Starting Up

Debunking Popular Entrepreneurial Misconceptions

The world of entrepreneurship is surrounded by plenty of myths.

Surely, you have plenty of beliefs about entrepreneurship that you picked up from someone or somewhere or made up in your head. Some of them may be true but there are some that are absolutely wrong. There are a few myths that most believe in.

Let’s debunk those here:

Misconception Number One: I Rule

Almost every entrepreneur thinks that once he starts up, he will have no boss. In other words, he will be the boss. Well, that’s not true. The minute you find an investor, you will relinquish control. Also, if you don’t find an investor and would like to bootstrap, your customers are your boss. Beware, customers are generally much more dominating and demanding than other bosses.

Misconception Number Two: I Will be Very Rich

“If you start a business solely for money, you will fail. There is a lot of work before the money comes in.”

Again, almost every entrepreneur hoped to be very rich from his business. That is not really how it works. Of course, being successful will help you earn lots of money but business brings with it value, which is much more important than the finances. The opportunities you get and the way your network will expand through business is invaluable.

Misconception Number Three: My Dreams will become Reality

Yes, this can come true but this is not instantaneous. It will take time and effort. However big your dreams may be you will be able to succeed, provided you work relentlessly. The point to note here is that in your quest to accomplish big dreams you will hit small milestones, which will bring you a lot of happiness and satisfaction. These include finding your workplace, expanding your office, the first party to celebrate accomplishments and so on.

Don’t forget at any point of time that starting up is no child’s play. It comes with a lot of responsibility and to keep up with the challenges you have to be motivated. Don’t let yourself get carried away by myths and misconceptions. Focus on your goal and aim at excellence. When you do that, there won’t be a reason for you not to succeed and accomplish your goals.

Entrepreneurial Learning

Move away from myths surrounding entrepreneurship and focus on your goals. Have one main focus to succeed regardless of the ups and down and stay in the game long enough. Don’t belittle smaller success stories in your haste to fulfill your big dream. Celebrate small joys and overcome big hurdles smartly. Entrepreneurship is all about hard work and determination.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More