Beliefs versus Reality of Entrepreneurship
There is a common misunderstanding among the youth about what it entails to be a successful entrepreneur. The possibilities in this world are endless but without the proper grasp of what it actually takes to start and run a business, failure is inevitable. A few key pointers have been discussed below to help the youth understand some concepts that are often misunderstood or misinterpreted that lead to the downfall of businesses.
It is a common statement among the youth that if they make a great brand, they do not have to put in so much effort into marketing it. This is not true, if the owner of Microsoft had not marketed his capabilities and product, it wouldn’t be as big and successful as it is today. A great brand needs a great crowd.
Just because the founders of the most renowned and successful companies have their own story when it comes to education, it does not mean this will also be your story. The youth should strive to get a good education that will mentor them into successful entrepreneurs. Some of these dropouts were very bright students and are also exemplary in their work because they put in a lot of hard work.
Another misconception is that a good idea brings about a successful business. The implementation of the idea is what determines whether the idea will be successful. If an idea is fantastic and no implementation strategy has been put in place, it will be as good as having no idea at all.
Been clever does not mean no management is needed. It is commonly heard among the youth that if they start their own business, they will hire smart people so that they do not have to be there all the time. This is a wrong assumption, a person can be smart but very poor with organization and time management. Management of the business including employees is equally as important for positive results to be seen.
When an aspiring young youth wants to start their business they believe that their product will be great just because they believe their idea is great. What is great to them might not be great to another person. They should do their research well on their targeted audience, understand their needs and incorporate them into their business idea to make it a success.
Success is a journey, take time in building it as it will pay off in the long-run. The youth should understand that experience brings innovative minds. They should be willing to learn in order to grow.