Entrepreneurship does not come without its challenges. Getting into a new and unfamiliar field, breaking old habits, procrastination – these are just a few of the challenges that hinder many would-be entrepreneurs before their journey even starts.
That being said, here are five misconceptions to be aware of when you start out on your entrepreneurial journey.
It’s entirely natural to assume that some things are easier than they are. Often times people look at entrepreneurship at a superficial level, so they may not realize how much hard work it actually takes. For example, when we see a successful restaurant, we may immediately simplify its victory: if only we had a great location and a great chef, we could have instant success too.
However, there’s always much more going on behind closed doors than you may think. Understanding what it takes and what happens behind the scenes is what sets you apart from your competitors.
We just established that entrepreneurship isn’t easy, but is it necessarily hard? Think of it like any long term project you’ve worked on, it requires you to have the right amount of energy and sufficient building blocks to reach your end goal. The most important thing if your business plan, failing to have an appropriately structured business plan could end in a failing business.
Reaching your goals successfully requires a well thought out plan. Take all the steps you need in building your business. Many entrepreneurs will instantly indulge themselves in the exciting aspects of starting their business, but quickly become overwhelmed when they see what’s required on the backend.
Being an entrepreneur is only as hard as you make it. You’ll find yourself among the ranks of successful entrepreneurs if you are willing to learn, work hard, and follow the right steps.
All new businesses fail
Nine out of ten new businesses will fail. However, this fact is not meant to discourage you, it’s meant to encourage you to work smarter and harder. If you focused on the negative, you wouldn’t even bother attempting to start a business. But think of it this way, if you had children, would you tell them not to bother trying because they might fail? Of course not!
Like building blocks, your successes and failures will build the confidence you need to achieve your goals. Remember that your progress is not predetermined by statistics, especially not a statistic that has been thrown around for decades.
The risk is too high
As entrepreneurs, we can’t get rid of risks, but we can try our best to minimize them by conducting research and following a business plan that has the best chance of success.
Fear of the unknown is often mistaken as a risk. What you can do to minimize risk and fear is arm yourself with knowledge. The more you understand and learn about what there is to know in your field, the more risks you can take on with confidence.
You don’t have to start from scratch, you can even mirror the actions of someone successful that you know and look up to. Reach out to them and try to better understand what steps they’ve taken to get from point A to point B.
You need a huge capital to make it work.
This is not necessarily wrong if you are considering a conventional brick and mortar business model with the staffing, warehousing, inventory, payroll, renovations, etc. However, a huge game changer for new entrepreneurs has been the opportunity to reach people globally with minimal budgets via the internet.
As a modern entrepreneur, you have the potential to leverage this medium and make a better ROI than any brick and mortar business could achieve in the first few years. By eliminating many of these startup costs, you can start cultivating your ideas almost immediately with the right platform.
Your entrepreneurial journey will not start where you intend to finish, and that’s all right. Explore the different opportunities that are available to you. Overcome these hurdles with new age entrepreneurship.
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