Kashiff Khan Insights on the myths around entrepreneurship
There are a dozen preconceived notions and fallacies people have about entrepreneurship that is simply not true. There has been a recent surge in the glorification of being an entrepreneur. The private jets are few and far between, while most entrepreneurs started out by bootstrapping and watching fare alerts and leveraging credit card miles to book tickets in the coach class. So let me clear some misconceptions you might have about being an entrepreneur.
- Success requires large fundings.
Entrepreneurs need to have large fundings backing them up for them to be successful. If entrepreneurs sat around waiting for fundings to arrive, the majority of brilliant ideas would never get off the ground, and the world wouldn’t be as we know it. If you feel you can’t bootstrap a company to success, you are wrong. While it is an important factor, you have to take the initiative and get involved, join networking groups, attend conferences, mixers, sponsor events, have one-on-one’s, lead/join a board, and repeat.
- We are our own boss.
Although technically, entrepreneurs are their own boss and most of the time do run the show, it doesn’t necessarily mean they are not answerable to anyone. We are answerable to our clients, investors, and at times even our employees.
Within my client base, one of the biggest misconceptions is assuming it’s a natural calling to become an entrepreneur based on the fact that you aren’t able to tolerate higher authority.
I often hear people say, “I don’t like to follow any rules or authority figures. I need to work for myself.” I advise and coach many entrepreneurs it doesn’t work that way.
MOST of us don’t like authority, rules, or reporting to our bosses or anyone else, as a matter of fact. However, this sort of intolerance doesn’t mean you should quit and take the leap.
- Cushy schedule.
Another myth about entrepreneurship is that you have to work 24/7, nights, and weekends forever. While this is definitely true at the beginning, if you don’t want it to take forever to find success, eventually, you’ll find efficiencies that make it so you can take a break.
Working non-stop, 24 hours a day, can take a toll on your physical as well as mental health, draining you. This will eventually cause exhaustion, resulting in less productivity.
An important efficiency to consider? Hiring help. This brings me to my next point.
- Hire and delegate.
Many entrepreneurs think that they need to do everything themselves. But, as mentioned above, doing everything by yourself will lead to burnout and possible failure. Business owners need to establish a strong team and delegate. By delegating, you will have more time to focus on ideation, innovation, and growing the company. Initially, you may find it hard to part with some of the money you earn or even your own tasks, but hiring employees can free up time for what you’re best at and can make the most money doing it!
Starting up a business with a team in place, you can’t simply assume that everything will get done. Even though you might have a reliable staff, you must oversee everything. Many people get lax once they have formed a team, but that’s when you have to work the hardest. You must rely on your team, but not micromanage. It’s a difficult balance, but eventually, with the proper processes in place, you will succeed.