Hello, hello, and a very big welcome to a brand new episode of the Elevated Entrepreneur podcast. If this is your first time here, then thank you so much for tuning in, I’d love for you to check out elevated entrepreneur.fm, where we have so many more episodes together with show notes and transcriptions and even special downloadables that I have made just for you. If you’re a longtime listener, then thank you for coming back for yet another episode.
Today’s episode is all about dispelling myths, not the ghost and Gauss kind of method, but more importantly, entrepreneurial myths so that you and I can become better entrepreneurs, and also become elevated entrepreneurs, you see what I did there. This episode is where I’m going to take six myths about entrepreneurship that I have been hearing for a very long time.
And I’m going to break them down and disperse them so that people who are looking to become entrepreneurs can indeed become entrepreneurs, and entrepreneurs who are already running businesses can become even better entrepreneurs. So if you’re excited as much as I am to hear these six myths, and hear how I dispel them, then grab a coffee, grab your headphones. If you’re out for a drive, turn up the volume and help me Cue the music.
You’re listening to the elevated entrepreneur podcast, a podcast designed to help retailers restauranteurs and entrepreneurs simplify business operations and use modern technology to elevate their business. Here’s your host, Dhire Bhatia.
All righty, let’s get this episode ready to rock and roll. Now as we go through this episode, and I talk about these six myths about entrepreneurship. There is this one book that I’m going to refer to time and time again, it’s called E Myth. And it was written by a phenomenal author named Michael E. Gerber.
In fact, Michael Gerber is an award winning author and his book, The E Myth has won multiple different awards and is translated into many different languages and versions, so can’t recommend the book enough. In fact, I feel it should be mandatory reading for anybody who’s looking to become an entrepreneur, or anybody who’s looking to up his or her entrepreneurship game.
So let’s get started with Myth number one, which is entrepreneurs are special. They are typically the smartest people in the room, or better yet, they already know what they’re going to create. And I think this is really far away from the truth. Because most entrepreneurs are people that have an idea, they have a desire to fix a specific problem, but they don’t necessarily know what the product might be.
In fact, entrepreneurs are people that are like chefs in the kitchen, trying to cook a recipe but not knowing the recipe, and they open the fridge to figure out what’s in the fridge, and what they could use to make something and how along the way they can make that recipe even better.
Second myth that I find really funny is you shouldn’t share an idea as an entrepreneur, why not? No one’s going to steal the idea. There are so many ideas in the world. And if that was the case, everybody would be stealing ideas every day. However, I feel that entrepreneurs have a specific thought in mind, and discussing that thought, but somebody else’s perspective can make that thought into a much more powerful idea. And then maybe even help create something very specific. Ideas are meant to be shared, not locked in a door, or stored in a NASA facility.
Only when two people talk and share perspectives, can they become more powerful, so that when you share your ideas, you are going to get to something that you may not even have thought possible. In fact, me sharing ideas is not going to make me win or make me lose. It’s not even a win win situation.
We’re not trying to build the biggest cake, we’re trying to build something that is not even resembling a cake. And I along the way, would love for people to collaborate with me and helped me make this imaginary cake into something real,which is why I think ideas are best shared.
The third myth that I want to talk about is the fact that entrepreneurs love risk. And short. There are some really good examples of entrepreneurs in this world who show off as really big risk takers. But I think deep down in our core entrepreneurs are far from risk takers.
They are people who understand what the potential upside is and what the potential downside could also look like. Which is why most entrepreneurs when they get into business, do start with taking high interest rate loans from bad people because they understand what it would cost to get out of that situation if they had to.
I think entrepreneurs are also the kind of people that understand how they can de risk A certain risky situation, whether it’s through their knowledge through their actions, through their network, through their connections, and I feel entrepreneurs usually know what their unfair advantages, knowing an unfair advantage is a very good technique to be successful in life. In fact, there’s a really good book on this called the unfair advantage, I also recommend that you get a copy of that book.
