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What is the most MISCONCEIVED part of entrepreneurship?

Your Boy George

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The whole, Shark Tank-Social Network movie pop-culture around "startups" is F*cking toxic.

You usually don't just have one brilliant idea to change the world and make a billions of dollars over. Usually what ends up happening is that you get viciously curb stomped a few times until you stumble your way into something that actually works.

Or not, which is a possibility too that you should be aware and paranoid about. I firmly believe it IS possible to lose and die poor even if you know Fastlane material and the entrepreneurship happy horseshit. Most people think they're 100% going to F*cking succeed in the end but that usually breeds a vicious arrogance which begets failure.
 
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GuestU54368

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The whole, Shark Tank-Social Network movie pop-culture around "startups" is f*cking toxic.

You usually don't just have one brilliant idea to change the world and make a billions of dollars over. Usually what ends up happening is that you get viciously curb stomped a few times until you stumble your way into something that actually works.

Or not, which is a possibility too that you should be aware and paranoid about. I firmly believe it IS possible to lose and die poor even if you know Fastlane material and the entrepreneurship happy horseshit. Most people think they're 100% going to f*cking succeed in the end but that usually breeds a vicious arrogance which begets failure.
So true. What then happens is so many keep being attached at a sinking ship, or don't have the flexibility to want to change things so that ship keeps going - You could see that even on the Shark Tank or The Profit (or heck, wasn't the same in like Kitchen Nightmares or whatever?): people with a dying business that stubbornly refuse to let it go or change things, even when people who are further along (like the sharks, or investors, etc) tell them things need changing.
I'm always thinking: are you really willing to lose your business because you don't want to change the colors of your labels?

Anyway, I agree with the fact that entrepreneurship is a mindset, and it's a way of life, not a single trip to a destination. There is hard work involved, and just an outlook on life that allows to try, fail, retry, fail, and so on. I hate the term "overnight success" because it's never true.
Even people who "suddenly" win the lottery usually have spent the past 20 years buying tickets.
 

TreyAllDay

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The whole, Shark Tank-Social Network movie pop-culture around "startups" is f*cking toxic.

You usually don't just have one brilliant idea to change the world and make a billions of dollars over. Usually what ends up happening is that you get viciously curb stomped a few times until you stumble your way into something that actually works.

Or not, which is a possibility too that you should be aware and paranoid about. I firmly believe it IS possible to lose and die poor even if you know Fastlane material and the entrepreneurship happy horseshit. Most people think they're 100% going to f*cking succeed in the end but that usually breeds a vicious arrogance which begets failure.

It's funny because I spend time in a networking group with people like this (who learn everything on TV) and one guy, with no paying customers, always rants about how businesses "bleed money". It's such a trendy thing to say, and in my opinion it's an excuse a lot of people use to justify their failure. My business is profitable and has less than $500 of expenses lol.
 

WJK

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...Anyway, I agree with the fact that entrepreneurship is a mindset, and it's a way of life, not a single trip to a destination. There is hard work involved, and just an outlook on life that allows to try, fail, retry, fail, and so on. I hate the term "overnight success" because it's never true.
Even people who "suddenly" win the lottery usually have spent the past 20 years buying tickets.
I too agree. Being an entrepreneur is a whole lifestyle and mindset. It's a journey that goes on and on, through a trail of successes and failures, spread over years and years.

It's NOT the path for wimps and/or couch potatoes. And people with their 15 minutes of success should go away too. I watch a lot of people who are very busy doing nothing important and getting no where fast. They just like to call themselves an entrepreneur.
 
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socaldude

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I think fear and risk is a misunderstood part about entrepreneurship and life in general.

Some people say have no fear! Or take risks! Which I somewhat agree but its tricky.

Fear is sometimes actually a good thing because it's our own instincts telling us that risk is blowing through the roof like a volcano erupting. Which is basically something in us trying to help us.

I hate risk. I want to reduce it as much as I can through due diligence and critical thought.

You wanna be able to identify risk and quantify it. I hate rolling dice. I wanna predict outcomes not hope for them.

If you pitch an idea to an investor they wanna get an idea of the risk involved because they want a return on their capital so you better know more about the risk than anybody in your industry.

Just hopefully food for thought about risk and fear that I think some people miss.
 

TreyAllDay

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I think fear and risk is a misunderstood part about entrepreneurship and life in general.

Some people say have no fear! Or take risks! Which I somewhat agree but its tricky.

Fear is sometimes actually a good thing because it's our own instincts telling us that risk is blowing through the roof like a volcano erupting. Which is basically something in us trying to help us.

