Busted: 13 Myths About Entrepreneurship
Entrepreneurship is a thrilling and rewarding journey, yes. But it's important to separate fact from fiction. Meow!🐾
Meowdy there!
Starting a business is an exciting journey.
But it's not without its challenges and misconceptions.
Here are 13 of the most common myths about entrepreneurship, and the truth behind them.
Let's dive in...
Myth: You need to have a large customer base to start a business.
Purr-lease! While having a large customer base can increase your income and reach, it's not necessary for starting a business. Many successful biznesses start with a small but loyal customer base that gives them valuable feedback and referrals. The key is to find your early adopters and delight them with your product or service. 🗣️
Example: Instagram started with just 25 beta testers who were passionate about photography and sharing their photos online. They helped spread the word about the app and attracted more users.Myth: You need a lot of money to start a business
Not a whisker of truth here! Many successful companies have been launched on a shoestring budget. What matters? Creativity and resourcefulness are the real keys to success. 🗝️
Myth: You need a unique idea
That's just whisker-fluff! Successful businesses are built on execution, not just the idea. Take an existing idea and make it your own with better execution! 🎯
Example: Tesla did not invent the electric car, but it improved it by making it more stylish, powerful and sustainable. It also created a network of charging stations and a software system that updates the car's features over the air.Myth: You need a formal business plan
Nope, not even a whisker! A business plan can be helpful, but it's not a requirement for success. In most cases, a 1-page business model canvas is more than enough for your next venture. Flexibility and the ability to pivot are often more important. 😺
Myth: You need to work long hours
Not if you're a smart cat! Entrepreneurship can be demanding, but working long hours isn't the only path to success. In face, it’s hardly a path at all! Focus on productivity (use tools), delegation (get help), and setting boundaries (value your time) for a more balanced life.
Example: Tim Ferriss popularised the concept of the 4-hour workweek, where he outsourced most of his tasks and focused on the most important and profitable ones. He also automated his income streams and created a lifestyle that allowed him to travel and pursue his passions.
Myth: You need to have a team from day one
False. Solopreneurship is now a viable option if you’re solving a deep problem for your buyers. Many successful businesses have been launched by one person. Building a team is important, but not necessary in the early stages. 👩💻
Example: Sara Blakely started Spanx as a side hustle while working as a salesperson for an office supply company. She spent her evenings and weekends developing her product, finding manufacturers and pitching retailers.Myth: You need to be an expert in your field
Not even a whisker! Many entrepreneurs learn as they go and leverage the skills and expertise of others through outsourcing, hiring or partnering. The key is to be curious and willing to learn new things. And knowing where and when to get help. 👓
Example: Mark Zuckerberg was not an expert in social networking when he started Facebook. He learned from his users, his competitors and his mentors along the way.Myth: You need to be a great salesperson
Not at all! While sales skills can be helpful, they're not essential to success. Building relationships, a deeper understanding your buyers’ needs, and offering value to them is what really matters. 🔁
Example: Dropbox started with a simple video that showed how the product worked and how it solved the problem of syncing files across devices. The video generated thousands of sign-ups and validated the demand for the product.Myth: You need to take big risks to be successful
Risky business, but not in this case! Successful entrepreneurs take calculated risks, not blindly jumping into dangerous situations. Assessing and managing risks is key to success. ⚠️
Myth: You need to be a jack-of-all-trades
Yep, that's just a myth! Entrepreneurs don't need to be experts in every aspect of their business, but they do need to understand the key functions and know where and when to get help.
Example: Steve Jobs did not create Apple by himself. He had co-founders like Steve Wozniak and Mike Markkula who helped him with engineering and funding. He also had employees like Jony Ive who helped him with design and innovation.Myth: You need to be ruthless to grow a biz
That's just not how the cool cats roll! While being ruthless can help you compete, negotiate and win, it can also backfire and hurt your reputation and relationships. Especially in the long run. And like cats, people rarely forget when you hurt them. Many entrepreneurs are ethical, compassionate and generous, who value integrity, honesty and trust. They also give back to their communities and causes they care about. The key is to be respectful and fair to everyone you interact with, and to create a positive impact with your business. ☮️
Myth: You need to be an extrovert
Not at all! Outgoing personalities can be helpful in networking and sales, but… Many entrepreneurs are introverts who prefer to work alone or in small teams, or focus on their strengths and passions. The key is to know yourself and your personality type, and to leverage your unique skills and abilities.
Myth: You need to have a high tolerance for stress
Don't let stress be the cat's meow! Entrepreneurship can be stressful, but it doesn’t mean you have to suffer or endure it. Many entrepreneurs manage their stress levels by adopting healthy habits, such as exercising, meditating, sleeping well and eating well. They also seek support from their friends, family or mentors when they need it. The key is to take care of yourself and your mental health, and to find ways to cope with stress. And set healthy boundaries—in work and in life. 👌🏾
Example: Arianna Huffington is an entrepreneur who founded The Huffington Post and Thrive Global. She learned the hard way that stress can have negative effects on your health and performance—after she collapsed from exhaustion in 2007. She then changed her lifestyle and became an advocate for well-being and productivity.
That's a wrap...
As you can see, there are many myths about entrepreneurship that can hold you back or mislead you. The truth is that starting a business is not as hard or as easy as it seems. It's a journey that requires courage, creativity and resilience.
It's also a journey that can be rewarding, fulfilling and fun.
So don't let the myths stop you from pursuing your dreams. Instead, use them as motivation to prove them wrong and to create your own success story.
If you're ready to start your own business, we have some resources that can help you. Subscribe to our newsletter for more tips and advice on entrepreneurship, or contact us for 1:1 consults.
We'd love to hear from you and support you in your journey.
See you next week! 🐾