Myths and truths about what entrepreneurship is – This is another interpretation of what entrepreneurship is. It’s a follow-up on our earlier publications on Entrepreneurship and innovation, Advantages and how to become an Entrepreneur and what you need to know before you undertake. So, if you are interested on these topics and wants to be mentored as an entrepreneur, this topic is for you.
As a matter of fact, we had explained previously, there are different definitions for what it means to undertake, but this concept is surrounded by fantasies. Fed by articles and photos of celebrities, many of them show entrepreneurs enjoying a glamorous lifestyle, full of parties, champagne and fun. But not quite.
But please, wait!
The above story is true but not until the company is established, the most common is that the owner and his partners work longer than they would if they were in a traditional job. Is it not true?
That’s because they will need to structure the entire company, dealing with complex issues and sometimes performing operational tasks while they don’t have a larger team. This is the first myth.
In fact, in this topic, we gather other myths and some truths for you to know before choosing this path. The aim is to let you know what you should be being an entrepreneur.
Follow us then!
Entrepreneurship is about taking a dream off paper; true or false?
True, with caveats. This is because the start of an enterprise calls for a good idea and a lot of motivation for it to be put into practice. So it’s interesting that this idea is part of the entrepreneur’s dreams. However, he must be aware that not everything will be exactly as he dreamed. Because, the business will have to be validated with potential customers and, in some cases, presented to potential investors.
Myths and truths about what entrepreneurship is
Both situations may suggest the need for changes regarding the original project so that the proposed solution has adherence in the market. That is, the dream can change to adapt to reality. Did you catch this vision?
In addition, entrepreneurship requires only knowledge in the business area; Myth, is it?
Yes! Because, once you are in charge of your company, you will take on management and leadership activities that require knowledge to be successfully executed.
Myths and truths about what entrepreneurship is
Obviously, your technical expertise will be essential, especially in the early years of the venture, when you may need to perform the service directly for one or more customers. However, as the client portfolio and its staff grow, the tendency is that their agenda will be much more occupied by the administration and business management routine .
So, do not fall into the trap of deepening knowledge only in the area of your solution. Did you get this? So, let’s continue.
Entrepreneurship is about solving something that people need?
Truth. Very true. So, for your business to take off, it is essential to find a solution to a demand that has not been resolved to the satisfaction of the consumer. Once the customer identifies value in your product or service, it will be easier to close a deal and build a relationship.
Thus, you will form a sufficient customer base to keep the company running. So, please, keep solving problems.
Entrepreneurship guarantees a quick financial return
Myth. A big one. This is because, even if you have the right tools, extensive technical and management knowledge, you are unlikely to make a profit in the first few months. Therefore, it will be necessary to have some cash in hand in order for the business to work in the beginning, in addition to good planning to understand how long the return will come.
If the idea is to make money fast, it may be smarter to seek advice on financial investments and choose the most advantageous. Remember too that some projects are not for profit. Such business only look at social value additions. Whichever one you are interested in, we can help you with the required bankable business plan with feasibility analysis.
“Business opportunities are like buses, there’s always another one coming.” – Richard Branson.
Entrepreneurship involves taking risks?
Truth. Yes, this is a reality.
So, whether you are daring or conservative, the act of starting a business certainly implies risk taking. In fact, low adherence to the product or service, unfair competition, defaults and bankruptcy are some of the dangers that any business is exposed to. And the key to dealing with them is planning and monitoring.
Therefore, we advise, before launching your idea, define a business model. Set up a coherent plan and gather basic information for the company’s health. And, as you progress with your plan, monitor the results to see if everything is going well or if adjustments need to be made. This is why we continue to inform our clients that business plans are not to be archived.
Did you enjoy this write-up on Myths and truths about what entrepreneurship is? It’s our social responsibility in Cessummit to enlighten and educate entrepreneurs on contemporary business issues like this. These cover a major part of our write-ups on this site. In addition, too, we have some entrepreneurship training/development manuals on various agro-products like ginger, garlic, and more. We also have in stock various sizes of business plan for any business of your choice. Just name it and it will be made ready for you.
In this site in particular, we have so many articles on entrepreneurship development. In many of them we indicate some strategies that address start-up processes, planning and profitable business ideas. Another essential source of ideas we proffer for clients is through consultancy and direct contact with our professionals and those from different segments at fairs, events and courses on entrepreneurship and innovation.
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As a matter of fact, here at cessummit Blog we seek to share basic business ideas experience to equip managers, young entrepreneurs and market professionals to increasingly develop entrepreneurial skills, innovating in their businesses and achieving success in the market.
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Related to Myths and truths about what entrepreneurship is:
You rally need to tke a stand now. In fact, you re required to select related entrepreneurial innovative topics from the following list to guide you. Happy reading for start-up decisions.
- Market & Marketing Research for Start-ups
- The Roles of Start-up Business Plan in Nigeria
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- Other business plan templates
- Ginger Export Business Plan
- Garlic Export Business Plan
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C.A.C Incorporation Services:
- Business Name Registration
- Filing of annual return
- Filing of notices for changes of incorporation Documents
- And, Filing For Changes in Enterprises
- For more information
- Public Name Search filing
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- Incorporation Miscellaneous Filing
- Filling for AGM Time Extension
Business Support Services:
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