The 10 Myths That Keep People from Acting on Their Hidden Entrepreneur

The 10 Myths That Keep People from Acting on Their Hidden Entrepreneur

(Part two of The Hidden Entrepreneur)

 

If you are looking for an excuse NOT to act on your inner desire to be an entrepreneur, you can find many of them. But I’d like to kick all those crutches out from under you, so you can stand up to the truth. There are few real valid reasons why should not follow your heart or act on that vision that keeps reoccurring in your quiet moments. Being an entrepreneur is not nearly as scary as you think it is!

 

So let’s look at the 10 Myths That Keep People from Acting on Their Hidden Entrepreneur!

 

  1. You have to have lots of money to start a business.

Actually, most people don’t start out with lots of money. Look at how many of the Internet start ups in

Silicon Valley

began in someone’s garage. You need a good idea, a good product or a good service and a way to get it to market. This doesn’t mean you have to start out at the top of the food chain. Sure, if you’re a diamond dealer, you need lots of capital, but if you’re not, you may be able to find alternative ways to fund your venture.

 

Clearly the banks are lending less today—but it doesn’t mean they aren’t lending at all for a great idea with collateral. And your 401K may no longer be flush, but there are other creative ways to get started…perhaps trade-out with your vendors, long terms of payment the them, home equity lines (with limitations on how much you borrow so you don’t jeopardize your home), seek investors or financial partners.

 

Direct selling programs are often an inexpensive way to break into business, and many of these train their members in marketing, skills useful at a later date.  Work from home and keep your costs down. Sell information (become an InfoPreneur)—this doesn’t cost you a lot to create and market, especially on the Internet.  Teach someone what you already know. This doesn’t require a big investment and people are willing to pay to learn. 

 

Become creative in your marketing. In today’s world there’s a great deal you can do in terms of internet marketing that doesn’t require capital. Advertise sparingly and only in the publications with an ideal target market—see if you can get to that market online instead.

 

  1. You have to have experience in your chosen business to be successful.

Not true! People can be hugely successful in switching careers if they do their homework and have a passion for the new area of their chosen entrepreneurial venture. I know a successful PR woman who really loves dogs. She took the leap and is now a very happy and successful dog trainer. And she’s doing her own publicity at the same time!

 

Take the time to research everything you can about the area you intend to switch into. Knowing that market segment will increase your self-confidence and success rate when you step into your new entrepreneurial career. Don’t hesitate to ask others in the business already for their advice. Most people are very willing to share. One short cut is to work for someone else in the business for a short time with the intention of learning the business, building capital and then jumping out on your own.

 

            Set your goal to learn and grow as you embark on your new venture and you will

            soon be the expert in your new field, with willing buyers who want what you offer.

 

  1. You have to know how to run a business to be successful.

More than half of all entrepreneurs are learning on the job. They have been working for others for years with a limited skill set, and must acquire the full spectrum of management skills it takes to run a business. But don’t let that intimate you. You needn’t feel you must have an MBA. Management skills are simply making wise decisions…These can be about managing yourself, your marketing, your money and your market. And if you have an office, your staff.

 

Some of the ways you can acquire the knowledge of running a business include: finding a mentor or professional coach, ask questions of your friends already in business, get into a mastermind group, take classes, read books, ask your accountant or book keeper, hire specialists and learn from them, observe others, go to conferences, take teleclasses, do home study courses, and here’s an important one—ask the Universe. Get quiet, meditate and ask for guidance. You’ll learn from the answers you receive.      

 

  1. You have to jump in with both feet, and quit your day job.

For some people, quitting a previous job to start an entrepreneurial venture is exactly the right thing to do. For others, it may not fit their current situation. (But don’t use fear as the reason for not jumping. If you have the resources and the desire, take the plunge.)

 

However, if you want to test the market first to see if being an entrepreneur feels right, or you have a waiting customer, do this more slowly. Work weekends and nights at your new venture. Cut back your hours or days at your regular work, so you are only working 3-4 days a week and the rest of the time is committed to your new venture. See if you can start building a customer base that has the resources to step up once you are in full swing, and determine if your product/service has enough appeal. Tweak packaging, selling strategies, etc, while you still have the financial security of a regular job. Once you feel you have the right formula and your budding business is on firm ground, then you can move forward with boldness.  

