Zain Devraj from Search Interactive, SEO Agency Dubai wrote this post for ImpactHub
People dreams of becoming successful entrepreneurs like Elon Musk, Bill gates and Mark Zuckerberg however, they snap themselves right out of the thought. Why is that?
It’s because there are many myths that cloud their dreams of becoming successful entrepreneurs. We are going to de-bunk some of these myths today to show you that the future can be very optimistic as an entrepreneur, if you don’t let yourself believe In everything you hear.
Myth #1: You Can Learn to Be an Entrepreneur from a Blog, Book or Talk
Reality: You will learn more in one day on the job than by reading a book. Experience teaches you to make better decisions with limited data. The truth is, you’re never ready – and that is part of the fun.
Myth #2: Startups Can Only Be Started by Computer Science Students
Reality: The early Twitter team never went to college; Kevin and Mike never studied computer science. You can teach yourself what you need to know. Mike calls this the “Sink of Swim School of Engineering.” Of course, it is very important to build a strong network of friends who can come in a help you out when you are stumped.
Myth #3: Finding the Solution is the Hardest Part of the Problem
Reality: Finding the right problem to solve is the hardest part; it is easy to build solutions to problems that no one else has. It is OK to solve simple problems. The question you have to ask yourself is “How do you know if you are solving the right problems?” The way to do this is to very quickly get your product out in front of people and test the hypothesis.
Myth #4: Work For Months Building a Robust Product in Secrecy Then Launch it to the World
Reality: Make your product available quickly. Build the minimum viable product that answers “Are we building the right thing?” Fail early and often, but make failing as low-cost as possible. “Your job is to fail your way to success.”
Myth #5: Start a Bidding War Among VCs With a Sleek Pitch Deck
Reality: Don’t try to raise a lot of money: raise only what you need to get off the ground. Seek out the people you really want to work with, not the investment. Focus on a prototype and traction, not a fancy pitch deck. “We were able to launch the first version of Instagram with just 60K. It turns out you can get a lot done on a shoestring budget.”
Myth #6: Starting a Company = Building a Product
Reality: Starting a company is 50% building a product and 50% other stuff. That “other stuff” includes: building, recruiting and managing a team; raising capital; managing bank accounts, filing taxes, buying insurance, renting an office… (And here in Dubai, finding and buying the right trade license!)
Myth #7: Successful Startups Come From a Single Great Idea
Reality: Your first idea is likely not going to be your last one. It is your job to explore the “solution space,” thinking of all the different ways you can create a solution: themes will follow you as you explore. Sharing and discussing your ideas will help a lot.
Myth #8: Great Startups Happen Overnight
Reality: Overnight success happens over about five years. Success comes from the foundations that you have built along the way. Even with the right idea, you are always fighting for the next hill. Success will seem obvious in retrospect, but in reality it is never that clear.
What have you learned in your experience as an entrepreneur? Share your your realities with us