Congratulations, you’re an entrepreneur, or you’re an entrepreneur in the making. Now, what does that mean? And how are you going to make sure that you’re going to be the best entrepreneur you possibly can be?
Here we’re going to examine six common myths that people have about entrepreneurs, and the reality of what I found they are.
CLICK HERE to watch or listen to the video covering the first two myths on YouTube
Myth number one: Entrepreneurs are born and not made.
Now for me, this is ridiculous. Could you do anything when you were born, other than probably eat and make a mess? The fact is NO, entrepreneurs don’t instantly come out of the womb, and they’re not able to start there first business before they even wean. So this myth that you can’t learn to be an entrepreneur is ridiculous. The reality is, with the right mindset, the right set of skills, and the right approach, you too can become an entrepreneur, because it’s all about taking the right road. So, having an appetite for risk, having a mindset of being able to work and think, having that ability to push things to make things work for you, rather than just accepting what people give you is vital.
Now, for me, these are the most exceptional qualities of an entrepreneur, somebody who’s able to bring people together with the right mindset and make something out of nothing.
Myth number two: Entrepreneurs are gambles!
This myth is one of those crazy kinds of tales that others like to spread. Still, many of the entrepreneurs I’ve met are not gamblers; they are measured, risk consultants. They understand risk; they appreciate their risk’s, they measure risk against reward, manipulate risk, and reduce risk to their advantage. Moreover, it’s at the borders of change where it is most uncertain and riskier, that some of the most significant advances can occur. It’s when things are built together joined together, made, that people never thought of doing. Yet some people call this risk and risk-taking. And that it could be if you took a chance with thinking about it is gambling because you cannot control the output. Whereas, when you take the risk, and you measure the risk, and you understand the chance that you’re taking, then it’s not necessarily a gamble. But you’re making a tactical decision of how you’re going to make your business go forward and where you can grow at the end of the day.
There are no guarantees that every service you create is going to work. There are no guarantees that every product to the release is going to work. If you look at any of the great inventors, there are usually thousands of iterations of the product where it didn’t work at the start. Look at James Dyson, for instance, how many times did it take him before he came out with the Cyclone? And now look at how that revolutionised the vacuum cleaner industry. And this is just one of many examples of people that take calculated risks, to be able to push business innovation forwards, and in fact, society in general.
CLICK HERE to watch or listen to the video covering the next two myths on YouTube
Myth Number three: Entrepreneurs are lone wolves and cannot work well with those people.
For me, that’s just crazy. Simply because, how many successful entrepreneurs do you know that don’t have a team behind them. Most have some team or multiple teams within their organisation that help to help built vital relationships with their supply chain with their customers. We again look at other great entrepreneurs out there such as Richard Branson and look how much of a great brand he has created and yet he’s not the one that does all the work himself. He licenses his brand out in a variety of different ways. And that way, he can make sure that he’s providing the best benefit and best service to his clients. Just the way that you will. So definitely rethink the idea that the entrepreneur is a lone wolf, and I think that entrepreneurs are team makers.
Myth number four: Entrepreneurs, these are young and energetic.
While it’s true, that being young and energetic gives you more energy to throw more at anything, it’s not a barrier to becoming an entrepreneur. Again, if you look at some businesses and look at the business statistics, many successful companies are set up by people in their mid-30s. And in fact, you can you only need to look at KFC. Where Colonel Sanders set that business up when he was in his 60s. And that’s a global phenomenon today.
So being energetic and young can have this advantage. But, definitely been wise and experienced can also bring some of the most significant benefits yet. As you will probably have learnt over the years how you can make those relationships work for you. And no, you don’t have to do everything yourself.
CLICK HERE to watch or listen to the video covering the last two myths on YouTube
Myth number five: Entrepreneurs want the whole show to themselves.
Now for me, there are some entrepreneurs’ solopreneurs, who will run a very successful business, all by themselves, they will deliver exceptional service or a great product. But this success is capped at their capabilities, and their ability to do everything themselves.
To create a great growing business, a business that can exceed more than what one person can do, then you will have to bring more people into Your team. And that’s where some of the most exceptional businesses, are built up when multiple people are involved. And the entrepreneur knows this. And they know building these great relationships will make things move forward, creating a sustainable way to build a business. Working with others may not mean that they don’t bring all the profits home; they have to share benefits with the other people within his organisation within their team or with investors. Remember, at the end of the day, 100% of nothing is still nothing. So, if you can get 50% of something big is not worth it.
Myth Number six: Entrepreneurs experience a lot of stress and pay a high price for that role.
I have not been able to find any evidence that says this is true that being an entrepreneur is any more stressful than any other position. Because even in business today, in the corporate world, as an employee, you still feel stress. There are always demands being made on us today. You again must do more for less. And the thing is being an entrepreneur, you get to be able to choose which stressful situation you’re going to put yourself into, and how are you going to able to work with those.
Moreover, you find other ways of having better job satisfaction. Because as an entrepreneur, you probably find those other things, great things in your life that you want to do other than just making money. Plus, being in command of your ship means that you can choose where those funds go, you can select what you’re going to invest in, and what you don’t want to invest in. If you would like to make a significant social contribution, you can do so, and if you do want to do something that continues to build a great business, you can do that as well. You will not be constrained by the hand that you’ve been dealt.
So, when you think about people who are in the nine to five, Monday to Friday, which isn’t a nine to five, Monday to Friday anymore. If you look at most organisations and you look at their management teams, their senior teams, their consulting teams, many of them will be doing a lot more than Monday to Friday, nine to five. Whereas as an entrepreneur, not only can you do the hours when you need to do that You can also take time off when you want to as well.
So hopefully this gives you a great insight into the six key myths that I found actuated about being an entrepreneur. And, the reality of tall this is if you’re thinking of becoming an entrepreneur, then congratulations, and welcome to the other side.