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Tips - February 13, 2022

The 5 Biggest Myths About Building a Business (Part 1)

Many people believe that the founder is the ultimate boss in any business, but that isn't always the case.

The rise of successful entrepreneurs across the world is encouraging more people to launch their own businesses. One of the biggest myths when it comes to building a business is that it is the ultimate path to living the good life.

 While entrepreneurship can help you attain your dream social status, it probably isn’t the ultimate route. Founder at Groove, Alex Turnbull, highlights some of the biggest offenders. 

You become your own boss

Many people believe that the founder is the ultimate boss in any business. This is one of the biggest myths about building a business.

That couldn’t be more untrue. It could be investors or, most crucially, your consumers, an entrepreneur must always answer to someone.

After all, founders aren’t the ones that keep the lights turned on. Customers are the ones who make decisions.

If you don’t meet the expectations of these individuals they’ll most likely dismiss you just like an employer would.

You should do every job in the early days

Starting out as a founder doesn’t mean you have to do everything in the business. Recognize where you could be getting greater returns on your time like spending an hour doing customer development versus formatting a pitch deck. Delegating or outsourcing the less important tasks can be one of your best decisions, even when you’re working with a tight budget. 

Launching a business is the best way to become rich

The widespread belief that entrepreneurship is the best path to financial freed, isn’t exactly true.

There are many less hazardous and more dependable alternatives to attain financial independence besides starting a business.

You’ll be on a lot more definite route to financial freedom than most entrepreneurs if you invest in yourself, master a meaningful skill like coding, create a strong network, leverage that network to find well-paid jobs and save wisely.

You can make money in business, but it’s not the simplest or most secure means.

Launching at an Industry Conference increases your chances of success 

A lot of founders believe that launching their businesses at huge conference increase the chance of success.

According to Turnbull, this method nearly never succeeds. Launching a conference is a vanity event; it makes you feel good, but it seldom results in significant, long-term commercial outcomes.

He said it’s astonishing how many entrepreneurs he’s spoken with who have had zero paying clients after their event.

And, in many cases, those that do obtain signups from the event wind up with tire-kickers who don’t fit their desired customer profile, churning at best, offering bad feedback and prompting you to make erroneous product adjustments.

Keep your product hidden until it gets to the market

In the business world, ideas are the most overpriced currency. We all have ideas, but they simply won’t start making money without action. What matters the most is the never-ending hustle and careful execution required to turn any idea into a thriving business.

Turnbull said, If your pitch goes “but before I tell you, I just need you to sign this NDA,” you’re doing it wrong.

READ ALSO:5 Ways to Become a Successful Entrepreneur in 2022

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