Advertise Your Business With Us At Cheap Price, Call Or WhatsApp +2349021020979

misconceptions about truth entrepreneurs 7 the behind common them

Hi Guest, kindly Login Or Register To Unlock More Advanced Features In Wapforum

7 Common Misconceptions About Entrepreneurs: The Truth Behind Them
(960 )
By Efuribe Aaron

In case you're intending to start your small business, you going to hear comments like:
“A lot of business owners fail”.
‘’I know a man in my neighborhood who failed in his small business’’
“You don’t need to grow grey hair, at your young age”
“Why are you carrying this out?”
‘’Why are you throwing out the security of your work?’’
‘’Small business don’t survive beyond the 5th year’’
These, and much more, are normal barriers which so called advisors and friends, put in your way to stop you from starting a small business.
These barriers are constructed on edge of misconceptions about the pitfalls and difficulties which surround running your small business.
Do not get me wrong, becoming an entrepreneur is usually hard and you will find obstacles to cross, but we need to bring some good sense into the debate!

 Your Life will be thrown away
Of course it will NOT! It can certainly be hard juggling the duties of operating your small business and also having time with your family members.
I have seen entrepreneurs In the UK, The US and other African countries that are struggling with their family members because of their new found love-their small business.
Interestingly, building your small business entails a lot of hard work, but at the end of the day, let’s face the reality, what business gives you more time for your family members? Self-Employment or Paid Employment?
The answer is anybody guess, being self-employed means that you choose your hours and you control your life.
Neil Patel (A popular online marketing expert) revealed in his article in Entrepreneur magazine, 10 myths of self-employment. His well-researched article underscores the importance of self-employment.

 You've To Be Ruthless and cunning to be a Successful Entrepreneur
Some business owner will tell you that lies help their small business to grow.
Excellent, it might assist you temporarily but this's not a sound and robust strategy.
To be a successful entrepreneur you have to create relationships with both suppliers and customers who'll stick by you throughout the rough times.
Being ruthless and cunning could get you one or 2 deals that are good though but you're not likely to set up a profitable and lasting relationship.
The aim of your business must be striking a balance between everything you like and what the customer or maybe your supplier wants.

 You Will Need to Work Too Hard

Your current job is demanding, isn’t it? How do you feel every Friday evening? You “heave a sigh of relief”, Isn’t it?
The concept of running your own business is quite appealing since you are able to slow down and get life at your own pace.
To a degree this's real but there is simply no getting away from the reality, your small business need HARD WORK from you.
Most small businesses do not achieve profitability until the 3rd year and so it is a very long wait. Remember, if it was simple, everybody will be doing it!
An entrepreneur who set up an entertainment business, works so hard to build his brand. He said “I worked so hard, now, but when I was working as the creative manager of one of the Advertising firms, I work 6 days every week, 10 Hours per day enhancing another man brand”
There is a major distinction between working so hard for your identity and somebody else identity.

 You've To get an Original Idea
Absolutely NO, you do not.
Before Facebook, there was pen pals.
Many businesses are designed around a central concept. The difference is generally how it is delivered.
You can create an amazing product or services by copying somebody else idea (legally), tweaking and completes it in a slightly different manner.
Do not be turned off by the ‘bad belles” who'll gleefully mention it has been done before.
Your response should be, Great! Which shows the idea will work!

 You'll Be Your own personal Boss
If you think, you are the boss as a small business owner, then you need to rethink.
Absolutely no means! There is just one boss in your business -THE CUSTOMER. They're vital to your success.
In your new world you've to do everything to keep the customers and make them happy.
The customer is definitely the person who calls the shots and pays for your bills. You've to understand that the customer is the most important person in your business.
Nevertheless, many small business owners are actually obsessed with attracting new customers, which is not a bad idea. Some of the small business fail to devise strategy to retain customers
A Harvard Business Review, studies show that acquiring a new customer is five to 25 times more expensive, than retaining the ones you already have.

 You need important skills to succeed.
Unfortunately this particular myth is wrong. All of us have skills or areas where we excel and it is this particular experience which often forms the foundation of the small business. Though there are important skills needed to grow your small business, like, understanding basic accounting principles.
It may be acquired along the line.

 You won’t be able to Create Jobs
Many corporations create plenty employment opportunities.
When you start your business, you might not be able to carry out all the activities of the Company, you will need to hire.
Of course, when you starts, the business is regarded as a small business.
But that is not bad, since it is usually small companies that produce jobs. For instance, there are 30.7 million small businesses in the U.S. which account for 99.9 percent of all U.S. businesses (SBA, 2019).
In Africa, small business create around 80 % of this jobs within the region. SMEs are key to growth in Africa
Small business plays a crucial role in job creation.

Be smart in considering the myths that are thrown at you. See it for what they're - comments from individuals who do not understand what they're saying!
There are many benefits that abound from starting your small business NOW.
Go for it and give it a shot.


Share This Post To The World

Users browsing this thread: 1 Guest(s)
Goto First Post In This Thread

Possibly Related Threads...
Thread Author Replies Views Last Post
  MUST READ: How These Successful African Entrepreneurs Raised Capital For Their Businesses davidglad 1 3.4k 27-07-2018, 10:29 PM
Last Post: Princedan
  MUST READ: Common Problem Faced In Setting Up A Business chem 4 8.8k 27-07-2018, 10:06 PM
Last Post: Princedan
  MUST READ: 100 Lessons From 100 Entrepreneurs Worth Over $100 Million davidglad 1 4.6k 18-07-2018, 02:51 AM
Last Post: Princedan
  Four Common Financial Mistakes Most People In Nigeria Make Talentedtk 2 5.4k 03-06-2018, 09:10 PM
Last Post: Fullygistloaded