Another 5 lies about entrepreneurship

Posted by Anthony Eli Agbenu on Sunday, July 26, 2020
Last Modified on Monday, July 27, 2020

TOC

These are not the only lies

Dear reader,

We have written a part one of this post. That one was titled “Here are 5 lies about Entrepreneurship”. This is a continuation from that post. I would encourage you to consider these additional points on your entrepreneurial journey.

More myths

This business rakes in money so I will start this business

You might look from the outside in and believe that successful business were started because money was to be had. Before there was money to be had, there was an opportunity and impact to be derived. It just so happened that it was a profitable venture as well. And it brought in heaps of cash to go with it.

Money is not an indicator of success for all businesses. There may be several aims to starting that business. True monetary reward may be one, but it is not the only one. Others success metrics could be;

  • a strategic alignment for a bigger end game
  • more users
  • awareness on a product or campaign
  • improvement in the situation

Also, well as several more. However, I will not recommend that money be the sole motivator to start a business. It must be greater than the bundles of cash you expect to roll in. Otherwise what happens is that when trials come (and they 100% will), you give up and pursue another line of work.

Pursue a greater calling instead than chasing more money. I would recommend pursuing a calling that you earnestly believe in.

Good friends make good business partners

On this statement I would say that there are 2 sides to the coin.

For me, there are some friends, who are good business partners, and there have also been some who have made terrible partners. Do not have blind faith that the business venture will work out with your tight buddy. Simply because you have a great rapport with someone does not mean the business side of things will work out as well. And it will not translate to turning the businesses around.

If you do have a friendship which blooms into a great working and business relationship, then you are fortunate. However, if you are not so lucky then you will want to ask yourself one question. Do you want to ruin your friendship and business, or do you want to save both by amicably agreeing to disagree and moving on with life?

I will pick the latter any time of the day.

Start selling after you have built all possible features

I respond by saying do not build a spaceship. Simply start, and gradually improve your product. What is happening is called feature creep. It has happened to me too. I have over engineered, and then wanted to add more features.

Now it seemed like just another excuse I gave myself to delay launching my product. Who knows perhaps that 20th feature will not even be used by the customer? People have limited time, thus they would aggravate to the most essential parts of your app. So, focus on building those important parts like nobody’s business. And do it better than anyone else.

We will build that 20th feature when enough people want it.

You need lots of cash before you can start

I used to think that too, before I heard the word bootstrap.

It is true that some businesses are heavy cash dependent. but if that is your goal you can start from somewhere. If you can build the product do it. If you cannot build, then offer a developer equity or beg him to do it. Do whatever is necessary to realize your dream.

In the end realize that no one is going to help you realize it. Everyone else has dreams of their own.

Entrepreneurs take risks

I will re-edit this sentence to say, “Entrepreneurs take calculated risks”. As you can see I have introduced the word calculated.

It is the same with everyone else such your investors, your employees, and you should do the same too. Blind wholehearted faith in an idea would not make it succeed, especially when the odds are against you. I truly wish I could tell you differently, but hey I am not your fairy, so I am going give it to you straight. Have a backup plan, i.e. a plan A to Z. That does not mean you put no effort in what you are doing. Please do so with every ounce of strength.

However, do not blindly ignore the obvious truth to flaws in a business. I know it is difficult to concede, but it is much more stupid to ignore.

The end

I am sure there are many more lies that you initially thought true about enterpreneurship. Share them with me and others. I would honestly love to hear them. Until then I hope the best for you in all your endeavors and your business.

Thank you.


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