The 6 Lies Prospective Entrepreneurs Tell Themselves

lies prospective entrepreneurs tell

The lies prospective entrepreneurs tell themselves are rather twisted. Their ventures might be on the brink of disaster, but they will still indulge in self-deception. Why would they?

Right, self-deception is the best defense mechanism we humans have invented to feel more at ease during the times of trouble. As we put our rose-colored glasses on, we can’t see our failures. It makes us feel good. But for a short time, very short. And as we all know, witnessing our fantasy world collapse is devastating.

Since entrepreneurs are also humans – they lie. And the first people they lie to are themselves. But their businesses and startups can be unforgiving and here’s why.

Lie #1: Being a workaholic will help

Working hard is the key to success, blah blah blah. The easiest and yet the most unproductive of lies prospective entrepreneurs tell themselves.

It’s true that hard work is the foundation of every promising endeavor. But it’s too general. Instead, entrepreneurs should ask themselves which aspects of their business deserve the most attention. So, their hard work will not be done in vain.

What if a business fails to attract customers? Reasons for that can be multiple. Maybe the customer service isn’t good enough or the mobile app doesn’t work as smoothly as it should.

Finding the source problem might seem like the first step. Not really so. Acknowledging there is one is the first step. Working harder doesn’t always equal working smarter. If you can combine both, the better for you. But always keep working smarter a priority!

Lie #2: I can do everything myself

One of the lies prospective entrepreneurs tell themselves to boost their ego. Selling the products, managing the marketing campaigns, signing contracts, and the list can go on. The question isn’t how much of that entrepreneurs can handle but rather how much they should.

Entrepreneurs give their businesses the parental care nobody else will. Therefore, being skeptical when sharing the workload is totally OK. But you shouldn’t tear yourself apart. Sooner or later you and therefore your business will crack under the weight.

Doing the best of your abilities without going mad while trusting the rest to a professional team is the safest option.

Lie #3: The past experience is my guide for the future

If something worked once, doesn’t mean it will work again. Especially in the modern business world which keeps evolving at an unimaginable pace. Tools, markets, economic circumstances change and so should your strategy. Relying too heavy on the past might risk your business being out-dated, to be more specific – dead.

Entrepreneurs should be especially open-minded when it comes to social media marketing and content marketing. Those set new rules very quickly and it is very easy to fall behind.

Lies #5: My product is awesome

One of the lies prospective entrepreneurs tell themselves at the start of their journey. It’s such a comforting lie. It fills one with hope and enthusiasm. What’s the downside of being optimistic? There are none unless doing it blindly.

You might have a stunning idea, but it’s not going to work if you aren’t in the suitable market. You should think ahead.

Entrepreneurs should ask themselves whether they know the market, customers, and clients well enough. Make no magical prediction, just test your theory.

You might be utterly in love with your idea, so might your family and friends. But does the market need it as much as you think it does?

Lie #6: I only have time to focus on my business

You liar. From time to time entrepreneurs should take a break from the inside-outs of their business and look out for what the rest of the world has to say. Get a bigger picture and understand where you are in it.

Do some reading, grow personally. You never know which book or which encounter will tickle the most creative parts of your brain. So talk to people, build a network.

Keeping a close eye on what other businesses are doing is a must for every entrepreneur. Firstly and sadly, you will realize how fierce your competitors are and how screwed your business is. Secondly and fortunately, you will build an objective strategy to move forward.

The above mentioned lies prospective entrepreneurs tell themselves crawl into their businesses and their minds and destroy everything on their way. Being optimistic is good. But too many fantasies and disappointments await.

Critical thinking- is what every entrepreneur needs.  Put everything on the table, identify specific problems, put your pride away, learn from failures and start working in the right direction. If you do it all, luck awaits you along the road!

Armen Margarian

Armen Margarian is an attorney with The Margarian Law Firm.

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