Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. business tips in South Africa and these are the seven biggest myths that I continuously hear.
1. Being an Entrepreneur is too risky for me.
Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, successful business entrepreneurs have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family to support if it fails.
2. I am too young to start my own company
Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.
3. I have no experience
Again, business tips this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age.
4. It is not the right time for me to launch a business.
As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, how to be become a successful entrepreneur so there really has never been a better time than now.
5. If I am running a business my grades will fall.
Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.
6. Student businesses are just small rinky-dink operations
Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!
7. I don’t have any money! I can’t start a company
Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!
business tips in South Africa?
Entrepreneurs make up only about 15% of the working population in the US. Far fewer actually succeed than those who attempt to become self employed business people and venture out on their own. So what makes people decide to take the entrepreneurial path, when so few actually make it a reality?
Is the American dream a possibility for anyone, or, does it take more than most to become a successful entrepreneur?
The success of an entrepreneur does depend on their mindset. A large percentage of business owners will quit in their first five years in business. What is needed is the fortitude and belief that goes with attaining success.
Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.
James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.
In Simon Sinek's book 'Start With Why', he suggests that the biggest companies in the world are so because of their "why?" - their reasons for building a business in the first place. In all cases, it wasn't just to make money, or make technology better, or some whimsical ideology.
The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected - Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.
Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.
The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can't take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they 'saw' a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.
On the other hand, if you set out to do something and something gets in the way and stops you, your initial reason, (your "why?"), may not have been strong enough to endure all the battles along the way.
Entrepreneurial mind frame (or mindset) therefore, must be aligned with both your vision, your values and your purpose. If your values are not in alignment with your purpose and vision, you'll come up against road blocks which will stop you from achieving your goal.
Entrepreneurial Failure - Get Used To It
One of the greatest time wasters of all are unnecessary or poorly run meetings. If you want to dramatically improve your time management skills, then learn how to have productive meetings. "Brian" is the Operations Manager in a large corporation. Every Monday morning, his CEO has a managers' meeting . This is what usually occurs: The agenda is circulated the day before which means the managers have little time to prepare. The meeting always starts late as the CEO will wait for latecomers. In fact, he's often late. A couple of the managers tend to "waffle on". The CEO who chairs the meeting is not assertive enough to keep them on track.. He's also a 'waffler'. Most of the managers sit there, bored out of their brains for a majority of the time. They also get stressed as they feel they are wasting time listening to the "wafflers". As the CEO does not schedule a regular "catch up" time with each individual manager, many unnecessary issues are also discussed. If this describes some of the meetings you convene then how about taking action and ensure from now on that they are highly productive. If you're like "Brian" and you would have difficulty suggesting to others how they could improve their meetings, then I suggest you pass this newsletter on to them. Effective time management also includes effective meeting management. "You'll do so much you'll be surprised when you get your meetings organised" 9 Ways to Improve Your Time Management by Having Super Productive Meetings Ask yourself, is this meeting really necessary? Do you need a face-face meeting? A phone call, email or conference call might be a better solution. Invite as few people as possible Only have the necessary participants attend. Have a written agenda with clear objectives Ensure it is circulated well in advance to those attending. Indicate timeframes allowed to discuss each item. Double check the meeting venue has been organised the day before If refreshments are supplied include water and fruit. Ensure the meeting area is quiet with no distractions. Start and finish on time Respect your time and everyone else's. Have an effective chairperson Unsure who to choose? At the beginning of the meeting count up to three. At three, each participant points to the person they believe will keep the meeting on track.. The person with the most votes is elected. Circulate the minutes within 48 hours Ensure all actions have the appropriate person written next to them. Stand up and stretch every 30 minutes It's good for your mind and body. Ensure all mobile phones and pagers are turned off It's amazing - people have been known to survive without their phones and live to tell the tale. Good time management is also about using your time wisely when attending meetings. If you can enforce these guidelines, you'll be happy to attend future meetings knowing that your time isn't being wasted. ZZZZZZ