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Top 5 Entrepreneurship Myths You Probably Believe but Shouldn’t

Entrepreneurship myths are everywhere. They populate the minds of anyone who dreams of striking out on their own. Heck, even successful entrepreneurs believe some of them. (At least at some point in their journey.) The reason entrepreneurial myths are so widely believed is because they involve risk. And, everyone is risk-averse (to one degree or another). Therefore, these misconceptions live on and keep good people from following their passions. But, you don’t have to believe them.

Two Common Entrepreneurship Myths

Let’s start with two common entrepreneurship myths; then, we’ll get on to the big three. First is the old nagging feeling that money is the single biggest obstacle. Nonsense. You can start a business in about 10 minutes using social media and a little imagination. Now, you’ve got to know how to use social media to effectively promote your business. But, the point is, you can find a ton of free and really cheap ways to get things going in a short amount of time.

As people are trying to navigate away from the “corporate jungle” towards the land of supposed “entrepreneurial utopia,” a lot of misconceptions arise. Perhaps this has to do with the media, advice they have received or what is heard through the grapevine but often these insights can derail a person from taking the plunge in the startup world. Or cause them to jump on the entrepreneurial bandwagon, when they have no business doing so. —Entrepreneur.com

Another common entrepreneurial myth is that making more money is the best motivation. This simply isn’t true. And, it’s actually somewhat dangerous. If you’re only motivated by money, your heart and mind are in the wrong place. Of course, there’s nothing wrong with earning a better living but it’s foundation can’t be greed.

3 Biggest Entrepreneurship Myths

The fact of the matter is money isn’t an obstacle and it’s a bad motivator. But, this isn’t the only challenge people let get in their way of realizing their dreams. Now, let’s get into the three biggest entrepreneurship myths people believe:

The more customers, the better. At the bottom of the top three is the notion that more customers means more success. Which in turn means, the better. Two words about that: Not. True. Quality will always trump quality. What’s more, it’s a risky situation — especially early on. You’ll spread yourself too thin and that will only hurt you in the long run. Focus on the ones who make it a pleasure and let go of those who waste your time or have unrealistic expectations.
You need an inherent entrepreneur trait. Some people actually subscribe to the notion there are “born entrepreneurs.” Of course, there are individuals who have a knack for it but that doesn’t mean everyone else is shut out. It just takes work, self-confidence, and most of all, persistence. Those who go forward and don’t give up have a much higher success rate than those who don’t.
It just takes one great idea to make it work. Now, we’re at the biggest of all entrepreneurial myths. And, that’s believing you only need one great idea. While this is a key element, it won’t work as a magic bullet. Lots of people have great ideas. The trick is to define it and market it effectively by testing the market and remaining persistent with discipline and consistency when things get difficult.

What other entrepreneur myths do you think people believe? What suggestions do you have to get past them? Please share your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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What are the Pros and Cons of Giving Small Business Employees Holiday Bonuses

December 12, 2019 No Comments

Small business employee holiday bonuses have their advantages and disadvantages. As with most kinds of incentives, it creates different scenarios that small business owners should be aware of before introducing them. As any entrepreneur knows, there are upsides and downsides to just about everything. So, let’s take a quick look at the most common pros and cons of giving small business employee holiday bonuses. Small Business Employee Holiday Bonus Cons We’ll start with the disadvantages. First, it creates unrealistic expectations. For instance, if you have a stellar year and profits are high, it’s only natural to want to reward your people. But this sets up an expectation for the following year, even if it’s a very poor one. Also, bonuses sometimes fosters unhealthy competition. In other words, it will cause some employees to up their game substantially, even at the expense of their teammates. Also, one person might exceed expectations so much, his or her performance could cost you a hefty tax bill. Your small business can’t operate successfully without the help of your employees, which is why it’s important to maintain a happy, focused workforce. Of course, giving your hardworking employees a bonus or raise can decrease turnover and boost staff morale, but these monetary rewards can easily take a toll on your business’s bottom line. —Intuit QuickBooks Speaking of taxes, giving out bonuses creates new tax implications for your small business. Of course, that’s not your employees’ problem but it will certainly cause you to think twice. Lastly, another downside of bonuses –specifically performance-based models — is the fact it might marginalize and/or demoralize those who aren’t eligible or simply do not perform as well as top producers. Small Business Employee Holiday Bonus Pros Now, let’s look at the benefits of giving small business employees holiday bonuses. Bonuses incentivize employees. On the flip side, overall employee performance will notably increase — probably enough to substantially benefit the company’s bottom line. Of course, that’s a terrific win-win scenario and one you’ll definitely strive to repeat as many times as possible. Bonuses help retain key staff. Bonuses are also a great retention tool, particularly for performance-based models. It helps to give employees more control over their earnings and hence, take ownership in the company. Plus, that extra earning power reiterates the fundamental attractiveness of the company itself. Bonuses instill responsibility. Bonuses are a powerful motivator, so much, individuals will likely take on more responsibility, even to the point of tackling tasks not in their job descriptions. For instance, a salesperson who personally picks up and delivers one or more orders when other team members are struggling to keep up or falling behind. What other pros and cons about giving employee bonuses would you add? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Stop Chasing Rock Stars and Learn Why “Average” Hires Are the Real Secret Weapon for Building a Thriving Business

