Given the frequency with which entrepreneurs are discussed in the media,, it's not surprising that stereotypes have developed around them. Not all of these stereotypes are flattering, however, and most
are simply false. I want to dispel three myths surrounding entrepreneurs so that you can begin your entrepreneurial journey based on facts.
Myth #1: It takes a great idea
Jim Collins’s research, which was documented in the bestseller Built to Last, dispelled the myth that it takes a great idea to start a business. In fact, most of the great businesses that have been successful for at least 50 years—companies such as Walt Disney, Sony, and Merck—didn’t start with a great idea. They started with a great team who simply wanted to create an enduring company. In general, venture capitalists say that they will take a great team and a large market opportunity in a fast-growing area over a great idea any day, because it takes a superior team to execute a successful business concept and it takes customers in a fast-growing market to create the return to the investors. Often it’s not the idea, but the execution plan that makes the business a success. Mark Benioff did not invent software as service, but his company Salesforce.com found the pain in hosted solutions and removed it. Instead of having to buy applications to handle each function in the business, companies can access hosted services that can be customized to meet their specific needs. Benioff's success was not a great idea, but rather great execution.
Myth #2: You need a business plan to be successful
There is no question that lenders, investors, and others want to know that an entrepreneur has done his or her homework before they're willing to risk their capital. But many entrepreneurs have started highly successful businesses without having a formal business plan in place—including recognizable companies such as Pizza Hut and Crate and Barrel that have survived for decades. Others have launched websites and been “in business” within a day, making money within a couple of weeks. The prevalence of business plan competitions and courses requiring a formal plan obscures a potentially troubling fact: researchers do not agree on the relationship between a completed business plan and new venture success. Some believe that a plan takes time away from more valuable activities. Others argue that a plan helps facilitate resource acquisition and management, making goals more achievable. Ultimately, it appears that given the determination that the concept is feasible, time may be better spent in a series of small experiments to prove the concept.
Myth #3: Entrepreneurship is for the young and reckless
Many people believe that if they haven’t started their first business by the time they're 30,it's too late. They think that the energy, drive, resources, and risk involved are suitable only for the young. But many great businesses have been started by older entrepreneurs who had the passion to do something original. Ray Kroc started McDonald’s at age 52, and Colonel Harland Sanders was over 60 when he started Kentucky Fried Chicken. OK, so that doesn't mean you have to start a food business if you're older. Research supports the conclusion that being older can be an asset when starting a business. The
2008 Global Entrepreneurship Monitor Report found that men and women in the 45–98 age bracket are responsible for 36 percent of all the entrepreneurial activity in the United States and for 22 percent of the activity globally. In the U.S. this represents an increase of about 9 percent over the previous year while entrepreneurial activity in the 18-44 age category shrank by an equivalent amount. Entrepreneurship is for anyone, regardless of age, who wants to experience the thrill of building something from scratch and making it a success.
Don't be afraid to consider entrepreneurship at some point in your career. It just might be the boost you need to make your life all it can be.
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