You'll Be Your Own Boss: Really? Busting 5 Misconceptions Of Entrepreneurship Give biggest competition to your counterparts by busting the top business misconceptions.
By Jyoti Valecha •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Few people have misconceptions about the ethics of principles of business world which really need to be clarified. Even after a rich experience in the commercial world, people are not well-versed with the aspects of this stream. Hence, it is the dire need of hour to know more about these misconceptions and their realities for better understanding. Following are these misconceptions which have been commonly popping up in the business world every now and then:
Ranking in the business matters the most
From many years, there have been rumors that business ranking is the sole factor to be seen in the corporate world. This is a total misconception which needs to be rectified right away. Be it a retail, fashion, textile or travel business, every company owner should broaden his/her dimension within the business world. In other words, he/she should not just focus on the rankings of business, instead, try to expand the verticals of his/her operations.
"Your reputation is more important than your paycheck, and your integrity is worth more than your career." - Ryan Freitas, About.me co-founder
Narrow focus is sufficient for the corporate growth
Most of the entrepreneurs keep their focus narrow and limit their approach to certain extent. This gives them an illusion which makes them think it is adequate. The reality is simply the opposite. In short, the main aim of a business owner should be to expand his/her focus and attract best as well as pragmatic results. The broadened focus will even increase the business prospects of the organization.
"Chase the vision, not the money, the money will end up following you." - Tony Hsieh, Zappos CEO
Deals do not get closed until they are executed
Many organizational committees which are responsible for decision-making presume that deals do not get closed until they get executed. This is merely a misconception about the closing of deals. On a contrary note, it is not at all the case in the closing of deals. However, this perception may change from time to time or due to varying circumstances within the business verticals.
"Make every detail perfect and limit the number of details to perfect." - Jack Dorsey, Twitter co-founder
Investors are not really needed in the business
Most of the people have preconceived notion that they really don't need investors for their business. However, this is totally wrong because investors generally contribute in a major way to the business operations of an organization. Besides, investors can help you greatly to achieve success by letting the monetization be a continuous segment. They can even fetch you the profitable opportunities in a short span of time.
"It's not about ideas. It's about making ideas happen." - Scott Belsky, Behance co-founder
You'll be your own boss
At present, the upcoming and existing business owners presume that they will be their own boss. But, the actual scenario is different as the staff members, vendors and investors are also among the people who contribute to the success of all the business operations. Thus, an entrepreneur is not the only recipient of success in the business, instead, all the people who strive to make commercial operations successful are also the contenders for the same.
"Get big quietly, so you don't tip off potential competitors." - Chris Dixon, personal investor
In brief, it can be affirmed that the above stated misconceptions about business and its operations need to be clarified initially. This step will indeed act as the best way to succeed and attain all the corporate objectives in a short span of time. Lastly, there will be no faltering in the business life when the misconceptions are identified and rectified in a timely manner.