April 9, 2026 No Comments

“A-players hire A-players; B-players hire C-players.” This quote is often attributed to Steve Jobs, and whether he coined the phrase or not misses its point. The sentiment is obviously about a fundamental strategy to succeed in business. So, many entrepreneurs subscribe to this belief, thinking it’s practically infallible. However, that’s simply not the case because plenty of business owners have discovered that chasing top talent is the proverbial carrot on a stick. Instead, they adopt an alternative approach and seek out “average” individuals instead. Here’s why.

These Two Words Reveal Bad Leadership Skills

September 14, 2020 No Comments

Harry Truman once said, “It is amazing what you can accomplish if you do not care who gets the credit.” Ronald Reagan echoed that sentiment. JFK famously said, “…ask not what your country can do for you — ask what you can do for your country.” Taking credit, even when legitimately earned, doesn’t sit well with others. People often take it as pompous, even narcissistic. That’s because it simply comes across that way, even if you don’t mean it at all. That’s why two simple words can give you a glimpse into someone else’s leadership style. Language Reveals a Lot about Personality The two words that serve as warning signs of bad leadership are merely pronouns — “me” and “I.” Someone who repeatedly uses “me” and “I” are subtly (perhaps overtly) expressing their worldview. That’s right, he or she is the center around which everything revolves. Leadership is one of the most important factors determining the success of a company. Poor leadership can seriously affect employee morale and even cause the company’s bottom line to plunge. Bad leadership leads to poor employee retention and demotivates the remaining employees, causing them to be much less productive than they would otherwise be. —Houston Chronicle Small Business Okay, that’s cliche, but it exposes a hard truth. We don’t like to think of ourselves as selfish, so we also don’t like to apply that label to others. Though, when the behavior is egregious, it not only seems appropriate to think of as an undesirable quality, but almost a necessity to call out. 3 Devastatingly Poor Leadership Traits While there are certainly numerous bad leadership attributes, three are among the absolute worst. They undermine the very role of a leader. So, doing any one of them (or more) will only be counterproductive. Here three hurtful leadership characteristics to avoid all the time: Micromanaging. Unsurprisingly, this makes the top of the list. Micromanagers are among the most despised people because their behavior is completely counterproductive. Insisting on control of everything means there’s really no need for anyone else. It’s so hated, this trait ranks among the highest in dissatisfaction among people in survey after survey. It shows you have no confidence in anyone else. Plus, it proclaims you’re the only competent person in the workplace. Not recognizing others. This isn’t much different from micromanaging because it stirs up just about as much resentment. It shows a lack of care and regard for others. It also says that you have little respect for the work others work so hard to produce. If you aren’t encouraging others through recognition, you’re insulting them in more than one way. Failing to share information. When you aren’t transparent and open about what’s going on or what’s expected, you’re effectively sabotaging anyone without that information. “To be unclear is to be unkind” the saying goes. It speaks volumes because keeping too much too close to the vest shows a real lack of trust. Without trust, there’s no way to have a working relationship. What other signs tip you off to a bad leader? Please share your thoughts and experiences by commenting! Others can greatly benefit from what you have to contribute. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Top 5 Entrepreneurship Myths You Probably Believe but Shouldn’t

Two Common Entrepreneurship Myths

3 Biggest Entrepreneurship Myths

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What are the Pros and Cons of Giving Small Business Employees Holiday Bonuses

Stop Chasing Rock Stars and Learn Why “Average” Hires Are the Real Secret Weapon for Building a Thriving Business

These Two Words Reveal Bad Leadership Skills

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