1. You have to know the industry space inside and out to be an entrepreneur in that space This is not true, being an entrepreneur actually means you can see a problem or issue that people are willing to pay for. It is seeing potential in places others have overlooked and it is about value creation. It is that simple, you do not have to super tech-savvy, or super connected, or be this super smart person to be an entrepreneur.
You do have to be creative, have very clear communication skills, and be very persistent in your vision. Sometimes being new to an industry allows you to see a solution to what was believed to be an impossible problem because your background gives you a different perspective on that issue.
2. You have to be rich or super connected to do a start-up: Maybe 20 years ago, but in this day and age anyone can start a business and be very successful. Chris Guillebeau’s book is a wonderful compilation of interesting and successful start-ups all with just $100 (it is titled the $100 startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future). That doesn’t sound like a lot now does it?
He wrote his book based on 1,500 people who started with $100 or less and were able to make successful and profitble businesses. One of his favorite stories is how an Indian man named Prina started his company by making people get the most use out of excel. That is it; a manual on using excel and he made 6 figures a year from it.
3. Entrepreneurs make a lot of money Maybe, hopefully, if you stumble upon that magic formula of finding a great idea, a great need, and a williness to pay. A lot of people underestimate how hard it is to make a business successful and how many adjustments or changes entrepreneurs might make before they hit that jackpot.
This is why a lot of people are hesitant about becoming entrepreneurs because it is risky and many will fail if their ideas are not as good as they hoped. That is not saying there are not a lot of very successful, fulfilled, and amazing entrepreneurs out there (read the above book for inspiration). Just be realistic that being an entrepreneur is a lot of work and a good idea is just the starting point, making it a reality is really the test. It also takes a lot of realistic optimism.
What do I mean by that? I mean you have to understand and talk to the market enough to see where the opportunity is and then you have to be persistent and flexible enough to fill that need. Not everyone is cut out for entrepreneurship and they can be too naïve about what they know and what they expect to happen. Do your research! That is why getting a mentor and doing a lot of research up front is so invaluable to anyone going down this road.
4. You have to revolutionize to be an entrepreneur. Actually a lot of people test products, ideas, platforms even before the product is completed. Sometimes people even fill orders first than build the product second. The most important advice is just get started; get out there, test the market, talk to people and see how your skills can serve the market.
Success will come with transparency, curiosity, a lot of hard work, experimenting and the desire to help people. All good business is value creation and getting in your potential customer’s head. A lot of entrepreneurs became successful after their second or third or even tenth attempt of marketing a new idea and learning each time. Because sometimes you just have to get something going and out there to see if you really were reading the market well. One of my favorite quotes is knowledge + preparedness+ luck + support = success.
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