What are some common misconceptions when it comes to entrepreneurship? There are three things that you need to know when it comes to this business. It’s not for everyone, it’s not all beaches and mai tais, and it’s not sink or swim.
- It’s Not for Everyone!
To be an entrepreneur means to take risks. A lot of times…people are not prepared for that. It could be the conditioning of schooling, the status quo, your early influences. Go to school, rack up some debt, get a job, buy a house, work for 25+ years and then retire, right?
If you are not going to be an entrepreneur, at least take some entrepreneurial risks. Maybe buy some real estate. But understand that this life is not for everyone. It’s requires risk and not everyone is ready for that.
So what about talent…what is your true talent? Most of us will not be professional athletes or win the Nobel Peace Prize, but talent is part of the equation in entrepreneurship. Entrepreneurship REQUIRES loads of ambition. Many people get frustrated with where they are in life and try to switch over to entrepreneurship. It takes loads of ambition to have that drive to be successful as an entrepreneur. How well do you understand yourself? What are your talents? Not just what you are good at or what do you like to do…but are you ambitious? Are you driven?
Be okay with who you are…just do you and be happy…even if that means not being an entrepreneur.
2. It’s not all beaches and mai tais.
If you are launching your business from the ground you have to have almost sickening work ethic. All the toys don’t come at first, especially in the first 2–3 years.
You have to determine what you really want in life. Understand the value of later money. Sacrifice and commitment to the long term goal. The biggest thing that will kill millennials in business is the mindset of short term money.
The problem is the lack of long term goals. You should have an 18 month, 36 month, 5 year goal, 7 year goal and so on and so on. How do you get the biggest return in your life and investments?
3. It’s not sink or swim.
Some of your ideas might not work. If you fail but you learn a lesson…it’s not a failure. Lessons aren’t free. You always pay for them…ALWAYS.
And sometimes you have to cut your losses. Sometimes a seed needs longer to germinate. It is not always rapid results and bountiful harvests. Also, know that just because something doesn’t work out doesn’t mean that you aren’t meant to be an entrepreneur.
The entrepreneurial life is a life like no other. You and only you can determine if this life is for you.