 

  1. You will have to work long hours, and you will have no time for yourself.

Lots of entrepreneurs find that being on their own provides much more time flexibility. Maybe you do have to work longer hours in the beginning, but you can take your kids to soccer practice, or have a four-day weekend to go river rafting. Having your own company doesn’t always mean longer hours, but it can be working smarter. Find inexpensive ways to outsource. We actually outsource some small tasks to

India

! It’s a great way to get things off your desk you don’t want to do. And delegate, delegate, delegate! Get used to not doing everything yourself!

 

You can pick your own hours. Start at 7:30 and be done by 4:30 when you can go out and excise or go to the gym. Just make sure that you don’t let that “should” voice in your head tell you to work when you can turn out the lights, and go create balance in your life. As an entrepreneur, you can set your own time limits—and well as time schedule.       

 

  1. You’re on your own, and no one will come to your rescue.

Au contraire! You have a great support system if you open yourself to it. There are lots of professional organizations you can join. Your banker and business associates have a vested interest in seeing you succeed. You’d be surprised, if you’ve treated them well and picked them well, how your employees will rise to the occasion to support you. You can find aid at the Small Business Administration. You can hire a coach to get you through rough times. Don’t underestimate those friends you have in your church or spiritual group. Join or create a mastermind group with other professionals who will share their experience and provide a safe haven for you to seek support. Family members will often step up to the plate to be your supporters. And most importantly, the Universe is there to support you—if you will ask for wisdom and listen for guidance.

 

  1. You have to have a product or service that no one else offers.

While this certainly helps, this isn’t absolutely necessary. You just need to have a Unique Selling Proposition (USP) and/or you must fill a void or a need in the marketplace. Your USP may not be an entirely new product or service, it might simply be how you position it, the way you service people or a slight twist on an old product or service. In filling a need, you may have identified an underserved sector of the market, a new emerging demographic, a region that has not been penetrated or simply you may be good enough to sell ice to Alaskans—and convince them of their need. 

 

  1. You’re not the entrepreneurial kind of person.

Of course you are! You just have to change your thinking. If you believe you are better taking orders from someone else or letting them take the risk, that’s simply your own insecurities talking. It’s your belief that you’re not good enough, don’t know enough, don’t have the right “temperament,” can’t earn enough money on your own—it’s all about your fear and judgment. What this means is that you don’t believe in yourself, don’t trust yourself and you don’t trust the Universe. If you work on changing these three factors, you’ll be the perfect entrepreneur!

 

  1. You don’t have enough time to start a business.

Where there is a will there is a way. That wonderful old adage applies to this myth and excuse. We all live very busy lives today, but much of what we do, we choose to do. For example, you could probably spend one hour less a day on email and other non-productive internet tasks and put it toward starting a business, writing a business plan, developing your product line, looking at competitive products, building your market, learning about marketing, researching your marketplace, creating inventory, going to networking events, etc. Or how about turning off the TV to focus on some of these tasks. If you’re taking Cindy to soccer practice, use the time sitting in the stands for something productive. You can get your ducks in a row so that when you are ready to take the plunge, you’ve prepared a nice warm pool.   

 

  1. You will jeopardize the stability of your home or family.

This is the most prevalent reason that most people don’t take the entrepreneurial step. But if you are thriving as an entrepreneur, your family will be happier and your bank account will be more abundant.

 

This is certainly more easily done in a two-income family, but if you have put away a cushion, give yourself the chance to see if you can succeed in your new self-employed arena. Go in with a belief in your success, but set a time limit or a financial limit that you can expend, before calling it quits. You’re not doing this with the intention of quitting, only with giving yourself a sense of security. The more confident and secure you feel, the more likely you are to succeed. Knowing you have a backup plan takes the desperation and pressure off. Energetically, you want to put yourself in the most positive mental state, so you want to focus on your new venture with zeal and joy, with enthusiasm and passion. That’s where you want your energy directed, where you are Consciously Creating a great life as an entrepreneur.

 

But there also comes a time, even with a family and the bills that come with it, when some people must simply say, “it’s time.” You simply have to step out in faith that this is what you are destined to do. According to the U.S. Census Bureau, there are nearly 20 million small one-person firms in

America

alone. That doesn’t even include the small two-and-three person companies. If that many people can find satisfaction in self-employment, what’s holding you back?

jackie

Click Here to Leave a Comment Below

Leave a Comment: