15 First-Time Entrepreneur Misconceptions

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:

  1. The destination is more fun than the journey
  2. The initial product idea will be successful
  3. All money is created equal
  4. Things happen fast
  5. Great products sell themselves
  6. If you build it, they will come
  7. Failure to raise money is due to a lack of investors that get it
  8. Culture is one of many items that can be controlled
  9. Timing a market is easy
  10. It’s lonely at the top
  11. Work/life blend isn’t possible
  12. Scaling a business takes the same skills as starting one
  13. No competition is a good thing
  14. Business plans are required
  15. 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?

13 thoughts on “15 First-Time Entrepreneur Misconceptions

  1. 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!!!

  2. 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.

  3. 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.

    Sent from my iPhone

    >

  4. 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!

  5. 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.

    • There are a number of great organizations like Entrepreneurs’ Organization and Young Presidents’ Organization that remove any loneliness of being at the top.

  6. 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.

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