I hate risk. I want to reduce it as much as I can through due diligence and critical thought.

You wanna be able to identify risk and quantify it. I hate rolling dice. I wanna predict outcomes not hope for them.

If you pitch an idea to an investor they wanna get an idea of the risk involved because they want a return on their capital so you better know more about the risk than anybody in your industry.

Just hopefully food for thought about risk and fear that I think some people miss.
Agreed. I think people don't understand smart risks. Starting a business is considered a risk but actually is less risky than having a job imo

Sent from my SM-A520W using Tapatalk
 

GMSI7D

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What is the most misconceived or misunderstood part of being a successful entrepreneur? What part of being a successful entrepreneur do you think most people fail to understand or underestimate?


working in your business instead of thinking in systems



an entrepreneur is like a nasa flight director managing the launch of his freedom vehicle

the flight director is not the engines burning in space like most entrepreneurs are

fligt director.jpg


well explained in this :

View: https://www.youtube.com/watch?v=r6hlYqgw5jI



.
 
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MythOfSisyphus

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To me, I would say most people (including me at first) assume success has to do with "skills" or "what you know", but don't understand how much of it has to do with personal growth and mindset change.

I completely agree. You can absorb all the knowledge from every business book under the sun but until you put into practice and validate the lessons for yourself its useless.

Theres a certain self confidence and a willingness to take smart risks you gain along the way that a book cant give you.
 
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MJ DeMarco

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The author dares you to TRY to get a competitor to steal one of your ideas.

Happened to me all the time. Didn't appreciate what it meant back then, but now I understand.

I think that most entrepreneurs think that successful business owners actually know what they’re doing.

I used to work for a plumbing company in Chicago owned by a couple of brothers (I was early 20's, the bros 50's). From what I could tell, they were making money hand over fist. I had an opportunity to get a firsthand look at their operations, their procedures, and how they did business. It was a big confidence boost for me back then because these guys seemed to be a couple neurons short. They lacked interpersonal skills, they were forgetful, and they didn't have a very good work ethic. They weren't very bright, even in the industry they served. A bunch of others stuff as well.

At the end of the day I was like, "Damn, if these dingies can succeed at business and be this disengaged, imagine what I could do."
 

BD64

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According to many of Boulder's aspiring entrepreneurs at least - A successful entrepreneur has to get venture capital and needs a huge wad of cash to start doing things. They also need to get into a startup accelerator program or else they will fail.

While both these can be great, they shouldn't be held as gospel like they seem to be. Last time I checked for example we had almost a dozen different startup accelerators here in town and tons of people I know dream about going through one.

Problem with VC and accelerators is they take away from control and autonomy. They require you start bending to rules laid down by others. "best practices" and "battle-tested advice". Not to mention the obscene amount of effort it takes to compete and win these things. Could that time be better spent elsewhere?
 

SteveO

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Happened to me all the time. Didn't appreciate what it meant back then, but now I understand.



I used to work for a plumbing company in Chicago owned by a couple of brothers (early 20's). From what I could tell, they were making money hand over fist. I had an opportunity to get a firsthand look at their operations, their procedures, and how they did business. It was a big confidence boost for me back then because these guys seemed to be a couple neurons short. They lacked interpersonal skills, they were forgetful, and they didn't have a very good work ethic. They weren't very bright, even in the industry they served. A bunch of others stuff as well.

At the end of the day I was like, "Damn, if these dingies can succeed at business and be this disengaged, imagine what I could do."
That is why I like the value add model. There is no shortage of mismanagement. It worked for these guys but not for many others. Some people spend a lot of money on assets and then mismanage the process into annual losses. The assets and in-place business, sometimes including real estate, can be purchased for much less than replacement cost.
 
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million$$$smile

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The most MISCONCEIVED part of entrepreneurship?

For me it has been the realization that as your business grows, you have to grow with it.

In the infant stages of any business we wear all of the hats, producing, selling, writing copy, building websites, networking, designing, etc. It's ok to start that way but as one grows and becomes more successful, one has to learn to delegate and relinquish some of the 'jobs' we once did ourselves.

I have learned (sometimes the hard way) that you can't carry the load all yourself, and one needs to learn to give up doing some of the tasks that you might have loved doing. I have learned that it takes more than one to raise the baby.

