5 Lies They Told You About Entrepreneurship

lies they told you about entrepreneurship

Lie #1: Work hard and you will succeed!

  • False… In the Digital Age, hard work is NOT good enough anymore!
  • We may work 24/7, but if our business model is irrelevant or outdated, there’s no way to achieve success.
  • Strategy wins wars, NOT brute force.

Lie #2: You need to know everything about business to succeed!

  • False… Entrepreneurship is the art of putting a puzzle together, not doing everything ourselves.
  • Success in business is achieved because of teamwork, NOT because of one superstar.
  • Great entrepreneurs surround themselves with amazing people that join forces to execute his/her vision.

Lie #3: You need a College Degree / MBA to succeed!

  • False… Entrepreneurship is about having a deep understanding of a problem/hurt/need of a market and building a business model around it to deliver the solution to the market.
  • Most college and MBA skills are focused on managing a business, NOT creating / putting together / starting a business.
  • Successful entrepreneurs are focused on their customers, NOT on their management skills.
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Lie #4: You need money to succeed!

  • False… The most valuable company on earth was started in a garage (Apple) NOT in a fancy office.
  • Michael Dell started in a college dorm room, NOT on Shark Tank.
  • Entrepreneurship is all about taking action, and solving one problem at a time, NOT about selling investors false dreams.
  • Money is attracted to value; deliver value and the money will come.

Lie #5: You need to invent a product or service to succeed!

  • False… Inventions without a business model are just breakthroughs, NOT businesses.
  • Innovations are very difficult to be introduced to the market. Instead, find ways to innovate on how you deliver value to your customer.
  • Focus on paying customers, NOT what you believe customers need.
Also read:  7 Effective Ways SMEs Can Attract Potential Customers

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