Five Myths Of The Entrepreneur That You Have To Ignore To Be Successful
Entrepreneur myths : Although creating, developing, and managing your own startup is exciting at first, only half of the companies that employ staff survive the first five years.
The struggle of successfully running your business while keeping a steady stream of leads, managing finances, and handling emergencies is a heavy burden, and as a new entrepreneur, you need to be prepared for unexpected surprises.
Here are five of the most common Entrepreneur myths about entrepreneurship that startup founders discover in their first year that you need to ignore to be successful.
You Are Your Own Boss
You may imagine enjoying the freedom of running your own business as the ultimate profit dreamed of. Photos of founders working from the beach and Instagram selfies of successful billionaires contribute to this.
The reality, however, shows something that cannot be easily captured in a beachside selfie: that running a business makes you much more dependent on your company and your work. Entrepreneurs have to hustle, persuade potential customers, be fully available to their customers in the early stages, convince potential employees to buy into the idea, trust partners and vendors to carry out operations and trust their customers. advisers and lawyers. In short, in continuous movement.
Entrepreneurs Work Less
Jumping between successful sales calls, saying hello to your top management, and attending TV interviews are just some of the perks common to some entrepreneurs.
There are certain “business lifestyles” that can really be optimized to function successfully within 15 to 30 hours of work per week. These are usually businesses to achieve a supplemental income and seem to be the exemplary lifestyle that all entrepreneurs should strive for.
However, almost all founders go through a difficult period (often several years) of juggling all managerial activities while working 60 to 80 hours a week, or even more. Opportunities are pursued 24/7, a far cry from closing at 5 pm on Fridays and enjoying the weekend.
Work-life Balance Made Easy
It is true that there is some partial flexibility when running your own business. However, you no longer work for a salary. Every moment you spend at work you could:
- Get a new client.
- Help a team member move forward.
- Prevent a crisis due to lack of communication.
- Optimize processes for future initiatives.
Your time becomes an invaluable asset that you must treat responsibly. With every extra lunch hour, you’re sacrificing an opportunity.
During the first few years, unless you’ve managed to build a rock-solid recurring income process that works, you’re likely to jump between feasts and famines, sweat to close a deal, or find yourself inundated in busy seasons with fewer resources. You will be lucky if you can take a weekend for yourself, your family and friends.
You Can Aspire To Success Overnight
Startup digital magazines stand out for showing young entrepreneurs closing million-dollar funding rounds, but this represents a fraction of a percentage of all success stories. It is very much connected to the founder’s backstory: they may have a decade or more of experience in the industry, or they may have started another business after several failed attempts.
Being inspired by these false expectations is misleading and neglects to take into account the time and hard work that goes into a profitable business. Bottom line: For every “overnight success,” there is a long series of small but significant actions that made it possible.
Your Experience Will Sell Itself
Even if you’re a great engineer, plumber, designer, or architect, running a business won’t magically accelerate your skills or create a huge pipeline of prospects waiting to work with you.
Niche’s expertise is different than understanding the semantics of running a business. If you’re passionate about starting your own business, take the time to study the very basics of business administration first. Don’t rely solely on your skillset to run a profitable business.
There are many reasons why businesses fail, but the better prepared you are, the easier it will be to survive the first two years. Entrepreneurship is rewarding once you discover a profitable and scalable business model, but you have to work hard until you achieve it.
Also read : Market Research