Don’t be Fooled by These Entrepreneurship Misconceptions

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On the path to entrepreneurship, you will undoubtedly receive advice from plenty of people. Some of the advice is helpful, but other times it can trip you up. Watch out for misconceptions that have made their way through the business world. These are some common entrepreneurship misconceptions. Not only can you avoid them yourself but, as you become a mentor to others, you can help bust these!

 

Myth One: You Should Drop Out of College

When people think of entrepreneurs, images of Steve Jobs, Bill Gates, and Mark Zuckerberg spring to mind. One thing those three have in common is that they dropped out of college and still had incredibly successful careers. While people may tell you school isn’t worth your time and point to successful entrepreneurs who dropped out, it’s important to note that they’re the exception to the rule. Staying in school can help you in the long run and can introduce you to essential connections you may need later.

 

Myth Two: You Need a Business Degree

Didn’t we just say you shouldn’t drop out of school? Yes. But, you don’t have to graduate with a business degree to be a successful entrepreneur. A degree in finance or economics can be just as useful when starting a business, especially since entrepreneurs need to have their hand in everything while they’re getting their business off the ground.

 

Myth Three: You Don’t Need to Worry About Marketing

Not needing marketing is a massive myth for all the wrong reasons. For a product to impact the market, you’re going to need to market the product effectively. Think about some of your favorite products you use regularly. What kind of marketing did they use? Did it sell you on purchasing the product? Something must have worked since you have the product. The marketing of it had a hand in why you bought the product.

 

Myth Four: Smart Employees Don’t Need to be Managed

You want to hire the best employees. But when you hire the best and the smartest, you can’t take a hands-off approach with them. As an entrepreneur, you set the tone of the company. If you approach your employees with a laissez-faire attitude, even the smartest employees may also take the same position to your business.

 

Myth Five: Customers Don’t Know What They Want

First people said the customer is always right. Now a new way of thinking is the customer doesn’t know what they want. Both are wrong ways of thinking. Customers know what they want. That’s why they’re ready to purchase what you’re selling. You may be able to persuade them to buy additional products, but you shouldn’t assume they don’t know what they want. That attitude can rub people the wrong way and could stop them from buying from you in the future.

 

Myth Six: Success Comes Fast or Not At All

You want your company to be a success. But if you don’t experience success right off the bat, don’t give up. Perseverance is an essential trait of entrepreneurs. If your company isn’t getting off the ground as quickly as you wanted, give it some time. The saying of good things come for those who wait is corny and cliché, but applies to the situation. Nurture your business and let success come naturally.

 

Myth Seven: You’ll Set Your Own Hours

Everyone’s dream is to set their work hours. And once your business is off the ground and running and everything is running smoothly, you may be able to set your hours. But as your business is taking off, you’ll more than likely be working outside of the standard 9 to 5 workday.

 

While some of the myths above may happen to you at various points in your business life, it’s best to keep in mind that they are myths for a reason. But if you work hard enough, the misconceptions may turn out to be your future.

 

PHOTO: Pixabay / CC0 Public Domain

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