Entrepreneurship is a fascinating field. One of the most intriguing aspects of starting a business is that it is not well understood, even by those that are good at it. Many successful entrepreneurs have struggled to understand their own success. Some have even misattributed their success to aspects that aren’t that helpful. In some cases, this has generated myths about entrepreneurial success. Here are a few of those.
You Need to Have Experience
One way to be successful in entrepreneurship is to have a lot of business experience and connections. However, that is not the only way. Experience is not a requirement. In fact, experience can get in the way. When we are overly exposed to something, we fail to see it for what it truly is. Think about when you first start a job. You might notice a lot of things that are inefficient. However, over time you justify these things to yourself and you lose sight of how things could improve. Experienced individuals often struggle to see the possibilities that an inexperienced person can see. The ability to see possibilities is a key skill for anyone starting a business.
You Need to Have Lots of Money
There are some out there that bemoan the fact that they lack the funding to pursue their ideas when starting a business. Sadly, it isn’t money that is their issue. It’s their perspective. You don’t need lots of money to start a business, and you don’t need venture funding. In fact, too much money at the wrong time can kill your business. Many of the most successful companies have been bootstrapped by founders with little financial backing. You don’t even need a lot of money to advertise. There are marketing methods that don’t cost a fortune that you can use to market your business. This may mean that you have to do the work yourself, but that’s better than handing over equity to someone in exchange for some cash.
You Need to Be First
There are many people out there that get excited because they just had a new idea. They start researching the idea only to be disappointed that someone has already beat them to the prize. They then quit without ever really starting. This is a horrible mistake. If another business is already running on your idea, that means it works! We live in a large world, with large markets. Being the second, third, or even tenth to the market isn’t always a bad thing. You can avoid the pitfalls of your predecessors and enjoy the benefits of a market that is new enough to be growing, but old enough that people aren’t wary of the product.
Entrepreneurship is a road full of failures and setbacks. That much is unavoidable. However, you shouldn’t give up because of the obstacles. You should embrace them and learn from them. Just think, if Thomas Edison had given up after his first few tries, he never would have figured out the light bulb. Who knows? You could come up with the next greatest business.
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