Being an entrepreneur is rather overlooked for what it really is. Entrepreneurs are often seen as hustlers who are willing to do whatever it takes to be successful. They are seen as people who are too risky to trust and people who have no idea how to have a good work-life balance. In part one of this article, I will give you ten out of twenty myths about entrepreneurs and their lives in business.
1) Entrepreneurs Take Outrageous Risks
Entrepreneurs tend to take calculated risks to test and see which effort and which method will assist them in accomplishing their goals. “Entrepreneurs tend to carefully seek the best risk/reward action.” Taking risks is a necessary part of being an entrepreneur, but the kinds of risks and extent to which they take them is a different story.
2) It’s Important to Always Follow Your Passion When Being an Entrepreneur
Just because one has a passion that can be turned into a business, doesn’t mean that the passion will pay the bills. One needs to see if that passion has a demographic to meet. One needs to see if that demographic would actually purchase the products/services s/he creates. One needs to see if s/he has the resources to run that particular business. Passion is important for stamina, but it will not keep a business alive all on its own.
3) Entrepreneurs are Born, not Made
One must become a student to the ways of entrepreneurship before becoming an entrepreneur. It takes time and effort to understand how to start one’s own business. It is not something someone is just born with.
4) When Entrepreneurs Give Away Their Products/Services, it “Dilutes Their Brand”
While it can be highly beneficial to provide products/services for free when first starting off your business, it is important to give promotional material away that truly represents the entirety of what your products/services are. If you are a consultant, they offer a first free session. If you are a water ice salesman, give away small sample spoons of whatever water ice people want to try before purchasing. It can be simple to give things away for free, but don’t do so to the detriment of your business. These methods should help build your company, not tear it down.
5) Entrepreneurs Are in it to Get Rich Fast
Entrepreneurs are saving money at every turn. They understand that in building a business, one must make financial sense of what s/he is doing to impress investors and employees. Usually they will use the money they earn to break even that year. It usually takes anywhere from one to five years to earn a profit from all their hard work. Entrepreneurs know that building their business is not a way to get wealthy quickly.
6) Having More Clients is Always Better
This can become a problem when your products/services are not clearly defined. If you are constantly trying to offer specific products/services to meet each clients wants, you can end up diluting your brand like we talked about above. This will hurt your brand and credibility down the road.
7) Entrepreneurs Have No Personal Lives
Entrepreneurs may work up to eighty hours in one week, but the one thing that they have control over is their time. If they need to go to a child’s soccer game, they can schedule their working hours around it. People who work in upper management in companies may work the same number of hours but have no control over when they have to work. This gives the entrepreneur an upper hand in controlling his/her personal time.
8) Being an Entrepreneur Will Give Me Control of My Schedule
On the other hand, entrepreneurs have to work exceedingly long hours in order to make the business successful. Entrepreneurs do have control over when they work, but they do not have control over how long they need to work. This can prove to be difficult for entrepreneurs.
9) Entrepreneurs Are Often Tech Savvy
In order to have a successful business, one needs “high profit margins, not high tech.” Does it help to be tech savvy when starting a business? Absolutely. Today’s technology has changed how we do everything in business. Do you need to be tech savvy? Absolutely not. People start and run businesses that have nothing to do with technology.
In order to be successful in a business, one must develop network contacts and utilize their experience to build on what one is already building. It usually takes one having a partner to be successful in creating a business. If not a partner, one needs at least someone who is able to be a sounding board for their ideas.
In Part Two, I will share ten more myths about entrepreneurs and reasons as to why they are not true. Do you think any of these myths are true? What is your stance? Tweet me @MikusKins!