Entrepreneurship, Entrepreneurship

MYTHS AND FACTS OF ENTREPRENEURSHIP

Entrepreneurship is truly not for the light-hearted because it’s not a bed full of roses and lilies, and as such, I’ll be taking you through the myths and facts of entrepreneurship.
Did you ever sell anything as a student back at school, probably in your hostel? Try to walk down memory lane on how that went, how you felt so enthusiastic about starting a business. It’s an awesome feeling trust me.

As good as entrepreneurship is, it is wrong to start a business with the wrong motive and mindset.
There’s really no laid plan, rules or regulations about owning a business, but there are some basic know-how and non-negotiable things you must do to set your business up for success.

As an entrepreneur, you need to stay away from the picture-perfect mentality.
There is no perfect business out there, and nobody has it all figured out. Some people know how to keep things on lock-down than the rest, and that’s the safe space you need to move to as well.
Here are three myths of entrepreneurship that you might have heard, read, or seen and accepted to be true:

  1. You must have a business plan: This has never been true and will never be true. Business plans are great, but instead of supposedly helping you to achieve success, you will experience a limitation in exploring and repeating a step in the process, just in case you fail. It’s not necessary to have a business plan, just start. There’s nothing like “start at the right time”, as long as you feel up to it, and you have put the basic things in place, then you’re ready.
  2. You will never be broke: I laugh in Swahili!! You will be broke at some point. Like I stated earlier, owning a business is not as smooth as it looks. There are times you would gain a lot and lose a lot as well. This is not to scare you, but to let you know that anything is possible in business. You will not achieve overnight success in business, it’s a step-by-step approach.
  3. You need a lot of money to start: Okay! How can this be even true? There will never be ‘enough’ money to start a business. Why? Small and big is relative. A million Naira  could be small for me and big for someone else.
    Except your business niche is one that requires a load of cash to start, please, start with anything. The amount of money you have should not stop you from doing what you want. Start well with whatever you have, be consistent and watch it bloom.

This is the second side of the coin. Here are three non-negotiable things that have been proven to be true, and will definitely help your business grow.

  1. • Multi-mindset: You need to think like a Boss, a Manager, a Creative Director and most importantly, think like a buyer. Most times, people have issues with their clients or customers because they don’t walk a mile in their (clients) shoes. Before selling, before creating content on your socials, think like a client and ask yourself if you’d be willing to buy what you sell or consume your content. This is a very reflective and important facet of business that you should use because it helps you treat your clients well and better. Own your business and take charge, even if you will hire a team to work with you later.
  2. • Monitor your finances: Don’t be a spontaneous spender. Of course, you do business to earn more money, pay bills and live a good life, but you have to also manage your funds. If you spend all your profit anyhow, how will you be able to sustain the business? No how! You can work out a plan on your own or seek the help of a Financial Advisor to help you manage your funds; Pay yourself if you can and allocate the appropriate funds to the business.
  3. • Don’t compare your business to facades online or offline. It is good to admire other businesses and learn from their growth, but don’t ever feel less of yourself or business simply because of another business owner. You don’t know how long they’ve been grinding to get there and they finally ‘make it’ and you start feeling bad for you and your business. Have the right attitude towards your brand.

Truth is, nobody has it figured out, because business is an ever-evolving field, and we all keep learning daily. Don’t bite more than you can, play by the rules that apply and fit your business niche or style.

 

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