6 myths about entrepreneurship – FrenchWeb.fr
Between what we plan, what we imagine, and what really happens … there is a whole world.
Any entrepreneur has necessarily heard the magnificent stories of Mark Zuckerberg, Elon Musk or Bill Gates.
The problem is, our brains often use too many shortcuts; I take my garage as my headquarters, I find an idea, I learn to code, I launch my start-up, it pays off in two months, I live on it… and I become a billionaire. Easy, right? Quit all your jobs, and start your own business with your fingers in your nose!
I think all entrepreneurs can tell; we very often find ourselves surprised and amazed to see the difference between theory and practice.
Entrepreneurs of today or tomorrow, here are 6 entrepreneurship myths!
1 / “I need an idea to get started”
Bad start. Far too many entrepreneurs first seek to satisfy their own entrepreneurial need. You don’t just need an idea to be successful, you need an idea that can meet a real need.
Who has not already known this scenario of the local start-up which makes the headlines thanks to its superb revolutionary platform? But wait… how is it that once launched, no one uses it? And that we can read 8 months later that the assessment was made? Because it didn’t meet a real need.
Instead, focus on meeting the needs of your end customer, not yours.
2 / “I have an idea, I just need funds”
If you just had to be creative to be successful, it would be. We all think we have the best idea in the world, well yes anyway, it’s our idea after all.
I speak from experience; I had a golden idea. Ooh yes solid gold, but I just needed funds. Nothing more. Funds. So I attended trade shows for entrepreneurs hoping to meet a generous investor.
Except that I found myself surrounded by entrepreneurs who were in the same situation as mine.
Who said you need funds to get started? Who said that the investors box was mandatory?
As I like to say these days:
“It’s not money that makes a start-up, it’s the start-up that makes money.”
From now on, no longer take the excuse of lack of funds as acceptable. Find other solutions.
Want to start a pizza chain? Instead of stuck telling yourself you need a restaurant, two employees, and a website to handle door-to-door deliveries, start by refining your recipes and knowing your customers.
Prepare about 50 slices of pizza on a Monday morning, and go offer them for lunch to your neighborhood or in front of a shopping center. Free pizza in exchange for feedback.
You will be able to meet your potential customers, listen to their expectations and their needs, you create a reputation and sculpt your concept. Go step by step rather than aiming for the full package.
3 / “My concept will be available worldwide”
We all have this habit of thinking too big too fast. It’s human.
Yet I’m sure we’ve all walked into a bakery full of people saying “how impressive it works!”. Is there a global channel behind it? Not necessarily.
I know a lot of entrepreneurs who have ventured into various fields: craft beers, teas, burgers and coffees. Their motto: to become the best at the local level.
They have quickly become THE local reference. And it is this great local success that subsequently allowed them to spread geographically.
Want to launch a mobile application? Make sure you are a reference in your area first. You can then study the reviews and feedback to refine your concept. If you are having great success, then you can think about expanding.
Thinking too big too quickly can discourage you and kill your project.
4 / “I could manage my time as I see fit”
This point is a big advantage when you are an entrepreneur, right? If the darling has a free morning, hop! We take leave to spend it together.
Except that in the majority of cases, it does not happen at all like that.
We have the feeling of being able to manage our time, however it is rather after the time that we are going to run. If we start, it is 200% that we do it.
If you want to succeed, you have to be psychologically ready to have to devote a lot, a lot of time to your project. (Funny fact, it is 1:35 am by the time I finish this article… we find time as we can!)
Obviously we should not fall into an extreme either, it is essential to have good mental health and to succeed in disconnecting from time to time.
But do not see entrepreneurship as an opportunity for free hours, you will quickly be caught up in reality.
5 / “Entrepreneurship is super risky”
It’s risky yes, but it’s mostly calculated.
After talking to a lot of people who want to get started, here are their biggest bottlenecks:
- “I have a 100% job, I cannot leave it”,
- “I have a family to feed, it’s too risky”,
- “Investing all my savings in this project is suicide.”
But who said you had to quit your job overnight, withdraw your contributions and all your savings to get started?
We have a formatted vision of what entrepreneurship is, we have the impression that just like the telephone subscription to which we subscribe, we need the full package with all the options.
Start step by step! Test your idea, meet potential customers, collect as much feedback as possible and adapt your solution.
Once you feel good traction, lower your work rate with your employer if possible. Then devote the extra time you have to your project.
To undertake is not to play Russian roulette, it is to play chess and calculate your movements.
6 / “In 2 months, I get a salary”
This point is mainly inspired by a great personal experience. I took a hell of a slap.
I had everything planned. A psychopathic business plan (yes, the business professor had said that you had to have a business plan to get started). I even saw myself hiring someone.
With my superb financial projections, my start-up was undoubtedly to be profitable in less than two months.
More than two years and another start-up later, I still couldn’t make a living from it. Ouch. The slap was violent.
It’s a very harsh reality, but nearly 9 out of 10 start-ups die. You have to be psychologically ready to see all of your plans extend over time.
The best advice I can give is to arm yourself with passion and patience. If you set out for passion, no matter which road you take, it will be magnificent.
In other words, don’t get too attached to your idea. Keep in mind that she may not be the right one, at least not yet.
But with each step taken, success or failure, there will be lessons. And it is precisely these learnings that will lead you to success.
So… start a business out of passion, not out of fashion.
Gregory Logan is the co-founder of The Shared Brain.
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