4 DOs and DON’Ts on How to Sidestep Common Misconceptions About EntrepreneurshipMay 05, 2021
When people envision going into business, they often imagine things progressing in a perfectly linear way. They imagine their enterprise starting with small beginnings, and then exploding into prominent success. All of this sounds like a dream, but the truth is that businesses don’t evolve predictably. They experience random highs, random lows, and need careful nurturing in order to survive setbacks.
There’s Nothing Conventional About Entrepreneurship:
Corporate Executive Adam Fridman advises that “Some businesses do experience success at an alarming rate. But for others, it's important to plan for many long years of work. Don't go into a launch expecting it to be a sprint to the top. Even in startups, it's about the destination, meaning as a company you're focused on achieving long-term goals.” Here are a few mistaken beliefs to avoid when starting out as an entrepreneur:
1) DON’T Expect Everything to Be Picture-Perfect
Most entrepreneurs have a very specific idea of what they want their business to look like. But chasing these expectations in a rigid way creates inefficiencies. It can either slow down growth, or lead to destructive management habits.
2) DO Take the Time to Define a Vision
It’s impossible for people to plan for a journey when they have no idea what the destination should be. Companies that function with a clearly articulated vision benefit from the presence of a psychological compass.
3) DON’T Borrow Money Irresponsibly
Entrepreneurs might have big dreams, but the only way to make these dreams come true is with good financial instincts. Beware not to borrow so much money that you end up in a debt trap. And conserve your existing resources so that you can maximize them over time.
4) DO Make a Business Plan
Business is an exercise that naturally involves a lot of calculation. If you’re going to invest your time and money into a business, make sure to draft a business plan before diving into the deep end. Business plans help entrepreneurs strategize and prepare for the unexpected.
Taking on the risk of entrepreneurship is a big responsibility. Not only does it require hard work, but it also demands an intrepid mentality. One of the worst things you can do is try to fit the experience of entrepreneurship into a box. Instead of limiting yourself with cliché assumptions, keep an open mind while using flexibility in your strategies. The more you can adapt to uncertainty as an entrepreneur, the more you can come up with effective solutions to problems. If you like what you just read from our blog, you’ll love the various informative courses, workshops and events listed on our websites and social media. Whether you’re interested in personal development, or overall improvement of your business, give us a call at 1 (888) 823-7757 to find out how The RISE Academy can help you break past your daily struggles and start soaring in success. For business development coaching by Richard Martinez, call at 626-202-2291 or follow us on Facebook and Instagram.
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