What is the most MISCONCEIVED part of entrepreneurship?

[AgainstAllOdds]

What is the most misconceived or misunderstood part of being a successful entrepreneur?

Getting through the bad times.

You can go from the highest of highs to the most crushing of lows in a span of minutes.

Grinding, starting up, etc. also isn't pleasant.

Being an entrepreneur involves a lot of lows that you have to push through, and that most people aren't capable of dealing with.

 

[Scot]

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

One thing you learn very early on is that no one knows what the f*** they’re doing.

A successful entrepreneur is just someone who fails fast and adapts fast.

 

[c_morris]

This Instagram post by MJ sums it up pretty well.

MJ DeMarco on Instagram: “Entrepreneurship: Take a swing on the WILD SIDE! #entrepreneur #entrepreneurs #entrepreneurship #smallbiz #smallbusiness #hustle #grind…”

 

[Kak]

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?

Failure. I pity the person who hasn’t failed yet. I pity the person who hasn’t been humbled yet. Why? Because those that have (and take responsibility) are immeasurably smarter and better equipped.

 

[SteveO]

I believe that what stops people is simply misunderstanding and fear.

 

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[TreyAllDay]

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.

 

[EricFromCanada]

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 own experience and seeing the experiences of those I know, I would have to say the amount of commitment and hard work needed in order for the business to succeed. Lots of people it seems, who become interested in entrepreneurship do it because they think they can rich easy, and as a result, underestimate the grind.

 

[MJ DeMarco]

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."

 

[million$$$smile]

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.

 

[Andy Black]

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

That you're always figuring it out as you go along. That it's a journey.

 

[Ninjakid]

The idea of being your own boss. Most people think it means infinite free time. It actually needs you need immense self-discipline to keep yourself on track with no one to answer to but yourself.

 

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[Andy Black]

I Would say that the concept of “making money” is misunderstood.

I don't think we *make* money, I think we *earn* money.

There's millions flowing around us at all times - we just need to connect to it so it flows through us. (There’s a reason it’s called cash-flow and currency.)

Also, and more importantly:

• "Money is proof you helped your fellow man." (@MJ DeMarco)

 

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[Mattie]

I agree with you. Many people don't understand the process of growth, mindset, the hard work, dedication, hours and hours of refining just about everything within yourself, besides the skills, and education. Most people I know don't understand my dedication, devotion, passion, and my 100% commitment getting there. There is not an instant reward. I've personally made a lot of sacrifices.

 

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[Longinus]

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."

 

[Process]

That someone is going to steal your idea KGB style, when the biggest problem for new businesses is getting noticed.

Actually, the competition to fear... probably has an overload of good ideas to test and implement. Or they are afraid of undermining their existing model by, "giving too much and spoiling people."

Un-executed ideas are worth less than the turd you offer the toilet every morning. At least those are tangible, consistent and can generate responses in others.

 

[RogueInnovation]

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.

 

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[Longinus]

• Thinking that you don't have to deal with work that sucks when you have your own business (since you're a "CEO" now).
• Thinking the outside world believes you when you're "working on projects and startups", while you actually have done jack shit.
• Thinking that just starting with that super unique idea will replace your income and make you rich in just a few months.
• Thinking profit is extra money and not eaten away by taxes.

Man, what was I thinking...

 

[TreyAllDay]

Getting through the bad times.

You can go from the highest of highs to the most crushing of lows in a span of minutes.

Grinding, starting up, etc. also isn't pleasant.

Being an entrepreneur involves a lot of lows that you have to push through, and that most people aren't capable of dealing with.

Absolutely 1000% agree with this. I recall nights when I started the business waking up in a cold sweat wondering what the hell I was thinking. Not many people know what that's like or are willing to commit to feeling like that.

Sent from my SM-A520W using Tapatalk

 

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[socaldude]

I Would say that the concept of “making money” is misunderstood.

In economics 101 entrepreneurship is a resource.

