Misconceptions always arises in business world and it has started to revolve around the word “entrepreneurship” too. In my previous article Entrepreneurship Myths Debunked the video depicts the top 10 myths of entrepreneurship in a very concise and understandable manner. However, here I’m going to put forward some more myths on the same. So here we go..
1- If my product or service is good, I’ll be successful.
There is no way that just because your product is different or better than your competitors, you will be successful. It’s the execution that you apply along with the quality of your product that can give you success. Your marketing, after-sales services, maintaining constant relationships with your clients together bring you success and a place for your product in the market. Only a reluctant entrepreneur would come up with a great product thinking that the product will do the rest to bring success.
2- Entrepreneurs Are Born, Not Made.
This is one of the top most myths of entrepreneurship as it is explained in my previous article. The traits such as entrepreneur’s ideas and characteristics cannot be taught are prevalent. However, in this modern business world there are lots of models, processes and case studies which can be taught and anyone can gain knowledge.
3- Entrepreneurs Are Extreme Risk Takers.
It is a notion that entrepreneurs are extreme risk takers. The concept of risk in inevitable from entrepreneur’s success. Entrepreneurs often focus more on the loss that would be experienced rahter than profit earned. As this thinking helps them to be fully prepared of taking risks and avoid uncertain losses. It may appear that entrepreneurs are taking wild risks but in reality, they are actually working on the calculated or moderate risk.
4- The High-Tech Invention Myth.
Having a breakthrough invention in technology at the beginning of the venture is a wrong belief. People often thing that entrepreneurs are successful if and only of they start their companies with breakthrough invention. However, it does not hold true. Let’s take the example: a young Harvard dropout student started a female comparison portal online for his university. It was after that when he created “Facebook” the biggest communication platform in the world. Thus, entrepreneurs don’t really have to start-off with revolutionary idea or technology.
5- The more clients, the better.
That’s not quite true actually. Starting off with too many clients at a time may prove to be dangerous for your venture as you are low on manpower. However, every client may not be as good as you expect them to be. Some may be too unrealistic,high maintenance, unreliable or price hagglers. The danger is that when don’t clearly define your products or services, you can lose focus and confuse the marketplace on your areas of expertise. By trying to get too many clients on board and jungle between too many responsibilities can end up decreasing your credibility and quality of your product.
As we have now debunked all the important myths of entrepreneurship, I hope you have a clear view and nothing seems to be cloudy. We should all try to get away from certain notions and myths that can endanger your startup plans.
– Vatsal Doshi
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