Entrepreneurship is something that has become somewhat tantamount to the mystery and allure of Hollywood acting. The likes of Steve Jobs, Elon Musk, and Bill Gates are viewed with the same level of instantaneous awe that is often given to Brad Pitt, George Clooney, and Leonardo DiCaprio. (Diversity is another obstacle that both entrepreneurship and Hollywood are working to overcome).
The instantaneous awe that celebrities now receive is a good thing and a bad thing. On the one hand, it means that entrepreneurship is receiving an unprecedented level of publicity, which can in turn lead to more individuals pursuing entrepreneurship and receiving general motivation. On the other hand, the celelibritization of entrepreneurship also serves to perpetuate misinformation about the calling.
Misinformation about entrepreneurship is something that’s been rolling around my brain for a while. Imagine my surprise when I encountered this engaging video that debunks some of the myths behind entrepreneurship.
Below is an outline of the myths discussed.
Entrepreneurs are not secret geniuses
There’s an idea that you have to be an Einstein in order to be an entrepreneur i.e. you have to have a certain, superhuman level of drive and intelligence. This is patently false. A number of entrepreneurs come from humble means and often without mind-blowing previous experience. Practically anyone can become an entrepreneur. All it take’s is a dedication to following the Entrepreneurial Method. Now just because almost anyone can become an entrepreneur, doesn’t mean it’s the perfect calling for anyone. In the same way that anyone could train themselves to be a mathematician or an actor, one can train oneself to be an entrepreneur.
Entrepreneurs don’t start with a billion dollar idea
Rather than having a really great idea and then tirelessly pursue them, entrepreneurs look at their means and experience, and then look at how they can leverage their means and experience in order to pursue a variety of ideas. It’s like cooking. You may have a great recipe idea, but unless you have the ingredients to make that recipe, you won’t have anything to eat. Instead, you can just use what you have in the fridge and then make any number of delicious recipes from there. Instead of aiming to capitalize on one big idea, you aim to capitalize on a portfolio of ideas. Bezos founded Blue Origin and later acquired The Washington Post after his success with Amazon. With Change Realty LLC, I knew that I wanted to provide the best real estate experience possible. I introduced a 1% Listing fee, came up with a system for providing high-quality photographs of each household, and then worked towards a promise of hard-work and transparency.
Entrepreneurs don’t just hit by great ideas in the shower
Well, they might sometimes, but most entrepreneurs figure out their best ideas after working on other ideas. Facebook started off as a simple way of rating people around you. Today it is a platform for advertising, news, commerce, and of course staying in touch with your friends. By working on the base idea of what Facebook could be, we ended up with the the multi-faceted platform that we have today.
Entrepreneurs need lots of money to pursue their idea
You can start with your available means. Amazon’s Founder and CEO Jeff Bezos started with loans from his family members in order to launch the company. He didn’t use that money to get a fancy office. No, instead he started working for his garage. Sure, Bezos came from a hedge fund job before-hand. That definitely gave him lots of resources and experience with which to launch his company—but the fact of the matter is that Bezos didn’t wait around for funds to come his way, he told his idea to those around him and built up from there.
Entrepreneurs can’t share their ideas with anyone
You have to talk about the idea in order to get anywhere. That doesn’t mean talk about them willy-nilly to everyone you meet. It means sharing your idea with your trusted friends and family, working on pitching the idea to investors and marketers, it means regularly incorporating your ideas into your daily life so that you are constantly thinking of how to improve. No 9 to 5 here. Entrepreneurship is a lifestyle. Fortunately, it’s one that individuals can pursue with the fellowship of trusted business partners and.
These are just half of the take-aways I got from the entrepreneurship video. For the full experience, I recommend you check it out yourself.