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Work On Your Game Content/business and money/7 Myths About Entrepreneurship
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7 Myths About Entrepreneurship

1. Myth: Starting a business requires (a lot of) money.

Reality: The key to starting a business and keeping it going is having a lot of VALUE to offer the marketplace.
Value is simply what people want. When you give people what they want, they will give you what you want (i.e., money).

2. Myth: You need to be an expert in the industry to start or have a successful business.

Reality: While you don’t need to be an expert amongst everyone in the industry, you do need to be an expert amongst the people you are serving.
In legal terms, a “subject matter expert” is a person who knows more than everyone else in the room on a specific topic.
So, serve people who know less than you know.

3. Myth: Entrepreneurship is all about making money.

Reality: The great thing about entrepreneurship is that you don’t have anyone telling you what to do.
So your business can be about whatever you want it to be about.
When it comes to money, however, you should focus significant resources on it, since everyone needs money to live, and the main purpose of an entrepreneurial venture is to create value for its shareholders (aka owners — that’s you).

4. Myth: Entrepreneurship is an easy path to success.

Reality: This is both false AND true (in a way).
It’s false, because being an entrepreneur is much harder than being an employee and working a job. You will work many more hours than you do as an employee.
You have no one to turn to when things go bad.
Everything falls back on you.
And if the business fails, unlike with a job, you cannot just go and apply for another one tomorrow.
You have to pick up the pieces and figure it out.
It’s true, on the other hand, because the only way we can create the success that we really want is by putting ourselves in charge of our lives.
A job pays you just enough that you don’t quit, and you work just hard enough that they don’t fire you.
Reaching the real dreams you have will be a result of an entrepreneurial venture.

5. Myth: Successful entrepreneurs have a “secret formula”.

Reality: The real secret is that there is no secret.
Anyone with the requisite Mindset, Strategy, Systems & Accountability can have a successful business.
(But we like to let people think there is some secret that is being hidden from them.)

6. Myth: You have to have a great idea to be successful.

Reality: You can have a great business by simply executing on an old, known idea better or more efficiently than others.
To be a successful entrepreneur, you need not create something brand new.

7. Myth: Entrepreneurship is only for the young.

Reality: Entrepreneurship is only for the courageous.
The key asset needed to be a successful entrepreneur is cojones. Balls. Moxie. You can choose to have this at any age.

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