Misconceptions cause people to make wrong assumptions, leading them astray. There are a lot of these misconceptions in the online entrepreneurship sphere, and they cause businesses to fail and even stop them from seeing the light.
In this article, you’ll be learning about some of these misconceptions with tips on how to manage them.
The misconceptions are:
- Age Matters
- Overnight Success Happens
- It’s All About The Idea
- Debt is Necessary
- One-man Army Exist
- Funding or Nothing
- You Boss Yourself
Many people believe age has an impact on online businesses. They feel there is a limit to what they can do at a certain age and do not venture into online entrepreneurship.
Online entrepreneurship is becoming easier to go into, thanks to the internet, so anything is possible regardless the age.
Overnight Success Happens
Every successful online business you know of today started from somewhere. So fairytales of businesses which became established overnight should not be taken seriously.
Young entrepreneurs are inspired to start their own business from the lives and stories of companies that have “made it,” with a strong reputation.
In reality, nothing happens overnight. Great online businesses are a result of consistent work and motivation to overcome all kinds of challenges.
It’s All About The Idea
In the heads of many people, successful online businesses are all about the next “big idea.” Online entrepreneurship goes beyond having a brilliant idea, as there are lots of challenges to be faced.
A brilliant idea makes up about ten percent of a successful business, while decision making, execution, and timing make up ninety percent.
As an online entrepreneur, you need to be courageous enough to drop failing ideas and evolve. Decision making determines the fate of every business, and ideas barely matter a lot.
Debt is Necessary
A long list of debts is not a prerequisite to being a successful online entrepreneur. It is not uncommon for aspiring online entrepreneurs to feel discouraged about online entrepreneurship, due to the costs associated with being an entrepreneur.
Decision making and being financially astute is vital. A lot of people start businesses and run them effectively without running into and debt.
You need to have a debt-proof plan. Start with what you have and grow through it. Debt is not a prerequisite for a business to grow and be productive; this can’t be overemphasized.
One-man Army Exist
Aspiring entrepreneurs often tend to believe that they can take their business idea from the ground up on their own.
Believing that running a business as a one-man soldier may kill the business faster than you can imagine. All online entrepreneurs need to work with other individuals to keep their businesses afloat, and you are not an exception.
Therefore you need to find people you trust, who believe in the business as much as you do and work with them.
Such partners will help you fight those inevitable fires the business will face, give suggestions, and be with you to celebrate the little “wins.”
Funding or Nothing
Truly, funding is key to every business. But you the earlier you realize that an online business goes beyond funding, the better.
You do not need massive funding to be successful, just enough to keep the business afloat and executing tasks. Successful online companies like dating sites started with close to nothing, and they are faring well.
Chasing funding at all costs can cause you to lose focus of the business. As investors come in, they’ll want to have a say in the operations, and you may end up being a puppet in your company.
You Boss Yourself
You are your boss as an entrepreneur, but that’s only on paper. In reality, you have to answer to other people who seemingly are not in a higher place than you in the company.
When you take business loans and grants from investors, you have to give reports to the investors.
If you have co-founders, you have to explain the motive behind every decision you take as the business head. So you aren’t the boss of yourself, as you still need to be accountable to other people with stakes in the business.
Although there still is no secret pass way or road map to successful online entrepreneurship, discarding various misconceptions about it can help a great deal in stirring a smooth course through the storms of business.
Online entrepreneurship is lucrative, fun and unrestricted. The sky’s the limit.