There is alot of misconcepts spread around how one can start their entrepreneurial journey. I personally heard some advices from successful people on LinkedIn and thought this isn’t right and therefore need to address some misconcepts. I will debunk some of those myths that are believed to be a working solution.
An approach that may have worked for some people in past is not likely to work for others. Considering the fact that not all of us start in same business, industry or deal with similar competition. Not every industry vertical will present the same challenges as learned by some in another industry. More often, entrepreneurs who have found success with these methods is likely due to weak opposition, bigger market gap or by sheer luck. But that’s not to say they won’t face the same challenges down the road. It has been evident, even the bigger corporates go out of business as small, young & hungry competitors emerge; who know how to exploit the market carefully away from these giants examples include Blockbuster, Toys’R’Us and many more.
Let’s look at some of the top 5 wrong advices given and why you should absolutely steer clear of them.
Starting business with with passion Alone
It is being said following your passion will lead you to your greatest success. But does it means that entrepreneur’s can follow their passion and sail off to the sunet? As experienced from my own little entrepreneurial journey, it pays to understand your market and competition before embarking on that journey.
Not knowing your competition and lack of market understanding can be a costly mistake. Therefore it pays off to do those research as early as you can to validate your idea before really embracing passion for it.
Grow comfortable with failure
While getting out of your own comfort zone can be some of the best advice when it comes to learning and adapting. It will work as long as you do it on personal level but when it comes to launching your business, being uncomfortable may not always reap the same rewards.
As people, we are one of the most adaptable creatures walking on earth but can we say the same about businesses? Changing business market, service offering and product position isn’t easy and a careful planning is of atmost importance when you are introducing new change to your business.
Guessing & Consistency Alone is Enough
Now this one may certainly not be the best advice given. If guessing was so good we would all be milionaires just by making a trip down to a casino. Stop guessing period. Early research and evidence can set you miles apart in your entreprenurial journey. Don’t let the guess element take shape and be there following you days, weeks to months, you are bound to fail that way.
Instilling Self-Belief in Oneself is All You Need
Self-belief is one the most powerful thing that every entreprenuer must have. If you don’t have the self-belief in yourself and what you are about to do, then finding that passion which can move the needle for your business can be so damn difficult.
Therefore it is very important to have self-belief in yourself. But that alone is not enough, it is safe to say if you don’t see the results you expect in next 3, 6 or 12 months and you are coming short of the targets you set for yourself than no amount of self-belief or motivation talk will re-ignite that spark. Our belief is elevated to new heights when the work we put shows us results. If you aren’t getting close to the results you expect, your self-belief is going to shatter.
Fake It Till You Make It
Lastly, the advice of fake it till you make it, should have no place in minds of fellow entrepreneurs. That one is so contradictory to self-belief system we discussed earlier and yet I seen some influential people advocate both. No wonder there is high-rate of failure with new startups. Let’s face it if you put yourself in fake it till you make it mantra; whatever you do it will never come off as genuine.
When starting out it is alright to have flaws, we are all humans and not everyone is perfect in beginning so it ok to have those imperfections and still do things whether you are starting out your podcast, video or design work and that’s totally fine. Experienced people see it, acknowledge it and still support you because everyone in some shape or form started like that. But at the same time putting yourself out there you have to be genuine even in your flaws and guess what fake it till you make it takes all that genuine credibilty away.
Therefore steer clear of these advices at all cost if you are someone who is starting a business.