Before anything, one thing that needs to be clear in the mind of every aspirant striving towards glory is the fact that the definition of success is relative. For some success can mean one thing while for others it could be a thing, on the contrary, therefore, everyone in this world has his or her own definition of success.
Coming to a more generic level, for business, the definition of success is mostly the same. The majority of successful entrepreneurs will share with us that when it comes to defining success pertaining to business, the consensus is upon the fact that making profit, expanding, and surviving, in the long run, are the factors that mean success to most of the business.
For an entrepreneur, it is important to know the misconceptions that an entrepreneur may come across and the facing of which can deviate the business from its path of success. The lines below give the major misconceptions that an entrepreneur must stay away from to steer the business to success.
1. Everything Goes As Planned:
The biggest misconception an entrepreneur can have pertaining to making the business success is that everything to make the business successful would go as planned. This is the single major mistake committed by most of the startup businesses. They fail to encompass the variables that are unexpected and come up at times when all is going well. Therefore, in order to be successful, an entrepreneur must always be ready for any unexpected event or problem to surface and then have the gears to deal with it properly.
2. You Don’t Need Help:
Another grave mistake that an entrepreneur can make to derail the business from the route of success is to think that he or she can do it all and don’t need the help of others. This success-misconception is the primary reason why most entrepreneurs don’t turn out to be successful entrepreneurs. Such entrepreneurs don’t delegate authority and keep all the power and all the work to themselves, therefore, there comes a time when the pressure and work takes a toll on them and they start committing mistakes that lead to the business failing. Therefore, it is all right to ask for help when you can’t handle things on your own. Having help will free your mind and time to focus on important matters.
3. Learning From Mistakes:
Although there are crucial times and occasions when you need to minimize your mistakes, however, it is also a fact that mistakes are a part of the learning curve. Being too stringent and strict about a mistake is an even bigger mistake that entrepreneurs make. Successful entrepreneurs have learned from their mistakes and made their business a success by making scaling up and tweaking, therefore, if there weren’t any errors who could say that they would have found the real route to success. Therefore, an entrepreneur must always be open to the learning experience.
4. No Time To Pause:
The common misconception pertaining to putting efforts for making a business success is that people think that the efforts need to be nonstop for success. Although consistency is the key, however, it does not mean that an entrepreneur cannot pause for a while and see what is happening. Moreover, taking a pause and reflecting over things is imperative to success, as it gives a clear picture to the entrepreneurs about the type of efforts that need to be put in and the corrective measures that need to be taken to ensure arriving at the destination of success. Therefore, an entrepreneur must dedicate time at regular intervals to pause and reflect on the happenings to get a clear picture.
5. Success Is A One Time Thing:
Perhaps the biggest misconception prevalent pertaining to success in the market is that success is a onetime thing. Most entrepreneurs consider success as achieving a particular goal and are not aware of the fact that the achievement of the goal needs to be maintained as well. Therefore, entrepreneurs who aren’t prepared to maintain their success soon lose the grasp of it and end up in a rather undesirable situation. Hence, success must never be considered as a onetime thing, rather it is an ongoing process.
Now it’s Your Turn!
To me, the aforementioned are the most crucial misconceptions pertaining to success prevalent in the market. What do you think? Do you have any experience in this regard or know someone who fell prey to these misconceptions? Do share your views and thoughts in the comments section below!
Great, I love your posts Nate!
Thank you! Appreciate the comments Cher! 🙂
Success is not a destination, it’s a journey.
I loved reading about success stories and entrepreneurship. And you just hit the nail here.
Everything must be planned and properly executed to leverage for success!
Great to read the post. Going to share it among my social networks.
Awesome, thank you Ankit!
There is really nothing to add except for the addition that ‘you ain’t gonna make that money in your first year!’ That is one misconception that many startups face: the target is to compete with Microsoft or Google after the first 6 months!
If I had known these tips shared here earlier, Nate, my first 2 businesses wouldn’t have crashed! I’ve learnt my lessons and I’m putting things in order now.
Thanks for a great post. Do have a great day!
Thank you Akaahan! You as well! 🙂
I think my biggest issue at this moment is trying to do too many things, when I know I should just be focusing on one and get that done before tackling another. Your blog was a good wake up call for me.
I’m glad it helped!
You point out some great things to remember here. Pausing I think is a great idea if you are not seeing results you expected and funny image by the way. If your pushing hard in one direction and it is getting you no where then it might be a good time to slow down and take a look around at what is happening.
