Before starting a new venture of your own, it is always safe to get a few things clear so that there are minimum shocks and surprises coming your way in the process. Here are a few myths about entrepreneurship that I’m going to debunk for you which might prove to be helpful for you in the future of your business.
You Need a Perfect Time –
While some entrepreneurs may credit their success to the timing in their life, as maybe the circumstances in their life at the time were favorable for their business. Maybe they were unmarried, young or might not have been in debt. But timing is hardly a factor to be held as a baseline for starting a business. In actuality, extremely few amount of entrepreneurs would say that timing was perfect and in their favor when they started out. The young business minds decide to balance out their studies with their venture, and that is highly commendable. So, needing and waiting for a perfect timing is just procrastinating and wasting precious time.
Successful entrepreneurs go at it alone -
This is one of the biggest myths about entrepreneurship that people still believe in. Even though it has a lot to do with independence, it is also a collaborative process. Newbie entrepreneurs or business owners tend to miss out on networking and growth when they choose to keep to themselves and miss out on opportunities to work with people. No one can deny that to make a venture work, one needs ideas and inputs from experienced people who know the ins and outs of the process. People need mentors to guide, encourage and inspire you, especially in the beginning. Hence, make sure you do not miss out on the connections, as they are the key to growth.
You Need a Stroke of Luck –
This is one myth that needs to be debunked in the entrepreneurship world. I can agree that sometimes, a certain business’s success can look like a stroke of luck. But it is not so in the least, and it is far from truth. Even though people like Bill Gates got lucky during his process, he was also smart & resourceful. But tones of other entrepreneurs in the world achieved success solely due to their hard work, drive and perseverance.
Always go with your Gut –
Even though most of the times in life, it is completely okay to listen to your gut for advice on things, even your gut has a certain limit beyond which it won’t assist you. I bet your gut isn’t skilled enough to know the likes of copywriting, tax laws, market research & customer segmentation. In business, a lot of decisions need to be made and experts to be hired, along with extensive research. Your gut is not going to make those decisions for you, so relying on that is not an option.
Persistence will get you everything –
Sometimes in business, some amazing ideas fail to pan out, no matter how much heart & soul you put into it. Some circumstances will always be beyond your control, and you won’t be able to help the situation. A thing you should also remember is that a few times, mistakes made early on the business can catch up to you later on in the process, so always make wise decisions and if you think something in particular won’t work out and may cause you losses or long-term damage, do not persist and drop the idea. Prevention is always better than cure.
By figuring out exactly what goes into starting a business, you can change or alter your approach towards it even before you get started. Although, by having an idea about what to expect, you are way more likely to achieve success faster, and start off strong.
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- Kinjal Dixit