs manage their risk and avoid failure.
You hate bosses. That’s reason enough to become an entrepreneur | Mastering Entrepreneurship
Contempt for authority is not the same thing as a fire-in-the-belly entrepreneurial spirit. It’s a personality flaw, at best, or a wellspring of liberalism at worst. When you become a business owner, your clients, creditors, suppliers, partners and a lot of other people will become your new “bosses”. You are accountable to multiple bosses, also known as your clients or customers. Keeping them happy takes good organizational skills and constant communication. These people may be harder to please than your boss at the office today.
Anyone can be an entrepreneur | Mastering Entrepreneurship
Wish that it was so, but alas, it is not. There are numerous “good ideas” that die on the vine for one reason: lack of necessity. Authentic entrepreneurs look outside themselves to the world and search for ways to improve upon the status quo. Narcissists could give a hoot less about what anyone else thinks, wants, or feels.
Thomas Edison, one of, if not the world’s greatest entrepreneur, once said, “I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent.” It is crucial to understand, we can’t all be innovators, but for every innovation there will be countless entrepreneurs finding applications that solve everyday problems, while producing jobs and gaining independence.
The American dream of being an entrepreneur is not for everyone, but if you have the spirit, why not take the chance? Even if you fail, it is better to have made the effort with clear vision, thorough planning, and action, than never to have tried at all. Being an entrepreneur is challenging and offers the potential for great personal fulfillment.