Well said Jason!
Nate that’s a great post!!
Thank you Chetan!
Well I agree with first point, one need to plan, but not just that draft kind of, in the head planing, a real business plan, according to a research a comprehensive business plan helps entrepreneurs, organizations a lot in reducing risks of failures.
So one should give time to chalk out a comprehensive business plan, that takes around 150 to 200 hours, proper planing isn’t just necessary for that reason, as per research over million businesses starts each year in united states that excludes the online ones. so market is pretty competitive and things are way more complex than it used to be couple of decades back.
Let me tell you all something, You just don’t need great idea to be successful, an idea in itself is nothing, idea identification is indeed one of the important entrepreneurial behavior (C.M Gaglio “Opportunity Identification: Review, Critique and Suggested Research direction,” in J. A. Katz (ed.), Advances in Entrepreneurship, Firm Emergence and Growth, Vole. 3 (Greenwich, CT: JAI Press, 1997), pp. 139.-202. ) but idea alone can’t make you successful, its what you do with it, in other words successful innovation (Corbett, A.C. (2007) Learning Asymmetries and the Discovery of Entrepreneurial Opportunities. Journal of Business Venturing, 22, 97–118.) that’s what counts.
Finally you need to think like a marketer, you have to consider marketing as main function of business (no matter what your business is). you have to act like a marketing firm, agency, instead of being sales, profits oriented.
Overall a great post, some really good advices.
To learn that “out of the box” marketing checkout my website http://www.easymarketinga2z.com
Awesome feedback Arshad. Appreciate the comments!
Great post Nate – I agree with each one. Another that I believe is true is “that you have to spend money to make money.” I work with too many people who are unwilling to spend money to take their businesses to the next level and they stay stuck.
Then I get a client like I had last week, who understands that they have to invest in the business and in doing so she’s going to take huge leaps in her business in 2014. With the investment she made she’d have kept doing what she was doing in 2013 for 2014.
True that, Investment is key, but before investing make sure that you can support yourself, your family and your business for at least six months. Things are really tough for the first six months.
After all it is a legitimate business. One of the keys to be successful is to take a portion of your profits, and re-invest into your business. You always want to scale up your business each time you put work and money into it. Thank you for the feedback.
“AINT NO BODY GOT TIME FOR THAT!’ If you think success is a one time thing or will go as planned…you are very wrong! Success is a life choice, not just a one day stretch. Many people don’t consider these factors when starting a business. Thanks for sharing!
Exactly. Thanks Mike!
Business success may not come as planned and it will be wise for one to make contingency plans so that when the unexpected happens, you have something to fall back to.
Nice article Nate, keep sharing the good stuffs.
Thank you Nwosu! Appreciate you stopping by!
Another great post Nate. Number 4 No Time To Pause really resonates with me. I am kind of doing that now where I am stepping back a bit to see where I am going to go next and planning my 2014.
May 2014 be the best year yet Vince! 🙂
I can relate to these Nate. I’m guilty on all counts but I’ve found a mentor and that’s making all the difference.
Right on Greg!
Your blog posts ROCK!! I LOVE all the tips!! These are so important to remember! Thank you, Nate!!
You’re welcome Alanna!
One think I can say for sure is that “nothing goes as planned,” as you say. No. Never. lol Thanks for the insightful post, Nate. As always, I learn from you.
Thank you Jeanne. I’m glad that you’re getting value from my site. 🙂
The main thing is that a person must fail forward and learn from their mistakes and teach others to do it correctly so that other people shouldn’t have to struggle like they did.
Another thing is that nobody can build this business alone. A person needs to have a coach and a mentor who is building their business today and gets results based on things that work today, NOT five or ten years ago.
That is the only way to learn is to take action, and manage your expectations that you may not get it right the first time. If you fail or make a mistake, get back up and do it again. Thank you for the comments!
Great post! I think everyone must learn from their mistakes to be successful. Its like a baby bird being born, it must struggle in the beginning when it hatches out of its shell in order to survive and become strong. Thank you for sharing
You’re welcome Cindy!
You have given us the best way of personal life experience. Thanks for all your experience with us. Now and then, learning something from mistakes teaches us more than any other. I was probably making mistakes but made to correct them.
Hope soon It would be blessed with success as you got. Thanks for sharing this post.
You’re welcome Tharun! Thank you for the kind words! 🙂
Great article Nate, just shared this with an entrepreneur I know. Thanks for being so supportive and helpful to fellow entrepreneurs!