Lies of a Business Owner

Entrepreneurs come in all shapes and sizes. Their businesses are as different as their DNA at times. Some businesses take off and grow quickly, while others move along at a steady pace. While entrepreneurs are different and unique, they face similar challenges and problems commonly found in business. Entrepreneurs will often rely on the same “I’ll tackle that myself” mentality; however, seeking outside assistance is also an option.

According to Guy Kawasaki, the top ten lies entrepreneurs express to others include:

            1. “Our projections are conservative”
            2. “The market is forecasted to be $50 billion by 2010”
            3. “Amazon will sign our deal next week”
            4. “Key employees are set to join us as soon as we get funded.”
            5. “We have no competition”
            6. “We need you to sign a nondisclosure agreement”
            7. “Our larger competitors are too big to be a threat”
            8. “If I could get ‘one of them’ grants for my business, then I will be set”
            9. “Our patents make our business defensible”
            10. “All we have to do is get 1% of the market”

If you are an entrepreneur and have said any of these statements, you are not being completely honest with yourself or with others about your business. Before opening a business, do the necessary research to see if your business idea will be able to be supported by the market you are seeking. Ask potential customers what they think about your product or service. If you need a prototype to demonstrate to others, then you need to have one created.

Being an entrepreneur is hard work. If it were easy, more people would open businesses rather than work for someone else. Since running a business requires a lot of hard work and takes a  desire to overcome the risks involved with business ownership, why not take the time to start the business right? Understand how you intend to finance the start of the business (knowing there are NO grants available to start businesses), how to acquire the skills you may lack in running your business and how to get the market to buy from your business.

Entrepreneurs do not need to know everything. Assistance for entrepreneurs comes in many different ways; entrepreneurs need to seek information from industry experts as much as possible. While seeking information and assistance, entrepreneurs also need to be aware of what information is coming from what source. If you seek information from your best friend, his/her advice may not be accurate or right for them to express towards you. If a friend said you have no chance to break into the market you are seeking, how are they to judge that for you unless they are an industry expert?

When seeking the help of professionals, entrepreneurs need to “interview” those companies and representatives that you would be hiring. You are hiring them, so seek the assistance you need from them. Don’t let those firms tell you what you should want or need. 

Information is a critical component to being a business owner. The more information and training you obtain for your business, industry, market and skills the more equipped you will be as the leader. Commit to yourself that you will no longer make excuses for your business; rather you will seek what is needed to make your business a success.