Posts Tagged ‘Myth’

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Is Internet Business a Myth or Reality?

Internet is a amazing breakthrough for any business. It is a gold mine. It is both a cash cow to few and a great unsolved puzzle to many? To be a successful opportunist on internet is to know the way it factions and to know the do’s and don’ts.

There are many ways one can use internet from a mere chatting, emailing to earning opportunities in small way to establishing a big business.

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Entrepreneurship ? the Failure Myth

A life spent making mistakes is not only more honourable, but more useful, than a life spent doing nothing.
George Bernard Shaw

According to Global Entrepreneurial Monitor (GEM) fear of failure is the top reason given in Ireland and worldwide by aspiring entrepreneurs for not starting their own businesses.

NESTA – the National Endowment for Science, Technology and the Arts and the UK’s largest early stage investor in innovative and creative businesses – found that almost three quarters of people who said they had what they believed was a good business idea were not acting on it because they were afraid of not succeeding.

Ironically on further examination it is obvious that all would-be entrepreneurs are being paralysed by something that doesn’t exist.
That’s right. Failure is a myth!

You have already shown that in your own life, you certainly don’t need a motivational speaker to prove this!

Entrepreneurial Development – Failure Brings you Closer to Success!

Thomas Edison, inventor of the light bulb famously said “I have not failed. I’ve just found 10,000 ways that won’t work.”

It took James Dyson, the engineer who reinvented the vacuum cleaner, four and a half years and 5,127 prototypes to refine his design.

“Each failure taught me so much,” he said. “Success teaches you nothing. Failures teach you everything. Making mistakes is the most important thing you can do.”

In an interview with Time Magazine, Larry Page, inventor of Google, said, “Invariably we try ten things that don’t quite work out in order to do one thing that is successful. And we learn a lot in doing the ten things that didn’t quite work.”

Thus every failure brings you a step closer to success and moves you further down the path of entrepreneurship.

Ironically by embracing this truism you mastered your first two major challenges in life – walking and talking.

Remember: As a child, ‘Never say die’, ‘Have no fear’, ‘Try and try again’, ‘Enjoy the moment’, were your working metaphors.

You fixed your eye on the goal, took your first step – wobbled a bit – steadied yourself. Then another step. Then landed on your backside!

What happens then? Did you give up? Did you say to yourself ‘I tried my best and I can’t do it. It hurts. I’m never doing that again!’? Did your ego kick in and start whispering ‘you’re making a fool of yourself. They’re all laughing at you! Better quit while you are ahead.’?

No indeed, as each one of us is born with an innate desire to reach our full potential, you got up and tried again ultimately succeeding.

Model off past childlike strategies in the future and master the art of entrepreneurship!

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The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It

  • ISBN13: 9780887307287
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Product Description
In this first new and totally revised edition of the over two million copy bestseller, The E-Myth, Michael Gerber dispels the myths surrounding starting your own business and shows how commonplace assumptions can get in the way of running a business. Next, he walks you through the steps in the life of a business -- from entrepreneurial infancy through adolescent growing pains to the mature entrepreneurial perspective: the guiding light of all businesses that succeed -- and shows how to apply the lessons of franchising to any business, whether it is a franchise or not. Finally, Gerber draws the vital, often overlooked distinction between working on your business and working in your business. After you have read The E-Myth Revisited, you will truly be able to grow your business in a predictable and productive way. Read the rest of this entry »

Entrepreneurship is Not for Everyone…5 Myths and Realities of Entrepreneurship

With the economy in shambles, talk of self-employment is on the rise. Americans are beginning to realize that dedication and loyalty to someone else's business is no guarantee of security, and working for themselves is sounding better and better. However, many people harbor significant misperceptions about what entrepreneurship really means. The myths and realities of entrepreneurship should be well understood by anyone thinking about going out on their own.

Myth #1: Starting my own business means I will have more free time.

Reality: For most startups to succeed, the entrepreneur must put in extraordinary hours, especially during the early stages. Every detail of the business requires attention from you and your to-do list will grow faster than it does at a 9 to 5 job. Carving out time for yourself will be necessary, but difficult because you will forever be thinking of the thousand things that should already be done, but aren't. If you are looking to build a thriving company, don't count on spending lots of time on the golf course, at least not in the first year or two.

Myth #2: Owning my own business will solve all my financial problems.

Reality: While it is true that business ownership is the only way to dramatically increase personal wealth (besides winning the Lottery), it does not happen overnight. After months of work to get your venture to the break-even point, your next objective is ramen-profitability. That is, a successful startup will keep you and your family in ramen noodles until the next sales growth spurt. Plan to sink every dime you can into your startup for at least the first year. It might be tough, but the payoff is significant -- and one you aren't likely to find crawling up someone else's corporate ladder.

Myth #3: My idea is so good it will sell itself.

Reality: No, it won't. Building sales requires time, money, effort, and planning, no matter what you are selling. Even if you are starting with a great client ready to buy, you must always be looking for the next great client. Marketing is at the heart of all businesses -- no marketing, no sales.

Myth #4: Self-employment is easier than working for someone else.

Reality: Working for yourself is far more demanding than any job. The business begins and ends with you. Sick days, hour lunches, and leaving work at work are perks reserved for employees, not the boss. Until you have grown your venture to the point of having a trustworthy staff to cover all critical tasks, it is on you. However, successful entrepreneurs are driven by the control and autonomy that come with self-employment and enjoy the feeling of being responsible for every outcome -- good or bad. If entrepreneurship were easy, more people would be on board. As it is, only 7.2% of Americans are self-employed -- far fewer than most other industrialized nations.

Myth#5: Running my own company means I get to be my own boss.

Reality: It's true! You do get to be your own boss, as well as your own accountant, your own lawyer, your own marketing department, your own support staff -- the list goes on. While entrepreneurs do have more control over what they do and when and how they do it, they also have the added pressure of all the responsibility for the success and failure of the business. Entrepreneurs also trade in a single boss at a regular job and receive hundreds or thousands of bosses -- your customers. Your customers are the lifeblood of your business. It is your responsibility to provide a product that benefits them and offer customer service that keeps them satisfied and coming back for more.

As your business grows, your responsibilities expand to include keeping your employees happy as well. No longer stuck with a boss? Now you have thousands of them.

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