Business Startup

Top misconceptions about entrepreneurship

TOP MISCONCEPTIONS ABOUT ENTREPRENEURSHIP

Generation Z is among us. Today’s young graduates have more options in life than the past generations ever had. One of them is to start your own business after graduation. With a little knowledge, funding and a bit of research, you might be able to work out a small start-up and perhaps on your way to greatness.

Entrepreneurship – As lucrative as it sounds?

In a recent survey, it was found that the young generation are very keen and interested on brands that have an entrepreneurial story. These stories become inspiration to them and would most likely drive many to venture into something similar.

Who are the successful entrepreneurial stories?

There is no denying that these names have already become part and parcel of life. Among those that have been hugely successful include:

  1. Apple
  2. Facebook
  3. Uber
  4. Tesla
  5. Airbnb

With so many success stories to springboard the young to success, there is no lack of examples for follow. Is that right? It might not be. Here are some of the top misconceptions that the young have about entrepreneurship.

Education wont’ bring you entrepreneurial success

The biggest guys in tech companies like Steve Jobs, Bill Gates and Mark Zuckerberg were dropouts. But they became among the richest entrepreneurs the world has ever seen. In fact, they might not have been as successful if they stayed in school. That is a wrong belief. They were actually quite good in what they study but had decided to move on so as not to waste time. But their knowledge did work for them

No need for marketing

Marketing is always the part that needs the most funding. As such, entrepreneurs tend to give this a miss to channel funds to another area. A great product is great because of marketing. Your market must know what you have to offer, then they will come. In today’s marketing environment, the more disruptive you are, the better it is.

Only the best idea will work

This misconception is among the most prevalent among new entrepreneurs. You want to believe that only the best idea will work. The problem is, there really isn’t any more best idea. Remember that having a good idea is an invention and nothing close to entrepreneurship. The ability to execute the idea is what will bring you to greatness.

No need for people management

Your business idea is good. You have the best people you can find. And they become auto-pilot to a successful venture. That is wrong! No matter what you do, your smart employees need to be managed well. See how Google employs the best and goes all out to ensure they are happy in the working environment?

A seller’s market

So, you think you have a great business idea and when you launch it, the customers will come because your product is THAT good? Think again! You must know what your customer wants, then work towards it. The iPhone is one success story.

its either you get success swiftly or you won’t

You are young and energetic. It is quite normal for you to be impatient as well. Whatever venture you go into, it will take time. Some success takes longer than others. Once you have your business in place, nurture it.

Entrepreneurship and innovation only for the young

You believe that your young and dynamic mind is the formula to success and you do not need the older so-called entrepreneurs. While you can have the ability to innovate, it is the experience of the more seasoned business people that could give you the knowledge and drive.

With the misconceptions outlined and explained, you can now move forth with what you have in mind. Being an entrepreneur is all about trial-and-error. You would most likely not get it right the first time but you could succeed trying. But if you know what you should not be thinking and be aware of the misconceptions (or fallacies) or entrepreneurship, it could well help you to have a good head-start. Making mistakes are normal but knowing a mistake and then making it might just be a waste of time, cost and effort.