4 Common Entrepreneur Myths You Should Dispel Before You Start!
Being an “entrepreneur” which is often referred to as “being your own boss” is a buzz phrase these days.
Everyone not in the nine to five work cycle—boom! Entrepreneur. Have a skill—boom! Entrepreneur. Have been paid once for a service I offered—boom! Entrepreneur. Have cashed out twice in a Ponzi scheme—boom! Entrepreneur.
In highlighting the characteristics of an entrepreneur, one of my quick lookup dictionaries refers to an entrepreneur as “a person who starts a business and is willing to risk loss in order to make money”. An entrepreneur not only is willing to take responsibility for the profit or loss of the venture but does everything both within and without his powers to make sure he makes a profit.
So most times it is usually very far from “chilling” or “catching fun”. Being an entrepreneur—“no be moi-moi” —it’s no cake nor pudding!
Being an entrepreneur is not waking up when you feel like or not having to be stuck in traffic in the morning rush, it’s not about a great idea + convenience = money. All these are myths because most entrepreneurs blur out the grey area between starting and success. These myths, you must dispel!
Myth 1: You No Longer Have a Boss!
Before you start, you must realize that “uneasy lies the head that bears the crown”! Being an entrepreneur calls for extreme discipline—no one will wake you up but yourself, consistency—once you start, no going back and persistence—sometimes you will feel starting was a mistake but you must gird up!
You no longer have one Boss, yes! Now you have many Bosses! Although there is no line manager to report to, there are investors, vendors, regulators and ultimately customers to report to and trust me, these may end up being bossier than your former Boss. You will consistently be providing reassurance and building relationships.
Your appraisals become customer reviews, complaints or regulators fine.
Myth 2: Once You Have a Great Idea and Money, You’ll Succeed!
No matter how great your product is, if people don’t know about it or want it, it won’t give you returns. That is why a successful African entrepreneur once said, “Before you own a poultry farm, you must first learn how to sell eggs”. I’d say, first find, know and understand your market, so you can give them what they want not what you think they need.
You must understand that, the fact that people like it does not mean they are willing to pay for it.
Building the right relationships and having the right connections is key. They are the wings on which you fly, else all you will do is crawl or at best run.
Myth 3: You Will Have More Freedom And Less Stress!
Sure this can be very true! However, the number of entrepreneurs making money while they are sleeping and working only a few hours per day is just a tiny percent that is almost none existent.
"I enjoy myself a lot but I derive more joy from working. I believe in hard work and one of my business success secrets is hard work. It's hard to see a youth that will go to bed by 2am and wake up by 5am. I don't rest until I achieve something." – Aliko Dangote, Dangote Group pic.twitter.com/8YcLGQJWdd
— Web Garage Studio (@webgaragestudio) November 27, 2017
Many entrepreneur will share with you experiences of working round the clock building the product, finding the market, building relationships, toiling through the night while others slept. There’s nothing easy about entrepreneurship, the only great thing is that it’s worth it!
Low quality image, high quality message. Jeff Bezos in 1999 with a spray painted Amazon sign. Hard work and dedication really do pay off in the long run. pic.twitter.com/PfZ84lmFEW
— 1stGig (@1stGiG) February 9, 2018
Myth 4: Follow Your Passion Not The Money, You’ll Find Fulfillment!
This is absolutely correct! Only when your passion is in high demand. Some people follow their passion and find success and fulfilment, others follow their passion and do all the right things they know to do yet still get broke and end up working to fulfil another person’s passion.
Passion alone won’t create for you a niche, understanding the current market or creating your own market should not be sacrificed on the altar of passion.
If you wish to be an entrepreneur, you must realize that “being an entrepreneur” won’t put money in your wallet let alone food on your table. Here’s an equation you should never forget:
Entrepreneur (viable idea) + Capital (money) = Goods (Product or Service),
Goods + Demand (Customers) = Business (Money in Wallet).
You could ask any successful entrepreneur, between short or prosy answer they will give you lies the summary as shown in the equation above.