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?