Everyone wants to be an entrepreneur these days. We all love the idea of being your own boss and working when and where you like. Having your own start up company and branding yourself as the CEO, Founder or even manager of a company is a rather appealing thought to us all. After all who doesn’t want to be a CEO in his twenties or early thirties? Entrepreneurship is gradually taking away congestion from the corporate space which in itself is a very good thing but unfortunately some people venture this entrepreneurship space with a lot of misconceptions and wrong ideas which will only ensure nothing but failure in their businesses.
In an interview with Mr. Maximus Amertogoh, a digital marketing strategist, a web and mobile app developer and a writer, he agreed that there are several myths when it comes to entrepreneurship. After 10 years as an entrepreneur, he has advised that upcoming entrepreneurs should not fall for these myths.
1. Entrepreneurs are money driven:
It is assumed that entrepreneurs start their businesses primarily to make money but that is not the case. Making money should never be the objective for being an entrepreneur. Your passion should drive you in this field. However, a good entrepreneur should be able to solve a problem at a cost that will make both parties, that is himself and his clients or customers happy. Entrepreneurs are born to solve problems and not just make quick bucks.
2. You will have your freedom:
You may be thinking that being self-employed means self-freedom.You will be surprised to learn that most entrepreneurs actually work from 8am to 5pm and the rest of the day is spent either running errands for your business or basically thinking about your business and how to make it grow. You will never have the freedom you really want if you choose to become an entrepreneur.
3. You need huge starting capital:
Upcoming entrepreneurs more often than not want huge sums of money to start their big dreams. But in reality, dreams don’t come as big as you imagine them to be. You have to start small and plant your dream in the right soil (environment) and then grow it from the very basic steps. An investor will look at how valuable your idea is and whether you have the mindset to grow that value but not how fancy your business idea is and how much money has been put in it.
4. All you need is an idea:
A lot of seminars preach the theory that all one needs to become an entrepreneur is an idea. Just have a great idea and you will become a successful entrepreneur. But truly, an idea is not enough. Convert that idea into a product that people will want to pay money for first. That is how one becomes a successful entrepreneur. If people are thirsty for example, as an entrepreneur you can decide to solve their problem by producing bottled water or bottled drinks or even create a standing pipe for people to drink for a small fee which are all solutions to the same problem. However one would make more impact than the others and also bring you more income than the others.
5. You should be hardworking:
Everyone needs to be hardworking, true, but an entrepreneur needs to do smart work and not just hard work in order to succeed. You have to know how to manage and use your time and energy. If you over work yourself you will fall sick or even die and your efforts will be in vain. An ideal solution is to categorize your work and tackle them according to necessity, urgency and importance. It is necessary to watch television and**** learn a few things but it is also important to read books and learn new skills which will enhance your business. Which one would you spend your energy and time on? Your guess is as good as mine.
6. You can do it all on your own:
People start businesses and say “oh I don’t need other people. I can do this on my own”. A true entrepreneur realises quickly how vital other people are to your business. You soon realise that you need to know a lot of people and build relationships in order to last in the business. For example if you make ****drinks for sale, you don’t need to partner with just the distributor. You will need to form a partnership with local pubs and restaurants so as to know what the customers buy and you might even learn a thing or two from them to shape your business. Partnership is key in becoming a successful entrepreneur.
Once you have debunked these trending myths about being an entrepreneur, you can go ahead and start that business you are dreaming of. It will not be an easy road but it will definitely be worth the trip.