We read a great article in the University Herald about Entrepreneurial Myths and thought we’d share it with you.
What to Know and Avoid:
1) Entrepreneurship takes a lot of work. Your free time and labor will be required, according to Julia Ramirez, University Herald Reporter.
2) Many entrepreneurs fail. A successful IPO ranks in the top 1% of all the ventures launched, according to the article.
3) If you concentrate on flipping your venture, you are already sunk.
So are successful entrepreneurs super-humans? No! This video gets straight to the point about the Entrepreneurial Method. You can do this.
- Entrepreneurial achievers are not a extra-ordinary super-humans. Average people can be successful entrepreneurs without large amounts of funding. Begin small and use your available resources; this helps limit a potential loss while you experiment with the resources you have.
- Begin with your means (your identity, contacts, and competencies or strengths). Goals can be shaped from your means once you identify your means. The video likens it to cooking in reverse. When you begin with the ingredients in the fridge you are free to imagine all sorts of opportunities for a creative meal. There is no reason to wait because you aren’t waiting for a ficticious idea or illusive goal.
- Do not put all of your eggs in one basket. This means, do not submit all of your intentions to your one big idea. Instead, constantly review your stock of means to help you imagine various potential goals. This type of thinking helps develop more resources and ventures in the long-run. It helps you learn to think out-of-the-box and create solutions to possible problems.
- Define how much you can afford to lose. Weight the upside potential with the downside potential.
- Do NOT keep your idea a secret. Talk to people about your venture; this helps you build more means. If you are worried about ideas being stolen remember this: at this stage you have very little to lose. So what is the upside and what is the downside?
Author:Robin Yerian. Robin studies Marketing and Business Administration at California State University, Northridge. She has received an honorable mention for her secondary research regarding the millennial generation in association with the national American Marketing Association case competition for eBay in which she provided consumer insights. Robin is the student assistant responsible for managing client relationships, communications, and social media for the Wells Fargo Center for Small Business & Entrepreneurship at CSUN.