Yesterday I was watching TVF Pitchers series which has entrepreneurship as its essential theme. While watching it though I was dying out of its ludicrously entertaining jokes and similarly comic characters, this post idea all of a sudden came into my mind.
When talked of entrepreneurs, the popular and successful one isn’t about all rainbows and butterflies, it takes a lot to become a rock star.
Although an individual always seems to be in affection with the entrepreneurship idea, that is not the one we are discussing here.
How to make millions i.e. being an entrepreneur is in great exposure right now and as we all know that glorification frequently brings misconceptions.
Here, we are going to discuss few common myths that prevail in terms of Entrepreneurship:
- 1) He is a successful entrepreneur; he must have had an inheritance
- 2) An entrepreneur doesn’t have a boss
- 3) An entrepreneur works sitting in ‘Starbucks’
- 4) An entrepreneur is an ostentatiously dynamic person
- 5) I am an entrepreneur, I have to do it all myself
- 6) Finding investor is a way to win
- 7) Only a great idea works
- 8) An entrepreneur follows the golden rule; he takes risks
- 9) Everyone can do it
- Watch DSIM Trainees Celebrating Last Day of Batch
1) He is a successful entrepreneur; he must have had an inheritance
This is perhaps the most recognized and primogenital entrepreneurship myth amongst all. It’s not that every single business gets the start with a lot of cash. There are several instances which prove that one can begin a business in the midst of disturbing financial conditions and can flourish financially once the firm takes off.
‘Apple’ a tech company name that we all are accustomed with, started in the garage of a young fellow with next to nothing. Steve Wozniack an electronic hacker with his friend Steve Jobs began chipping away at a thought to idea to have a personal computer and after assembling it went to nearby stores to make them convinced for the purchase. One of the store owners became interested and asked the duo, wholly penniless at time to deliver 50 units. Steve and his friend went to a nearby computer parts supplier and ordered the required parts on credit. This was the start and rest is the history. Apple had several high and low points in its history, yet keeps on developing being positioned as a fortune organization over the world.
Dell, Wrigley, Mattel, Starbucks, Nordstrom and eBay Media, are few of the giant companies that took off with almost nothing, yet witnessed quickest climbs to success and wealth.
2) An entrepreneur doesn’t have a boss
Try not to consider it. It’s a myth.
Yes, a business visionary fills in as his/her own boss, yet does it imply that he/she is not subject to answer anybody? No, by no means.
While developing a business, you are going to get lots of bosses. To take your drive to the more elevated amount of progress, you need to consider each and every client as your boss.
Then, are the partners with whom you have considered allies, individuals who owe you cash, your own employees, every one of them can be bosses at times.
Also, furthermore, when you have financial investors, prime supporters, all of you need to stay in agreement. Along these lines, working for yourself is regularly confounded.
3) An entrepreneur works sitting in ‘Starbucks’
When you turn into an entrepreneur, you have approaches to extravagance spending. The picture gets painted in a way that a business person awakens late, labors for couple of hours sitting in Starbucks, looks at his e-mails holidaying on a beach, lastly packs it up and call it a tiring day.
With a specific goal to unlock a smidgen of private time in the coming future, an entrepreneur has to sacrifice and invest the majority of it doing work today.
Be prepared to early morning wake-ups, long tiring days and sometimes even longer nights. Even at times when you will be winding up your task, an important e-mail will come, calling for a reply quickly.
4) An entrepreneur is an ostentatiously dynamic person
Without question, individuals with exceptionally centered, vigilant and driven characteristics boom in entrepreneurial roles, but it’s not the thumb rule.
A person, who is casual and cheery and in the meantime wills himself to grasp the entrepreneurial way of life, becoming self-motivated, learning task management and obedience to task deadlines, can become an entrepreneur.
5) I am an entrepreneur, I have to do it all myself
As a business visionary, you have to move up your sleeves and wear numerous caps, yet not generally. The idea of going into feeling that you have to do everything yourself prompts exhaustion and failure.
Remember, bringing together the right team and appointing tasks consequently take a great measure. This is as significant as the idea and the execution plan.
For example: You are in need of an impressive website for your business and don’t have the commonality with the idea and additional execution. Is it worthy to treat yourself as an IT director? If you can’t do it, you should possibly employ someone.
The ideal team can take your business higher than ever, while the wrong one can crash the same.
6) Finding investor is a way to win
Do businesses getting shark-tank deals just win?
There are several cases that brought self-made entrepreneurs.
If these business visionaries would have sat around sitting tight to receive the funding, maximum of them had never got off the ground.
Popular technology website ‘Techcrunch’ was begun with no funding by a successful serial entrepreneur, Mike Arrington, along with Keith Teare and they bootstrapped their way to a successful acquisition, i.e. it got sold to AOL for a rumored $30 million.
By taking an idea, using ability and polished skill to develop a beneficial business, without any sort of sponsorship or having next to zero beginning capital, takes incredible commitment, sound hard working attitudes and immaculate determination to accomplish this.
7) Only a great idea works
Another hindrance against making entrepreneurial examples is absence of an ‘incredible idea.’ The idea has a role, but is not the entire process.
The key for business visionaries is to expand on a system of individuals and a collection of accessible assets.
The best initiatives are based on an effective execution handle rather than an idea. And, not only an exceptional idea works, there are several businesses that were begun based on customary ideas, yet became a brand name.
8) An entrepreneur follows the golden rule; he takes risks
Entrepreneurs are risk takers; this well-known picture has been winning since decades. Is it all?
No, a successful entrepreneur needs to be a calculated risk-taker. He figures out ways to reduce risk with each step taken. He works as risk-adverse and knows how to balance the impulse.
9) Everyone can do it
This question often proves to be boggling. Is it possible for an individual with a great idea, prepared business plan, capital raised and other resources to become an entrepreneur?
Can anybody do it?
When discussed of practicality, chosen competent people can put in consummate measure of endeavors to accomplish what they have longed for.
Not everyone can get a taxi when it’s raining badly. This is not about the attitude; this is all about how we function in situations.
To be a successful entrepreneur you have to be able to work and work hard at exactly the times you neither want to, nor need to – this is really hard!
To be an effective and successful business person you must have the capacity to work and buckle down precisely at the times you neither want to, nor need to and this is truly difficult.
As individuals these days are moving towards the place that is known to be “entrepreneurial ideal world,” a considerable measure of confusion has started prevailing. These bits of information are often brought by accessible media or advices proposed.
However, these detail either wreck a man from taking a dive into the startup world or lead them to bounce further even when they should not be doing such.
Time to be careful!