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.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Related Posts

3 Vital Steps to Stop Procrastinating

Procrastination. It’s an ugly word. And, it plagues too many people. Procrastination is a very common phenomenon but it’s not necessarily a straightforward personality trait. Sure, there are serial procrastinators who put things off time and time again. But, even people who practice good daily habits can fall into the procrastination trap. It’s a bad thing because it causes you to rush and do something at the last-minute. Or, it can bite you because you put it on hold too long and now, it’s too late. Top Reasons Why People Procrastinate The truth is, people procrastinate for a variety of reasons. Sure, laziness is one reason but it’s certainly not the only culprit. It turns out fear is one of the most common causes. Either fear of failure or fear of success. Another reason is due to perfectionism. When you stop to think about this cause, it makes perfect sense. Then, there’s the matter of excitement or fulfillment. If it’s boring, it’s simply unattractive. With distractions at an arm’s reach at all times these days, it’s all too easy to find reasons to procrastinate. Don’t waste another second making excuses for the things you have to do. We put things off when there is something more challenging at hand. Instead of rising to the challenge and completing the task we have to do, we find smaller, insignificant activities to fill our time–telling ourselves that we’re getting something done. —Inc.com A lack of focus can also cause someone to put stuff off. Or, just low energy. Feeling like there’s no fuel in the tank is a big demotivator. Basically, the most common reasons for procrastination are negative feelings. Which means you can overcome the urge when it strikes. 3 Vital Steps to Stop Procrastinating There’s always something on our table we just do not want to do. It could be anything. The common thread is a form of fear or dread. This builds up the more it’s thought about, until it becomes overwhelming. And, while it nags in the distance, it’s common to indulge in busy work to keep it at bay. But, it doesn’t have to get the best of you. Here are three vital steps for overcoming procrastination: Put the hardest thing first. Eat your vegetables. It’s one of the single best ways to ward off procrastination. When you do the hardest or least appealing work first, you get it out-of-the-way. And, you can then move onto something more enjoyable. Break it up into small steps. Not every task or project can realistically be completed in one day. If this is the case, do it first but don’t do it all at once. Instead, do it incrementally over a given period. This way, you’ll see progress and have less and less to complete as you go along. Create a realistic, actionable schedule. To beat the urge to procrastinate, you need to go by a realistic, actionable schedule. One that you can follow and tick off the accomplishments, one by one. Have you beat procrastination? What other strategies would you suggest using? Please share your experiences and thoughts on how to tackle procrastination. Interested in learning more about business productivity? Then just visit Waters Business Consulting Group.

Read More »
competitor

7 Ways Entrepreneurs Can Deal with a Competitor Who Plays Unfair

We tend to think of unfair trade practices as a multi-billion dollar corporation scheme. Mega companies like Microsoft, Facebook, Apple, and Google typically come to mind. And while it’s true these International entities do as much to monopolize their industries as possible, unfair practices can happen on a much smaller scale.

Read More »

Here’s What You Need to Know About the ATT and Apple 5GE Sleight of Hand

In case you haven’t yet heard, a new type of communication technology is on its way — 5G. It’s the fifth-generation cellular system, coming to replace 4G, the fourth-generation. And, it promises to deliver a whole new level of speed. Some experts forecasts speeds of 100x greater. In fact, it’s so fast, the wireless connections will easily rival hard-wired connectivity of the old system. So, it’s no wonder carriers and handheld device manufacturers are ready to get it out into the marketplace. Trouble is, it will take some time to roll out. But, that isn’t stopping two companies from getting-in on the action ahead of time. What Consumers Need to Know about the AT&T and Apple 5GE Marketing Campaign Recently, AT&T started to display “5GE” on select Android phones. Then, this week, Apple joined in, doing the same for some of its iOS devices. The problem is, “5GE” isn’t 5G tech. It stands for “5G Evolution.” This sleight of hand isn’t new. We want results, and we want them now. Your customers want the same thing and are willing to pay for it. A temptation could arise to promise them quick results when you know that’s not going to be the case. This kind of short-sighted thinking hurts your business in the long run. —Entrepreneur.com Companies have done this type of thing before. Of course, it’s misleading, to say the least. Customers might think they’re on a real 5G network, via a real 5G device. Although, the move hasn’t gone unnoticed. Rival T-Mobile posted a short video mocking AT&T, with a caption reading “didn’t realize it was this easy, brb updating.” Others have also joined in, rightly criticizing the move. 3 Real Costs of Deceptive Business Practices Now, the word will most definitely spread and people will catch-on to the ruse. So, it’s important to look at the impact of such misleading marketing and what it can really do. Here are the three biggest effects of deceptive marketing: Customers suffer. Needless to say, customers obviously suffer because such tactics instill a strong sense of distrust. If a business puts out misleading claims, when discovered, customers won’t trust it. What’s more, they’ll also become skeptical about other things. Businesses suffer. While the sleight of hand might payoff in the short-term, the long-term consequences can be quite severe. Word of mouth will spread and that could prove enough to bring about the demise of a business. Employees suffer, too. When a business tries to fool its customers, the employees will take the brunt of the blow-back. It’s not fair for employees to suffer undeserved consequences. What else would you add to the list? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »