All entrepreneurs need is money. Is money a guarantee for success? Obviously not, right? Money is an important resource. It can buy you raw materials. You can employ the most qualified workers. You can pump up your promotional activities. But without leadership, you won't be able to inspire your workers. Without the right strategy, your promotional activities will not be translated into sales dollars. And if you are not selling that much, what's the use of all those raw materials that your money can buy? You need more than just money. You need to have leadership to inspire and to motivate your workers towards achieving your company's vision as well as their personal dreams. You need to strategize on how you are going to form that emotional connection with your customers. How are you going to connect with them? Money can only get you the tools, but do you know how to optimize those tools so that you will get the desirable results? Therefore, to say that all you need is money, is indeed a myth.
All entrepreneurs need is luck. Lucky Eddie!!! Haha!!! Once in a while, luck plays a part in success. But nobody is lucky all the time - if you can be lucky all the time, no need become entrepreneur, be a Genting kaki instead. LOL!!! Success in entrepreneurship requires more than just luck. You also need to have the relevant management skills, the right people surrounding you, if you are a guy - maybe a woman behind you will do the trick. Nevertheless, off and on, all of us need that lucky break. But, luck alone is not enough. All you need is luck? Well, just another myth.
Ignorance is bliss for entrepreneurs. This is tantamount to pulling a cotton wool over your eyes. See no evil, hear no evil, speak no evil. Better for you not to know the challenges and the risks of being in business. Otherwise, you will be reporting to work tomorrow with a big smile on your face!! But, if we are in business, then we can't just turn our back to all the problems and complexities. We have to meet those challenges head-on. So what do we need? We need to do careful planning. We need to know the strengths and weaknesses of our business venture. We need knowledge and information. We cannot afford to be ignorant. If we are ignorant, then we become a part of the statistics for business failure. So, is ignorance bliss? No, it isn't - it's a pathway to failure.
Entrepreneurs seek success but experience high failure rates. Is the failure rate of entrepreneurs really that high? Here, we would have to rely upon empirical data. In a research done by Kirchoff who traced 814.000 businesses started in 1977, only 18% actually failed in the sense of leaving behind outstanding liabilities. It is true that many entrepreneurs fail, but if they are willing to learn from their failures, this will lead them to future success. Failure is therefore a stepping stone to success. It is not period - meaning you don't step down and out. You get up and fight another day... and another day... until you win.
Entrepreneurs are extreme risk takers (gamblers). Maybe this stems from the perception of people with regard to individuals who move out of their secure job into the topsy-turvy world of business. "You must be crazy to leave your job". In truth, entrepreneurs are calculated risk takers. They try to minimize their risk exposure by doing painstaking planning. Well, to say that entrepreneurs are extreme risk takers may be true (for the failed ones!!!) but the truth is that successful entrepreneurs take risks because they believe that there is a pay-off at the end of it. The basis for this belief - it is the burning desire to succeed.
First of all,to become an success entrepreneur really need to possess different aspect of knowledge and good or accurate business strategy in order to maintain the good relationship with your customer and also your workers to achieve your desirable's company goals.In my opinion, before step in a success stage of entrepreneur, they need and must sacrifice many thing likes time and even some people spend their whole lifetime to trained to ne a success enntrepreneur.Unfortunately, most of them are failure because they enable to accept an repeated failure in their life.I agree what you are saying about that abstacle and failure as the stepping stone to achieve success.Because you able to prevent the repeated failed strategy implemented in last failure experience and create and innovate a new business strategy.
ReplyDeleteand thank you sir about the entrepreneur myth really helped and increase my knowledge.
Delete