Entrepreneurial Myths & Musts

Before we take a closer and deeper look at the situations of Joe, Sally, Betty, George and Sam and how we can assist them to deal with their predicament let us take a closer look at som

e of the myths surrounding entrepreneurs. Let us try to understand the entrepreneurial mind a little more.

The first thing to realize is that most small businesses are not started by entrepreneurs. They are started by people just like you and I – previous employees. So then what is an entrepreneur and can I become one? Let us firstly examine some of the myths surrounding the entrepreneurial phenomenon.

MYTHS OF ENTREPRENEURSHIP

Entrepreneurship is about running a small business

Not necessarily. Most small businesses are stagnant, reactive, lackluster operations. While they are important to the economy they do not provide dynamism or vision for the future. Entrepreneurs are truly dynamic and are visionaries. The entrepreneurial spirit is more likely to start a business than run one. There is certain creative adrenalin to starting a business which is different to that of running a business on a day to day basis. The running of the business can become too mundane and routine for the entrepreneurial spirit.

Entrepreneurship just happens

This is a myth – entrepreneurship doesn’t just happen. The whole process starts with identifying a business opportunity, then developing a business concept, accessing the risks, and requirements, putting a business plan together, acquiring capital, and finally starting the venture. It just doesn’t happen as some may think! It is a lot of hard work and for many this commitment is too much, especially coupled to risk and the inevitable stress.

Entrepreneurship is about taking risks

Yes…. but they are calculated risks. The entrepreneur will calculate the risks; evaluate the costs and expenses involved. They will also manage the enterprise to minimize the risks involved. They are risk managers not risk takers or risk avoiders. Most people see entrepreneurs as huge risk taker. But for the most part entrepreneur are very cautious and complete due diligence before “taking a risk”.

Entrepreneurs are born

Like any job or career, you need training so why not entrepreneurship? The way we interact with our peers, the way we are brought up, they way we are trained will affect our response to the entrepreneurial spirit rather than what’s in our genes. You don’t wake up one morning and decide you are a brain surgeon and go to work on someone’s brain, it takes years of study. So then, how can one expect to suddenly decide to open a business without some form of entrepreneurial training? Can entrepreneurship be learned – yes! Taking a course in entrepreneurship will help as will finding a good mentor. It is also a good idea to surround yourself with like minded entrepreneurs, who through their knowledge (usually gained from the school of hard knocks) can guide you.

Entrepreneurship is about greed

The motivator behind the entrepreneurial spirit is not money, but the challenge to succeed. To overcome obstacles and challenges and to beat those who say you can’t……

The entrepreneurial focus is long term and thus short term drive for a quick buck usually ends in failure, and is not the choice of entrepreneurs rather those who are con artists.

Entrepreneurship is about individualism

Another myth – The entrepreneurial individual is one who makes things happen a champion of the cause, a leader, a visionary a person who works on his business. However, too much needs to be done to do it alone and entrepreneurs realize that team work is a prerequisite for success. Teams improve upon and innovate concepts and make implementation happen. Sharing for growth! The realization that one can accomplish so much more, growing faster, establishing a better foundation, and increasing the man hours employed; all by sharing.

Entrepreneurship requires lots of money

Having money does make things a little easier, however entrepreneurs are opportunity driven and not resource driven. They will go after their dream by leveraging, partnering, borrowing, leasing or sharing.

Entrepreneurial failure comes rather from mismanagement, insufficient identified opportunity or poor marketing and no sales rather than insufficient funds.

This is not a book about – “do you have what it takes to be an entrepreneur”?, but rather a book that will help you understand the process of entrepreneurship and to give you a sense of what is required to make the paradigm shift from employee to employer. We all have a desire to rise to the challenges life throws our way, but not all of us want to have these challenges from the seat of the entrepreneur. Opportunity presents itself many times in our lives but recognizing it through its disguise of hard work it is often what stops most of us from seizing it.

Entrepreneurial Musts

Ask yourself the right Questions

What do I want to get from my business? – Why start your own business in the first place?

To have an understanding of these two questions and to have the right answers is to have the real reason for starting a business. Your business should be developed around the accomplishment of your life’s objectives allowing your business to ultimately serve you and not you it. Before you step into a business firstly understand what you want for yourself and then look for a business that will fulfill those wants.

Doing your home work

We have just read several stories of people who started their own businesses. In each case you could see that there was a circumstance which led them to start of the business. In many cases the reasons are the belief that they could do the job better. Again we saw from the stories that there was a clear lesson to be learned – to be able to do it better you really needed to do you home work first, in order to understand what it really takes to start your own successful business. There is no replacement for solid research and in all business ventures good research will assist you in making the right choices for both your life style and the business.

The business must serve you

While a business is developed around the customer it must serve you. This will ensure that you do not become a slave to the business. Entrepreneurs often find themselves caught up in the business, doing everything themselves, working in the business instead of on the business. Even when staff is hired you the entrepreneur will try to do it all by yourself – of course you do it better – right?

What do we mean by working ON your business? The secret is to understand that the business needs to be worked on, developed and managed for growth. This cannot take place while you are busy doing the technical work that the business does (i.e. fixing computers). Building systems, procedures, processes to improve the running of the business effectively and efficiently is working on the business. Development of the customers to better understand their wants is working on the business. Building relationships with suppliers and customers, is working on the business. Developing networks and submitting proposals is working on the business. Doing the marketing and sales and developing customers is working on the business.