Starting a business is never easy. However, when we lie, we just make things more difficult for ourselves. Optimism is a healthy thing to have but in moderation. As with every other venture, a business venture needs caution and honesty, especially when just starting out.
Some entrepreneurs emphasize the importance of being honest, but may not be that honest with themselves. This leads to unrealistic expectations and even failure. This could lead them right back to where they started: working for someone else. In short, they may have a brilliant idea and the resources to pull it off, but they can’t visualize their goals properly.
Below are some common lies that entrepreneurs often tell themselves. Realizing and avoiding these may just be the answer to a successful enterprise:
- Getting Too Certain
When a budding entrepreneur hits upon a workable idea, certainty is the first inadvertent lie. This is the part where one has to tread the most carefully. However, many potential business owners start dreaming about how they are going to be splurging their profits.
This sort of conviction is not only arrogant but an outright falsehood. An entrepreneur needs to pick holes in their idea; find flaws in order to fix them, and certainly not believe in instant wealth. Sure, there have been cases and stories of ‘overnight’ success, but there’s a huge effort that goes on behind the scenes.
This is one lie that could bring a business down before it even starts. Getting lost in daydreams of wealth would not help anyone achieve it.
If anything, an entrepreneur needs to live with his idea or concept. They also need to talk it out with more experienced people or try out a prototype with a trial audience. Simply put, there’s no time for daydreaming about work, there’s just work to be done. Being honest about this at the outset would greatly help in keeping one’s mind focused where it should be.
- Seeking Involvement In Every Aspect
This lie usually occurs when the business is safely off the ground. You may even be looking at some growth here. Because of this growth, there’s only so much one person can do.
CEOs and business owners may tell themselves that they can and will oversee every aspect of their business. This is understandable, as they’re the ones who started it all. Now, they want to see things going their way and have a say in everything.
Letting go and delegating can be difficult, especially when you see success on the horizon. However, the mark of a successful and honest entrepreneur is that they know their limitations. It is just not humanly possible to have full knowledge of all aspects of a business. For instance, one may have a great grasp on how to increase sales, but handling employees is not their strong point.
Hence, the impression that they deserve to control everything is another lie entrepreneurs tell themselves. With this attitude, they are saying that they wouldn’t learn from others nor trust them. This is a failing that could lead to their eventual tragic downfall.
When a business starts growing, change is inevitable. Entrepreneurs could still hold on to their values and goals, but they need to allow some flexibility. Otherwise, their business could very well become limited in its market share and its success.
Stagnation is never good when you’re trying to build a venture. Hence, listen to that manager or employee with the revolutionary idea. It may sound crazy, but so did all sorts of technology even a decade ago. Stay true to your vision and routine, but welcome evolution as an inevitable part of your life. Otherwise, you’re just doing yourself with the ‘old is gold’ policy.
- Downgrading The Importance Of Research
Reading and researching is a huge part of entrepreneurship. Ignoring this fact is just another deception that entrepreneurs buy into. They are essentially lying to themselves if they think running a business is all about hands-on experience.
It is true that one’s formal schooling doesn’t mean much if you’re not willing to work hard. However, reading is not limited to a university or college education. You would gain a lot of secondhand experience and even motivation if you seek out relevant material.
We’re not even just talking about books here. One should go and read articles by successful entrepreneurs and business owners; their blogs, even their Facebook posts. Learning what makes these people tick would hopefully make one able to imbibe some of their wisdom and habits as well.
In fact, market and industry leaders like Bill Gates are avid readers. So is Warren Buffett. They are constantly on the path to learning new things, new ways, and new methods. Telling yourself that what you know is enough is just a way of slacking off.
- Working Harder Instead Of Smarter
If an entrepreneur notices stagnancy in their business, they would try to deal with the problem. However, many make the mistake of putting in longer hours or churning out more products. They don’t get to the root of the problem or even try to find out the cause of any stagnancy or decline.
Working hard is a commendable quality, but not when one doesn’t even know where they’re going wrong. If sales have decreased, an entrepreneur should stop kidding themselves. They should see if the problem is in the rapidly, the marketing, or the entry of a competitor. Focusing on the main culprit would probably make the company itself run more efficiently without having to put in more time.
Being honest with yourself as an entrepreneur is a way to eventual success. Of course, one needs to be honest with their employees, partners, and customers as well. However, self-deceit is perhaps the basis of all other white lies that could bring a startup down.
Novice entrepreneurs especially have a tendency to stay in the past about many things. However, if they have to be honest with themselves, they should look towards moving forward. Following the above points would hopefully help them towards the paths of success and market leadership.
Jasmine Demeester is an entrepreneur and business leader at a well reputed Dissertation Writing Service. She is also a motivational speaker who inspires the ambitious entrepreneurs with her inspiring speeches. She is a sports freak and loves rock climbing, trekking.