You may have spent hours daydreaming about the business you want to start. And envisioned being financially independent and leaving a legacy.You possess all the passion, ideas and drive to start your empire. But there are other important ingredients which need to come into the mix in order to build a thriving business. And people often overlook the importance of research and end up with failed businesses. There are many myths and misconceptions which people believe as true and yet these are barriers to the success of a business.
Here are a few common misconceptions about being an entrepreneur.
Turn your hobby into a success
Mark Zuckerberg and Steve Jobs have paved the road for many wantrepreneurs (people who dream of being entrepreneurs one day). They dream of turning their hobbies into a thriving business. They want to follow in their footsteps and believe if they turn their passions into a business they’ll easily be a success. This couldn’t be further from the truth because you first have to make sure there’s a demand for your product or service. You have to assess the markets to see if the people will be willing to pay for your product.
Thomas Edison, the man who invented the lightbulb was quoted as saying, “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”. You first have to make sure there’s need for your product or service before you take the leap.
Flexible working hours
Another misconception of being an entrepreneur is people think they’ll able to knock off at noon and have leisure time to do the things they want. But in reality entrepreneurs work long hours to build their businesses as they have to stay on top of their game at all times. They have to solve many complex issues which their businesses encounter on a daily basis. Which means they have to get to work before everyone and leave work late. They have to sacrifice personal time and often have to work throughout the weekends too.
The other myth of entrepreneurship is that you can quit your current job in order to build your empire. But many successful business owners continued working their day job and began setting up their own business after hours. In the initial stages, startup businesses are filled with uncertainty and they often don’t get to see huge profits until a later stage. Smart entrepreneurs know that they need to remain financially stable and can only resign from their full time employment when their startup is fully operational.
Many people have the misconception that you have to have an original concept to be a thriving entrepreneur. But that’s a myth. You can modify an existing product in the market and make it better. Sara Blakely the inventor of Spanx, didn’t invent footless hosiery, she just modified it to suit the needs of women today.
People also tend to think entrepreneurship is about taking every risk which presents itself. But if you do, you could end up bankrupt. You’ve probably heard it said that the higher the risk you take the higher the reward you stand to win. But each risk you take, big or small, has to be calculated as often the business’s reputation, time and investment is at stake. You don’t want to waste your money and time on an idea without taking the time to research how profitable it’ll be.
Entrepreneurs are born
Another myth about entrepreneurs is they are born and not made. But you can learn to be an entrepreneur, whether you take a business training course, attend seminars or buy a stack of books. If you put in the time, work and effort you can be a successful entrepreneur.
Some people don’t like working for someone else. They venture into their own businesses because they’ll be their own boss. But the truth is when you’re an entrepreneur you’ll still have to answer to other people. Your clients, your shareholders and your investors or the bank will control most of the decisions you have to make.
New business owners also tend to think they’ll have a fat bank balance within the first few months of starting their business. They believe they’ll have customers flocking to their door straight after
their first business launch. But the climb to success isn’t easy, it takes perseverance, courage and lots of hard work.
When you start a business you need to make sure you have done your homework. You need to learn how to take risks that will give you a high return. You need to ensure you do enough research so your business doesn’t fail and it doesn’t go bankrupt.