In this video we talk about the 10 Myths of Entrepreneurship!
The first myth is the ‘overnight success’. I talk about this ALLLLLL the time so i won’t stay on the topic for too long. People think that most successful people build a great business very quickly but that is completely false. Usually it takes years to build a successful business, and it usually comes after failing many times.
The second thing I want to talk about is the work-life balance. The myth is that entrepreneurs can have a solid work-life balance. That is false. Most successful people when they start a business have a work balance and no life so to speak. Your life becomes work, then as your business becomes more successful, you have more freedom over your life and you can consider taking a step back from work.
The third myth is that a good product or service means that your will have a successful business. I give a long talk about this in the wealth accelerator. It centres around how most of the success of the business is not determined by the product, but by the stuff that surrounds the product.
The fourth is that money is the best part of entrepreneurship. For me, waking up everyday and loving what you do is the best part of running a business.
The fifth is that people think that entrepreneurs are born with their business skills. Most entrepreneurs start off with the same amount of skill as everyone else but they continue to learn and expand their skills over time.
The sixth is that you need a business to be happy. Completely false. 90% of people dont own a business, yet more than 10% of people are happy.
The seventh is that you won’t have a boss. It is true that you do not have anyone to report to for day to day work, but you will have to report to people. Your ‘bosses’ become your customers, board of directors, regulators, and shareholders.
The eighth is that big business is evil. Most people never think about how EVERY big business was at some point a small business that was started by a small business owner.
The ninth is that entrepreneurs don’t quit. Entrepreneurs do quit but they know when to quit and when to keep pushing forward.
The tenth is that entrepreneurs are rich. Statically, entrepreneurs only make slightly more money than the average person. However, there is no ‘cap’ on their earnings meanwhile the average person does have a ‘cap’ on their earnings.
Youtube Video Link: https://youtu.be/AjfarlrdytY
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