  • I am learning to get out of my own way.
  • I am learning to give up responsibilities and delegate.
  • I have begun to realize that to build a viable business, one needs to remove themselves out of the equation. (Thanks @MJ DeMarco)
  • I have learned to work on my business rather than in it (E-Myth Revisited-Michael Gerber)
  • I am learning to manage a system rather than allow the system to manage me.
  • I have had to learn to become a director and to create the vision of the future.
  • And finally, I am learning that I must learn to become someone different than I initially was when I started.
With all that said, I am realizing that if I don't personally grow myself, I won't be able to grow my business to that next level.

There is a lot more misconceived notions I had regarding entrepreneurship, but these are the foremost.
 

MJ DeMarco

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For me it has been the realization that as your business grows, you have to grow with it.

Very true. And not only grow with it, but be willing to grow with it!

Solopreneurs might grow so much, that they MUST hire employees.

So they must be willing, or choke the growth.
 

ZCP

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One of the toughest ones........ the people that got you to where you are, may NOT be the people that can get you where you are going.

Once the business reaches a certain size, you may have to reassign people and bring in new ones or even replace people that have been there with you from the beginning.
 
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TreyAllDay

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One of the toughest ones........ the people that got you to where you are, may NOT be the people that can get you where you are going.

Once the business reaches a certain size, you may have to reassign people and bring in new ones or even replace people that have been there with you from the beginning.

This is actually really interesting, and brings up another good point. I thought starting a business would be a fun way to employ friends and family - but realistically to find anyone with the right drive to grow a business is super difficult.
 

ZCP

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Here is a good one that comes up with clients...... what if your company needs a leader that you are not? Willing to give up the top spot for the good of your company?
 

SteveO

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Here is a good one that comes up with clients...... what if your company needs a leader that you are not? Willing to give up the top spot for the good of your company?
Define "top spot". I have a director of golf/general manager. He is the top in command as far as the customers see. We have a staff meeting every week with the GM, Superintendent, my wife and I. We are the ones that make the major decisions. Our staff is the face of the company.
 
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ZCP

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@SteveO The CEO / President. The head banana.

When a company gets to a certain size, it might be time to bring in someone to run it that has the vision and experience for companies that size.

Then the original owner / head banana can focus in their area of their expertise.

You have startup stage where you wear many hats. Then self reliant company stage where you and a few key people handle it all.

Then you start getting to the point of 'can who we have get us where we want to go?'.
 

RaffUnscripted

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I don't know about this "successful" entrepreneur stuff
The connotation behind that is "you must must must measure everything in money"
And while I get that YOU CANNOT FEEL DIFFERENT WITHOUT MONEY
It is also true, money cannot make you whole

There are platitudes around money, FROM LOSERS who think that struggling every day is the "simple life" and "just embrace" the abuse of it. But this is different from what I am saying.
I am saying that you need BOTH, enough money, AND READINESS to be whole. If you lack either one, the pain will persist in you that you aren't good enough, that you aren't a "success".

Look, I don't care about "successful" entreprenuer, I care about, am I utilising the real spirit, the real attitude and convictions of an ideal entreprenuer. Am I being the kind of guy who goes out there and changes the world with his ideas and ability to make it happen?

Too many people get stuck in a cookie cutter pathway to money, they try to do what everyone else does, while screaming "But I'm the better version". It is all a bunch of nonsense, no one is the better version in almost all scenarios, and everyone is in a way screaming for a handout "please pick my business and save me". No Rupunzel, your business is not a rope made out of your own hair for me to climb up, and I am not a Prince.

You just gotta cut the sh*t.

If you wanna be "successful" it means you see yourself as pathetic,
How do you fix feeling pathetic?
Not by chasing money like a dog after cars.
You do it by being CALM in places of pressure where no one else is calm. You do it by being a man of reason when all others are unreasonable. You do it by listening when no others listen.
And then, WHEN CALM AND READY, and you EARN money enough for freedom. You will be released of that disgusting and pathetic chase for cash that lords itself over people their whole lives.

Thankfully, I'm free of that.
To me the biggest misconception is that success comes from money, OR out of thin air.
It takes both mind and matter, not one over the other.


You wont be "successful" cuz you make money btw
Ive seen so many MILLIONAIRES run around like headless chickens due to their insecurities cuz they haven't made themselves whole. Screaming like little kids when things don't go their way or pretending they are mr. boss. To me, the most pathetic thing is to not be able to recognize success when you have it. Or to say you have success just cuz of money. Cuz if you are still a little boy or girl inside about the money, then why are you talking "success" when you haven't FELT SECURE about yourself yet. Anyone can feel excitation from having money in their account, anyone can ASSUME it is enough... But the raw truth is that isn't enough.

