5 Lies They Told You About Entrepreneurship

Lie #1: Work hard and you will succeed!

• False… In the Digital Age, hard work is NOT good enough anymore!
• We may work 24/7, but if our business model is irrelevant or outdated, there’s no way to achieve success.
• Strategy wins wars, NOT brute force.

Lie #2: You need to know everything about business to succeed!

• False… Entrepreneurship is the art of putting a puzzle together, not doing everything ourselves.
• Success in business is achieved because of teamwork, NOT because of one superstar.
• Great entrepreneurs surround themselves with amazing people that join forces to execute his/her vision.

Lie #3: You need a College Degree / MBA to succeed!

• False… Entrepreneurship is about having a deep understanding of a problem/hurt/need of a market and building a business model around it to deliver the solution to the market.
• Most college and MBA skills are focused on managing a business, NOT creating / putting together / starting a business.
• Successful entrepreneurs are focused on their customers, NOT on their management skills.

Lie #4: You need money to succeed!

• False… The most valuable company on earth was started in a garage (Apple) NOT in a fancy office.
• Michael Dell started in a college dorm room, NOT on Shark Tank.
• Entrepreneurship is all about taking action, and solving one problem at a time, NOT about selling investors false dreams.
• Money is attracted to value; deliver value and the money will come.

Lie #5: You need to invent a product or service to succeed!

• False… Inventions without a business model are just breakthroughs, NOT businesses.
• Innovations are very difficult to be introduced to the market. Instead, find ways to innovate on how you deliver value to your customer.
• Focus on paying customers, NOT what you believe customers need.

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