“Don’t be an entrepreneur, if you are not ready for pain.” – Fred Cary
There is no better way to change your life and start doing what you were meant to do than by becoming an entrepreneur but, not everybody is cut for the job. We talked to the CEO of IdeaPros, Fred Cary, to debunk 5 entrepreneurial myths to help you get your facts straight and make the right decision about your future.
1. Entrepreneurs Are Good Leaders
Quite the opposite. The reason companies fail early on is because their founders are in charge of everything. When you start, you have to think about everything: Where to get stuff, where to sell it, how much to charge, where to store it, how to ship it and market it, etc. As you grow, you need to start bringing and empowering other people and that’s hard for an entrepreneur who is used to doing everything alone.
“Entrepreneurs usually don’t bring in people early enough and when they do, they tend to micromanage them.” – Fred Cary
An entrepreneur starts as a bad leader because they do everything on their own. To grow, you need to surround yourself with people smarter than you and trust them. You can’t be a specialist in everything, but you can have an expert in each field. As a leader, make sure to set a clear direction, understanding, and culture for your organization.
2. You Can’t Start Without Venture Capital Funding
You can’t start with it either. Most entrepreneurs start with personal loans and credit cards, as you can’t get venture capital at the idea stage. For crowdfunding, you have to have a prototype. You need to understand your price, manufacturing, and timelines before asking anyone to fund you. For angel investors, you have to have some structure in place.
“When you start your company for the first time, you have your resources, your family, and friends who believe in you.” – Fred Cary
Start small. Once you get traction, you can think about angel investors, banks, private equity funds, or even venture capital. A lot of successful companies didn’t start with a million-dollar capital. They started with enough money to get the ball moving and borrowed most of it. Do your market research and surveys. Learn if you should continue spending or change the direction you are going.
3. Forget A Routine, You Are On 24/7
The second part of this myth is somewhat true. You have to be available as an entrepreneur, but you also need a routine and the ability to manage the flow to stay on top of the game.
Do the hardest thing first. Get rid of the most pressing things at the beginning of the day, so you have the rest of the day for smaller tasks. Manage your time wisely by setting certain blocks for different tasks. Don’t disrupt yourself throughout the day. Give your brain a break, settle down, and get a routine. Do something for yourself before you do anything for others.
“Work on you before you work on your business.” – Fred Cary
4. Get To Market Fast And Beat The Competition
“The opportunities are not always best gleaned by rushing the market.” – Fred Cary
When you rush, you are probably unprepared for what awaits you. When you are unprepared, you make mistakes, and these mistakes can end your dream before it has even started. All you need is a bunch of 1-star reviews, unhappy customers, and a flawed product to be out of the game. Don’t rush to beat someone else, do things right, and you will get your share of the market. A good example is Lyft. They came two years after Uber, doing the same thing, and now they have a massive market share and billions of dollars worth of a company. They saw an opportunity to make it better for drivers and jumped at it.
“You don’t have to be first. You have to be the best.” – Fred Cary
Make sure you’ve done everything to deliver a quality product and turn your competitors’ one-star reviews into your five-star reviews.
5. You Have To Be A Young American To Be An Entrepreneur
Most entrepreneurs coming out are between 35, 55, and 65 years old. They are people who have had a career for some time and who realized they want to change.
“The reality is you can start at any point.” – Fred Cary
If you start later, your experience will help you be less disappointed and have more common sense. You are more ready for battle. You understand there are all sorts of pitfalls all the time, and they are an opportunity to be better.
As far as being American, 25% of US entrepreneurs come from other countries. Half of the companies valued at a billion dollars or more are founded by immigrants. While 30% of venture-backed founders are immigrant entrepreneurs. The reason for that is because somebody who comes from another country gives everything up to start anew. They let everything go so they can start over and that is the attitude needed to be an entrepreneur.
Stop waiting, arm yourself with determination and belief, come into the ring, and let’s go at it.
The “Idea Pros” at IdeaPros have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey.
We partner with entrepreneurs at any stage and who are ready to invest their ideas. Apply for an interview and let’s explore partnering together.