We are here to maximize utility for society and provide value and produce effectively. Solve problems. Basically allocate resources where they are needed. And not waste anything.

Chasing money ignores that and just focuses on the money cause most people just think about the money and the cool stuff you can buy with it.

When you are chasing money from the eyes of an economist you are wasting resources because you are not making sales and hence wasting resources.

Thinking about it this way increases probablities of building something where buyers amd consumers will gravitate towards. Cause you take into account the interests and needs of another party.

And also that a lot of success is just knowing how to think critically. Failure is almost rarely the fault of external causes rather faults and errors in our own thinking and judgement.

 

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[3mersonM]

I agree with you. Many people don't understand the process of growth, mindset, the hard work, dedication, hours and hours of refining just about everything within yourself, besides the skills, and education. Most people I know don't understand my dedication, devotion, passion, and my 100% commitment getting there. There is not an instant reward. I've personally made a lot of sacrifices.

Even though I am really new to this forum this really resonated with me.

The hours and hours of unpaid work ; staying up late into the night working until whatever I'm working on is finished.
The commitment to do what needs to be done no matter what. Not tomorrow , not later ..if it can be done today then it must be done today.

I have seen too many people looking for the secret pill to solve everything overnight and I have learned the hard way that it simply does not exist. It's like a seed, you must plant, water it and fertilize it and if you take care of it, it will bear fruit.

And mindset. You must believe in yourself 100%. There must be no self doubt. I think that one really helped get all the others in order. It's like self fulfilling prophecy.

This is what I really like about this forum.
People going through the same process that I am and knowing that if I fail I can get back up tweak something and keep going and eventually I will be better off than when I started.

And like you said..There is no instant reward. It's a process and not just a single step.
I hope to learn from everyone here. I am glad to be part of this great forum.

 

[Your Boy George]

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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[socaldude]

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.

 

[MJ DeMarco]

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]

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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[RaffUnscripted]

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.

 

[Tris]

Getting through the bad times.

You can go from the highest of highs to the most crushing of lows in a span of minutes.

Grinding, starting up, etc. also isn't pleasant.

Being an entrepreneur involves a lot of lows that you have to push through, and that most people aren't capable of dealing with.

This is so true. Sometimes having people around you to remind you why you are doing what you do is helpful also.

 

[TreyAllDay]

• Thinking profit is extra money and not eaten away by taxes.

Man, what was I thinking...

This is huge lol. It's funny because I thought to myself "once I make 10k a month, I'll be golden, how could you not live off 10k a month". Well, realistically in order to stay below tax bracket, I pay myself $8500 a month and end up taking home $5k after taxes

 

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[Mattie]

I have seen too many people looking for the secret pill to solve everything overnight and I have learned the hard way that it simply does not exist. It's like a seed, you must plant, water it and fertilize it and if you take care of it, it will bear fruit.

It's difficult sometimes to support yourself. Be your own motivator.

It's difficult when you have to keep moving forward and leave others behind emotionally and mentally, because it truly is a mindset. And it's difficult when you understand certain concepts and other people don't. I'm usually the lone wolf, but I understand it's my personal space, world, and goals. I think this is the hardest part, knowing you're on your own, stand in your own personal power, and fire away. Sucks sometimes, but I think it helps to be in this forum, because you're around like minded people, with similar goals, and achieving their dreams.

I stay here for that reason, and I haven't found any other place where you have a group like this.

Today, I'm kind of wired. I have that creative energy flying, which I love when I'm in that flow. Prolific and everything comes out fast and easy. Not always like that.

Nothing does happen overnight. And I see it too much trying to get out the easy way. I don't always like learning everything I do, working hard, sacrificing, but I understand life isn't going to happen without making it happen.

Glad you're here. Hope the forum gives you a lot of inspiration and points you in the right direction. Wish the best for you on your projects.

 

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[WJK]

...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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[ZF Lee]

That entrepreneurship is based 99% on luck?

Yes....but make the luck.

 

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