Myth number four, entrepreneurs are charismatic, and generally very lucky. And I think this is the opposite of the myth that I just shared that entrepreneurs love taking risks. I feel not all entrepreneurs are charismatic. And luck, certainly is a big part of who we are and what we do and how we become. And a famous example of this is Bill Gates wouldn’t be Bill Gates if he hadn’t studied in that particular school in Seattle, which happened to be the only school in Seattle that had a computer. So indeed, luck is a part of that. But it’s not the only factor.
Entrepreneurs are the kind of people that understand and have a vision, they live with purpose, they have an idea that they want to change the status quo. And it’s about bringing that spirit of innovation. It’s about knowing what the new world would look like, with your new idea.
And they keep turning the wheel of fortune multiple times, it’s like going to a casino, either going out with a big hand, or going out with a loss of millions. But if you are going to stick with it, you’re going to keep turning the wheel of fortune, you are going to make it big, which is why entrepreneurs are not generally lucky, they’re just spinning the wheel constantly and consistently.
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With no number five entrepreneurs are born not made. Oh, I don’t think this is remotely even true. You know why? Because entrepreneurship is not a genetic thing. Nobody is born with a set of genes that make you a fantastic entrepreneur, if anything, it’s a skill that is learned again, and again and again, with multiple failures along the way. And that’s typically true too.
Nobody talks about the failures, an entrepreneur has had to go through to get to a certain level in their game, which is why entrepreneurship is a learned skill.
It is something that you get better with practice, you get better with bringing on mentors and coaches and accountability peers. And again, sharing ideas with these people so that they can help you finesse the idea. They can help you finesse your skill. And also, you get better. As an entrepreneur, when you have more people join your mission, join your purpose.
So entrepreneurs are not born, they are made through the school of hard knocks. The last one is about an entrepreneur, having everything documented through a business plan. Or this idea that I can only start a business if I have a phenomenal business plan. And this again goes hand in hand with the idea of luck. Sure enough, a business plan is a great document to have when you’re starting a business. And it’s going to help you avoid some really catastrophic pitfalls. But it’s not the magic solution. It’s not the silver bullet.
Most entrepreneurs seldom follow the business plan to a tee. In fact, the business plan that they wrote in the very beginning is pretty much not how they have turned that business to be. If anything, that business plan has gone through so many different changes. It has gone through so many iterations that the business plan they are currently running seldom looks like the one that they started the business with.
So it’s not true that you need a business plan to get your business started. In fact, I heard earlier about a guy that I follow talk about this idea of an archaeologist versus an architect. People love to be architects, we want to be able to design plan and blueprint, the whole thing, even before we are able to build something.
However, archaeologists, on the other hand love to dig, they don’t know what they’re going to find, but they’re gonna keep digging and digging and digging till they find something that is of interest.And if they don’t find a particular item in a particular spot, they’re going to continue looking in a different place and they will keep continuing to dig.
And I think that is really the hallmark of a good entrepreneur, this idea of tenacious digging and continuing to explore what somebody else may have overlooked this idea of being able to continue to finesse a particular idea till it becomes something of value, which is the biggest thing that keeps a lot of people from starting A business or maybe even growing something to the next level, because they’re afraid of what could happen.
And most successful entrepreneurs, the entrepreneurs that are okay with that philosophy are okay with not knowing what’s in the future. And there you have it, folks, six myths that I believe are not true. Six myths that should be removed from all conversations. If you feel like I should add to this list, if you know of a myth that’s been told in bars while drinking, and you feel very strongly about that myth not being true, then go on and share that bass with me and I’d be happy to feature it to hear on the podcast, you can do this really easily by going on to elevated entrepreneur.fm/speak.
You know, what you could also do is tell me how I’m doing as a podcaster. As a host, if you’ve got feedback for me, please take a minute to send it my way. I’d love to hear from you. I love getting comments and feedback. And I love to also feature that message here on the podcast again, elevated entrepreneur.fm/speak will take you less than a minute, you could do it from your phone, and I would be very grateful for you.
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