I have uncovered the following myths in my years as an entrepreneur. By shining the light of awareness and examination upon these myths, most have been debunked and destroyed. Some are tenacious and continue to require work. With each swing of the hammer, I chisel off another fragment of the stronghold and feel myself moving more freely and with greater efficiency and success. For what it's worth to you, here's the list:
MYTH 10: “I need to have all my ducks in a row before I get started.”
I didn't need to have everything in order when I started BetterPhoto.com, and I don’t. I do some planning. I think things out. Then I go for it! I remind myself that if I think too long or wait for perfect conditions, I may talk yourself out of taking action. Often, good is good enough to get started.
MYTH 9: “I need to raise capital or convince a bank before I can get started.”
You don’t need millions of dollars to launch most ideas. Right now, you likely have time and many other resources at your beck and call. Sure you may feel busy... but there is likely a way to get more out of your time (see the next Myth). You may simply need to divert your expenditure of your resources, to things that give you more “bang for your buck”.
MYTH 8: “I don’t have enough time.”
You can make your time much more productive. You can also delegate and multiply the value of your time, money, and other resources.
MYTH 7: “I’m too busy to work-out. I’ll get to health and fitness later.”
You can put this off, but it’s not a wise investment. I neglected my body for years. Then, motivated by a bad back and fueled with daily visualization techniques, I decided to get and stay “in the best shape of my life.” Now exercise is a part of my daily ritual and I find that, as a result, I’m more energetic, focused, and productive.
MYTH 6: “Owning my own business will give me freedom and flexibility.”
That’s not always true. Owning your own business does not automatically equal automatic freedom. For many, being an entrepreneur is no different that being an indentured servant. "Sure, I get to set my own hours; I decide which 14 hours a day I get to work!" You can find flexibility and freedom in being self-employed, but it is not a given. You have to set things up to make sure you save yourself from becoming too much of a slave to your business.
MYTH 5: “With a flexible schedule and working from home, I’ll spend more time with my family.”
You will be able to be with your family more, as long as you are aware of the distractions that pull your attention away from your family when you’re with them, and as long as you actively eliminate said distractions (Blackberry, iPhone, email, instant messaging... as well as the tempation to drift away and THINK about work when your kids are right in front of you, saying cute things or asking for the keys to the car).
MYTH 4: “I get more done when I multi-task.”
I too used to believe in multi-tasking, thinking it was the key to efficiency. But this is usually not true. Much to my surprise, I’ve learned that multi-tasking is the very essence of inefficiency. I get much more done when I shut the door, turn off the distractions and work in focused, uninterrupted blocks of time. The only time multi-tasking works is when only ONE of the activities requires focus. If you can walk and chew gum automatically, without thinking about it, you may be able to focus on a third activity that requires your concentration. For instance, I read or watch educational DVDs while walking on the treadmill. Most of the time, though, you’ll be more productive and more efficient if you focus on one activity and disallow anything that would interrupt your concentration.
MYTH 3: “If I let the other guys get a bigger piece of the pie, I will end up getting less.”
The paradigms of scarcity and competition provide an incomplete and often inaccurate view of reality. It’s usually better to think in terms of abundance and cooperation. Add value to the world and do things that multiply blessings for everyone involved. Like the loaves and the fishes, value can multiply.
MYTH 2: “I can’t afford to make waves or upset anyone. I should be nice to everyone.”
Try to make everyone happy and you’ll make no one happy. Figure out who you can afford to offend. You’ll never please everyone. Know the difference between your ideal customer and the customer that will drain your company. Sometimes you'll need to drum up the courage to lovingly say one of the most loving words in the English language: No.
MYTH 1: “First I’ll invent a cool product; then I’ll put it out there and hopefully people will find and buy it.’’
This is a very unwise and inefficient way to build. Keeping the 80/20 rule in mind (which says things like 80% of your profits come from 20% of your products), you’ll see that most product ideas are bound to fail. If most product ideas are bound to fail, you want to test ideas out with potential customers before investing a lot of time in them.
I find it so easy to fall into this habit of innovating products before thinking of my customers... creating the WHAT before fully understanding the WHO. When I think of an idea or invention I can develop, I’m excited and can't wait to bring it to fruition. As the movie line goes: “Build it and they will come.”
But it’s wiser if I first think about my customers and ask myself how I can serve them. I strive to get out of my own boots and into my potential customers’ shoes. When I can think of the market and what it needs first, before I think of myself and what I can create or offer, I enormously increase the likelihood of success. Let the product ideas follow.
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