Myths About Entrepreneurship

There is a lot that is being said out there about starting your own business. Today, there’s a deafening mantra that is spreading across our streets encouraging us to quit our jobs and start our own businesses. This is because many people that your own business is the one thing that will hinder you from poverty and regret.

In the words of Howard Schultz, “But the entrepreneurial journey is not for everyone. Yes, the highs are high and the rewards can be thrilling. But the lows can break your heart.

Entrepreneurs must love what they do to such a degree that doing it is worth sacrifice and, at times, pain. But doing anything else, we think, would be unimaginable”

There are certain ideas and notions that may discourage you from starting your own business. These myths aren’t necessarily true the same way that some theories that may encourage you to start up a business aren’t true.

Myth #1: Entrepreneurs don’t have a life. In my opinion, this is the most common misconception about entrepreneurship. Most people assume that entrepreneurs work 24 hours a day, all through the year.

It is true to some extent that you spend a lot of time during the day and night working, and that it needs a lot of commitment but it is not true that you can’t have a personal life.

This means that as an entrepreneur you have to learn how to plan and manage your time. This means that you need to have a schedule and stick to that schedule.

This will help you balance out the most important things like relationships, inner peace, life balance, fun, being of service among others. DodilionSuccess is not intended to promote that we work harder and achieve more but also helping you to be more effective with the time you have.

Remember that your priorities in life will be a mixture of both work and your personal life. So what we will help you with is to identify and prioritize what really matters across your life and your work.

Myth #2: Entrepreneurs take a lot of risks. With that being said, entrepreneurs don’t necessarily put themselves in high end or risky situations.

Entrepreneurs have mastered the art of taking calculated risks. It is how you balance the risk and the reward.

At DodilionSuccess we strive to help you realize that not every idea is home run and that the ultimate key to preserving through your mistakes is by limiting your initial risk. However you cannot take a risk that will put your company out of business. Entrepreneurs are not gamblers, they take calculated risks.

 

 

Myth #3: The motivation behind entrepreneurship is money. If you were to start your business all over again without it generating any profit, would you do it?

The main aim behind starting your business should be the feeling of fulfillment that you get after achieving your lifelong dream.

Another motivator is that you will leave a legacy. The fact that even after you have finished the work you meant to do, you will leave left a mark through your business.

After the passion has taken its course then you can think about financial stability. This means that you are comfortable and able to make ends meet. However, do you know that money affects how happy people are?

According to Neil Patel, these numbers contradict the saying that money can’t buy happiness hence we should not find fault when financial stability is a motivator. However, money is not the driving force when making this huge decision of entrepreneurship.

Myth #4: You need a new brand or service to succeed. I would like you to stop and think just how long humans have been buying and selling. For years and years, humans have been eating, moving from one place to another and so on and we can all agree that this things have evolved with time.

This means that refining existing ideas to bridge the gap and tap into potential to serve clients better would be the ultimate game changer for your business.

At DodilionSuccess, we will help you come up with a clear and concise business plan based on how to better what’s already existing in the market instead of spending your time researching something that is unheard of.

We help you understand that most markets aren’t fully saturated and there’s room for another business to do things in a better way although not all different. Furthermore the idea and the execution have to be good, more so than differentiated in order to succeed and DodilionSuccess will help you do that.

Myth #5: It’s all about having an amazing business plan.

Yes. I am talking about that business plan you have written. The one with 80 pages, with nice headers, graphs and bar charts, bound, sectioned differently and perhaps a conclusion of your anticipated growth in the next 3-5 years.

I get it. And that’s amazing. Having a plan is good. But you need those when you are writing to banks or any other lenders long after your company has started and it is generating revenue.

Don’t get me wrong. Having a business plan is a useful way of formalizing the business model in order to get other parties to buy your idea.

DodilionSuccess will help you come up with a detailed business plan and lay out in plain language what the business is all about, why the clients will engage with your business, and even what kind of funding will help  you reach your vision and goals.

 

We would love to know what other myths and misconceptions you have heard out there about the entrepreneurial journey.

 

 

 

With Love,

DodilionSuccess Loyalty Team.