Real Talk: 3 Myths Young People Believe about Entrepreneurship
There’s so much potential for success when starting the business early on in life. You have the youthful vigor and passion. You don’t have too many obligations yet. You fail fast and succeed faster. These advantages, however, can make you overlook the realities of entrepreneurship. You may have just latched on to the worst misconceptions about running a business. Beware of rose-colored glasses, keeping you from seeing the truth behind these myths:
Great companies are built from great ideas
Young entrepreneurs think that once they’ve struck that Eureka moment and follow through their brilliant idea, they’ll be able to build a successful business. This isn’t necessarily the case. Here’s why: just because something’s good, in theory, doesn’t mean it’s good in reality. Sometimes, a good idea doesn’t appeal to the market. Other times, a good idea is poorly executed or promoted. So, a good idea can fizzle out quickly. Of course, this doesn’t at all mean pursuing bad ideas. You want to have great, brilliant concepts. But you can’t bank on them solely for your success. It’s important to consider your audience and bring the idea to them in the way that they couldn’t resist. This is the reason most young entrepreneurs today buy franchises. With these opportunities, they’re able to take advantage of a proven idea and a tried-and-tested business flow. Try considering then pizza franchises or hot dog business opportunities like Hot Dog on a Stick to increase your chances of business success.
Education isn’t important in business
The most successful techpreneurs today dropped out of school to start their businesses. That’s why a lot of young people today think that a college degree isn’t essential for being an entrepreneur. Some would even claim that going to school can only delay making the dream business a reality. The truth about this is, those techpreneurs aren’t the norm. They’re the exception. It’s just that, their rarity has been plastered all over the news, social media, magazines, talk shows, and conferences that people see it as ‘the way to go’. Education is still important for entrepreneurs. And if you have the privilege of such, grab it. There’s so much you can gain from school in terms of character-building, skills, and knowledge. Treat it as your training ground. If you’re already finished with school, don’t stop learning. Enroll in short-term courses for continuous enrichment.
Entrepreneurs are the bosses
Many young people enter the business industry because they want to be their boss. They think that if they create their organization, they won’t be stuck in the boring 9 – 6 job and be able to run things their way. That couldn’t be farther from the truth. When you run your own business, you’re answerable to so many people, from investors and partners to the customers. You simply can’t just do what you want. And frankly, you should be thankful for that. It’s easy to slack off and be sloppy at work when you’re not accountable to anyone, but yourself. So early on, train yourself in strengthening relationships and building rapport with others.
Don’t Believe These Myths
You benefit so much when you start doing business young. But you’re also prone to being blind to the realities of entrepreneurship, which may be the downfall of your endeavor. Make sure to keep your eyes open to the truth.