As Millennials become more and more of the workforce, entrepreneurship is surging in popularity. The millennial generation favors independence and meaning in their work, and don’t see becoming a senior executive as the apex of their careers.
It’s no surprise, then, that 67% of millennials have a goal of starting their own business. Being an entrepreneur is hard work, but you get to shape the company and set the vision yourself. That, along with incredible flexibility and purpose, makes entrepreneurship ideal for young adults.
There are, however, a lot of unfortunate myths surrounding entrepreneurial success. Believing these myths can hold you back from creating the impact you intended to make. Before you set out on your entrepreneurial adventure, make sure you don’t believe these five myths.
Myth #1: You Can Never Quit
Many entrepreneurs go into business with a “burn the ships” mentality – that is, they cut off all opportunity to change course, and feel like they have to stick with their idea no matter what happens.
Unfortunately, this can lead to dismal results. Sticking with an idea that doesn’t have a good fit with the market is one of the primary reasons businesses fail. It’s vital to be willing to pivot or even abandon a product or service if it’s not something that other people want to pay for.
If you can’t sell your product or service, you are digging a financial hole and not making any progress, or your business is ruining your personal life, quitting could be the best decision you’ve ever made.
Myth #2: You Can Be Prepared for Everything
The Boy Scout motto, “Be prepared”, is also an important mantra among entrepreneurs. Planning for how you will handle challenges (distributor falls through? Less demand than expected? Turned down for financing?) is an important part of being successful as an entrepreneur.
You should also have some plans for success – how you’ll handle production for a big jump in demand, making sure your servers are strong enough for a surge in website traffic, and more. However, don’t think for a minute that you can be prepared for everything. Being adaptable and able to adjust to changing circumstances is essential to entrepreneurial success.
Trying to be too prepared can be a delay tactic – a way to prevent yourself from taking action on something that scares you. Don’t hold back – over-planning won’t help you, it will just make you more frustrated if things don’t go the way you expect. Instead, take reasonable precautions and be prepared for change. For more information here Read.
Myth #3: If You Build It, They Will Come
Having a great idea is the seed of entrepreneurship. But it’s only the seed – there’s a lot you have to do to nurture it and encourage it to grow. Unfortunately, some entrepreneurs assume that if they build their good idea, the world will flock to their door.
Many business owners think they can spread their idea simply by posting on Facebook or Instagram. While that’s a start, being active on social media isn’t enough. You have to market yourself in a way that stands out. Consumers have a huge number of options in every category, and all of the information is at their fingertips thanks to the internet.
Instead of practicing “random acts of marketing”, create a marketing plan that allows you to systematically build awareness about your company, move people through your sales funnel, and gain customers on a regular basis.
Myth #4: Winners Don’t Work
There is a certain segment of entrepreneurs who are looking for a “silver bullet” that will allow them to make large amounts of money without working very hard. I see it all the time in Facebook ads, where gurus claim to be ready to show you how to “earn six figures while working 10 hours a week”.
First, let me tell you that the only way they’re earning six figures – if they even are – is by selling the idea of “no work” to others. Secondly, the idea that winners don’t work – or that they only work for a few years and then sit on their laurels – is not the foundation of business success.
Instead of looking for a silver bullet that doesn’t exist, take the attitude of the tortoise from the “Tortoise and the Hare”. Slow and steady consistent work wins the race.
Myth #5: Mindset Doesn’t Matter
On the other hand, there are entrepreneurs who understand the need to take action but focus on grinding it out every day to the exclusion of working on their mindset and personal and professional growth.
Being a successful entrepreneur takes more than long hours. It takes learning and making changes in your internal world as well. Some of the mindsets that are vital to entrepreneurial success include:
- If you don’t have a clear vision for what you want the company to be and what purpose it serves, you won’t be able to be successful over the long term. You also need to learn to communicate that vision effectively to others as your business grows.
- Believe in Yourself and Your Business. Believing in yourself and your business will give you the emotional resilience you need when you encounter setbacks. Buy In
- Willingness to Step Out of Your Comfort Zone. Brandon Burchard said, “Mediocrity begins the precise moment you swap love for challenge with love of comfort.”
- A Bias Toward Action. Learning is vital, but it isn’t true that knowledge is power. Knowledge is only potential power – true power comes from acting on the new understanding.
Having the right mindsets will help you take the right actions, which will help you succeed. You can’t overlook the importance of working on yourself from the inside out.
If you’re ready to embrace entrepreneurial success in 2017, I’m here to help. I’ll help you identify limiting mindsets, take action to make changes, and break out of any false beliefs you have. Join us today here to connect with a group of Firestarters in the Fired Up! Entrepreneur Community Growth.