Question: What is one business myth that entrepreneurs should disregard?
You Have No Time for Friends and Family
“Smart entrepreneurs know that having a supportive network of friends and family is critical to helping cushion the falls inherent in startups. Just because you work a lot doesn’t mean that you should neglect the people you love; they are critical to your success.” — Lisa Curtis, Kuli Kuli
Successful Entrepreneurs Always Know What to Do
“While many successful entrepreneurs may appear to always have a plan and actionable steps to create success, many of them accomplish their goals from continuous failure. Embrace the fact that you will never know everything and fall in love with the process of failing.” — Kyle van dyn Hoven, Creation Burst Studios
You Have No Boss
“You are accountable to both your customers and your employees. If you raised money, you are also accountable to your investors. At times, this can feel like you’ve traded one boss for many. There is definitely a certain freedom in being an entrepreneur and defining your own way; however, many entrepreneurs feel like they have traded a direct boss for numerous indirect bosses.” — John Arroyo, Arroyo Labs, Inc.
Revenue Equals Success
“It’s easy to look at a company’s revenue and deem them successful. However, the true value of a company is based on profitability — not just on shear revenue size. Keep revenue in mind, but always focus on profitability and sustainability of the business.” — Ryan O’Connell, LaunchKC
Only Data Signifies Your Business’ Success
“There’s an entire culture that believes data holds the key: that if you optimize your click rates, you’ll build a successful business. But if you study data science, you’ll find that correlation doesn’t always equal causation, and that more clicks don’t necessarily mean more customers who care. Don’t become blinded by incomplete data and forget your strategy, vision and how you want your customers to feel.” — Todd Medema, Sled
You Must Always Think Big
“While thinking big is something that is always taught, it’s also important to realize the power and profitability within smaller niche markets. Thinking big doesn’t mean you have to go after large markets like finance, health or entertainment. Instead, entrepreneurs can focus on these niche markets and become an authority within that space. Instead of thinking big, think about how you can be the best.” — Zac Johnson, Blogging.org
Success Is Achieved Solely Through Churning Out Work
“While all entrepreneurs have to work incredibly hard to be successful, action should never be confused with progress. Entrepreneurs should constantly evaluate whether their approach is proving successful and stop or change it if necessary. They should simultaneously see both the immediate and the bigger picture.” — Tom Chalmers, IPR License
BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small business owners.
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