MYTHBUSTERS: Say Bye to the Myths of Entrepreneurship
Are thinking of starting your own venture? You better push yourself aside from the crowd and know what you are stepping into! We are going on a Mythbusting spree to debunk the greatest Myths of Entrepreneurship.
MYTH 1 – You’ll be living the Boss-less life
One of the main attractions of breaking into the entrepeurial zone is the ability to steer your own ship. Who wants to be the sailor that is told what to do? Having said this, the captain of the ship is still answerable too many. Just like a storm forces the captain to steer one way or another, the entrepreneur will encounter a force that will bound its decision. Just think of Uber and ride-sharing permits. Despite Uber’s willingness to expand internationally, many countries legal code is hindering its advancement – and that can be worse than a bad boss. This is just an example, when on entrepreneur mode, investors, the market, co-founders, and your board of directors will be watching over your work! If you don’t satisfy your new bosses, your ship could hit the iceberg.
MYTH 2 – Either you are born or you are gone!
The worst of all entrepreneurship myths is “entrepreneurs are born” to be entrepreneurs. It brings us back to the old dilemma: Nurture or nature? Thankfully it boils down to both! Yes, certain traits are inbuilt but as behavioural scientists suggest our behaviour is also largely shaped by our environment. Given this, don’t let anybody tell you that you are not an entrepreneur because you might not be today – but you can acquire the skills!
MYTH 3 – All you need is a good product!
There is no better way to bust this entrepreneurship myth than to delve into the story of Sega’s Dreamcast. A pioneer of the time, Sega introduced the world to 6th generation gaming. 128 bit consoles, online gaming, innovative games and displays in controllers. Despite being a better console, Dreamcast succumbed and was discontinued 2 years after its conception. What brought this marvel of technology down to its knees? For starters it was the PlayStation II. Despite being a less impressive console, Playstation 2 had an inbuilt DVD player and a strong existing customer base. Offering the possibility to reuse games from Playstation 1 made users remain loyal to the Sony console. What happened to the rest of console users? A poor marketing campaign, disagreement between Sega’s inner circle and a lack of support of game giants like EA and Squaresoft journeyed Dreamcast into the abyss.
MYTH 4 – Wear all the Hats
Another MYTH in entrepreneurship worth addressing is the ” I’ll wear all the hats” state of mind. True at the initial phase unless you are part of the “lucky sperm club” resources will be scarce and every penny counts but you must ask yourself these questions: Will you be able to create the desired outcome? What is the opportunity cost of your time? David Ricardo’s theory of Comparative Advantage is not so widely known because it is non-sensical, specialising and delegating do pay-off…even at an early stage.
MYTH 5 – Only Way to become Rich
Today it’s fashionable to be an entrepreneur and be “into” entrepreneurship! Forbes list of wealthiest people is brimming with entrepreneurs so…the big bucks are in the entrepreneurial realm! It is true that successful entrepreneurs can make a lot of money, emphasis on successful, but it is also true that dollars can still be made working for others. Even in the ever more competing market place. Take the case of Microsoft. Yes it was the product of one entrepreneur and he has profit immensely from it, BUT estimates suggest that a by product of Microsoft has also been over 10,000 millionaires.
MYTH 6 – Entrepreneurs are risk loving Gamblers
To run a successful business you’ll always need to take risk. No one can argue that. Having said this, that doesn’t define every entrepreneur as a risk loving gambler. Entrepreneurs are risk assessing beings. They’ll process alternatives, future scenarios, probabilities and journey on the route with best risk-return spectrum.
MYTH 7 – You must invent something truly novel
We all have the conception of entrepreneurs as disruptive product makers. Ellon Musk, Richard Branson, Mark Zuckerberg, they all invented something truly novel. Actually most of their products weren’t as disruptive as they were incremental. Let’s take the example of Facebook. Do you think Facebook was the first user profile social networking site? Pause, it wasn’t! Prior to Facebook’s 2004 launch, sites like SixDegrees.com, Makeoutclub, Friendster, and My Space were offering social networking services. To be a successful entrepreneur you don’t need to be the next Alan Turing, you just need to push existing paradigms and connect with your clientele better than others!
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