To me, "success" is about how CLEARLY YOU SEE what entrepreneur means.
AND THE ABILITY TO FOLLOW THROUGH.
I RIGHTLY am suspicious of my own entrepreneur abilities cuz of my follow through ability.
But I have followed through ENOUGH to be without any worries in life. An if that isn't success, then what will more money bring? Lol.

So, I know I'm a success.

However, I am NOT this "successful entrepreneur" thingy
I admire Elon Musk for that
and I will try to get to that WHEN I CAN
But in the mean time, I count my successes where I have them, and I'm pretty happy.

If your only way to feel ok about what you are doing is to be "iron man"
Hahahahaha
Get a reality check.

There are two kinds of success
F*ck You Success (which I got)
And
I'm the spirit of an entrepreneur (which I admire Elon for)

If you can't enjoy the first cuz you are too busy feeling small in the shadow of the second, I laugh at you. Stop being SUCH an idiot. Get your FU money, and feel whole, and THEN WHEN READY go further. Don't get life backwards and think the only success is that which others will praise you for. WHO CARES WHAT ANYONE THINKS, be your own man financially.

That is my view on it.
But as far as a big misconception in business itself, I would say the misconception that "doing the moves and making the steps will get you there", haha, no. You need to understand each step you are taking AS MUCH AS you are willing to take the step. Taking the step without understanding is an action fake, and understanding the step but not taking it is a hobby not a business.

I'd say a big misconception is that people think a business just needs a figurehead in order to run. I dunno, be more than that.

Elon Musk is superhuman. He is one in billions. I read his biography and almost everyone around him acknowledges he is somewhere on the spectrum. Definitely a savant he can do rocket science calculations in his head. In His Head! He has this ability to hyperfocus so well he goes into a trance state. I say this because although reading his biography filled me with awe for his accomplishments, the surprising thing is for the first time I wasn't diminished in comparison. One of the best things about middle age is the perspective shift that occurs. My entrepreneurial aspirations now come with a healthy dose of humility and desire for simplicity. When I make my next boatload o' value vouchers I will treat myself to a nicety or three but my ultimate desire is to leave a legacy. I have a 19 year old son and I want him to be able to say "Pop did alright. I'm proud of what he accomplished in his life". The point of my meandering is take the knowledge offered here but not the expectations of what success should look like.
 

Temujin

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I would say the most misconceived part of entrepreneurship is that success will not happen over night. People think that if they quit their job and start-up right away they are going to see the profits come in. Realistically you are going to be battling to get your margins up and grinding till late into the night to make it work. At the time the grind is the worse, but when you look back down the mountain it's nothing but fondness and appreciation.
 
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What is the most misconceived or misunderstood part of being a successful entrepreneur? What part of being a successful entrepreneur do you think most people fail to understand or underestimate?

From my perspective:
The most misconceived part is doing what you love. I have read so many books and listened to so many gurus regarding this subject.

Most people fail at the point of criticism. I am one of those “make everyone happy” people. According to MJ, that’s unrealistic. But he also discusses using the criticisms to improve your company/ business. Few ever do this.
 

The-J

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That success is a straight line to a big payday. It's not: it's usually a squiggly line that has multiple paydays: some big, some small. Lots of fails in between. It's normal.
 
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Deleted50669

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What is the most misconceived or misunderstood part of being a successful entrepreneur? What part of being a successful entrepreneur do you think most people fail to understand or underestimate?
The inability to forecast things that can and will go wrong throughout the process of starting up is one that stands out for me. You may be the most comprehensive planner around, but Murphy's Law is real, and Murphy's Law won't think twice about bending you over the rail when you are already down in your luck. So, to me the solution is to continue to build psychological resilience. When things happen, someone without resilience (still me, to a large extent) will panic and make poor decisions. Someone with resilience will slow their thinking down and ask themselves the right questions to persevere. It is an art, and a necessity, to be resilient if you want to be in business.
 
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The assumption that something will take off because you put a lot of money into it.

"Of course this stuff will sell, I pumped $20k into it."

Such an action-fake.

This super toxic idea has gotten into entrepreneurship culture that "losing money or failing hard guarantees my success!" or "Tony Robbins/Colonel Sanders/*Insert famous rich dude here* went homeless/broke/failed X times so I will try to F*ck up my life purposely in the same way!"

Read Black Swan and the chapter on the "Graveyard of silent evidence" (i.e. homeless people don't have much reach whereas the ones who were lucky enough to succeed after a brash action do) and tell me you want to do that again.
 

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