Entrepreneurs are a unique bunch. So much ambition, optimism, and blissful ignorance all wrapped in a desire to change the world. First-time entrepreneurs are especially exciting as they don’t know what they don’t know, making for even more limitless possibilities.
Here are 15 misconceptions for first-time entrepreneurs:
- The destination is more fun than the journey
- The initial product idea will be successful
- All money is created equal
- Things happen fast
- Great products sell themselves
- If you build it, they will come
- Failure to raise money is due to a lack of investors that get it
- Culture is one of many items that can be controlled
- Timing a market is easy
- It’s lonely at the top
- Work/life blend isn’t possible
- Scaling a business takes the same skills as starting one
- No competition is a good thing
- Business plans are required
- The company with the most funding wins
Often, you have to experience something first-hand to truly believe it. With time and experience, many of these misconceptions will be dispelled by first-time entrepreneurs.
What else? What other misconceptions would you add to the list?
David Cummings on Startups 
I agree with all of the above. And I thank god everyday for not knowing all this before I started. If people would know before hand how hard it is to build a business, most of them wouldn’t start.
It’s best to jump in, once your in it you’ll make happen!!!
I’m guilty of many of these, but I largely disagree on #8.
IMHO, culture is so strongly determined by what the founders do (not say), what they encourage in others, and who they hire. Control these and you control a huge chunk of your culture.
I am definitely guilty of no#5. I think most people don’t understand how difficult it is to achieve affective marketing.
Hello
Warm greetings
Very interesting post..
I would appreciate your clarification re #14 -Busi ess Plans are required.
Looking forward to your clarification and reply.
Thank you.
Best regards,
Susan
Susan Krauss President and Founder Green Corsair Tech Labs LLC. Suekrauss@urgrad.rochester.edu Greencorsairlabs@yahoo.com
Confidential Communications. Trade Secrets. Non Compete. Non Solicit. Non Disclose.
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As a first time entrepreneur this did open my eyes, thank you 🙂
Particularly accurate in saying you have to experience something first hand to believe it (or have any idea what you’re talking about…)!
To name a few:
No one can charge for their service or any fees up front means NO ONE will do business with you.
Oh! Wait! There’s more:
You have to go to school forever of your life time to learn ANYTHING about what ever it is your looking to start up as a business.
If your new then just NEW and “us” old folks can achieve theist because we been here on earth longer.
Is it just the THINKERS & RISK-TAKERS who vision success in a small tube or is just YOU and your way of thinking?
People right!
Reblogged this on patrick nelissen.
Very good & interesting list! Thanks for sharing!
And I want to ad cash flow. Launching a product doesn’t mean cash from the start. Start ups need to create funds to pay their bills for at least 6-9 months after the product launch.
Good point on cash flow
Hi David. Great list. Would love to hear more about why regard #10 as a misconception. So often hear and experience the reverse. thanks
There are a number of great organizations like Entrepreneurs’ Organization and Young Presidents’ Organization that remove any loneliness of being at the top.
Sophomore in college studying Software Development. and I know its hard starting a business but I’m crazy about starting already! , trying to find a place to start but don’t know where. I love your website. Thank you.