Entrepreneurs are a different kind of thinkers. They are forward thinking, tenacious, go-getters, and yes, little liars. You may not have expected to hear that, but it’s true. Entrepreneurs want desperately to succeed in what they do and in order for them to do it, they set some ground rules for the way they have to think. Truth be told, if they didn’t tell themselves little lies, they may never have the guts to go out and try to put their plans, their dreams, and their ideas into motion. If you have ever tried your hand at entrepreneurship, then you may understand where this is coming from, and you will probably understand a little better, once you finish reading this article. So, yes, entrepreneurs tell themselves little lies, and if you ware wondering what types of lies I’m talking about, then keep reading, because here are 10 lies that entrepreneurs are always telling themselves, and some can be quite dangerous.
1. Everyone will love this
It’s great to be positive and optimistic about your idea, your product, your business. Optimism is needed, because what’s the point of working to develop something that you don’t think is going to work, or be needed by people. But if ideas and products have to be looked in a realistic manner. You cannot positively know what consumers are going to love. You can make an educated guess, even test the theory, but to lie to yourself and tell yourself that you “know” people will love something, is just telling yourself a lie, and this can be a hard realization for entrepreneurs when their product or idea fails.
2. Just work harder
There is a common theory among entrepreneurs, and that is, if you just work harder, you can make it work. We all know that hard work is often needed and to be work-driven, can be a good thing, however, to think that harder work is the answer to everything, especially if things are going as planned, can be the downfall to a lot of different things in your life. Working too hard is not only not good for the mind, body, and spirit, but it can cause you to get frustrated with your project or idea, frustrated with your colleagues, and even make mistakes that could cost you the project, and relationships. The key for entrepreneurs isn’t to work harder, but smarter.
3. Change directions on a dime
Many entrepreneurs get the idea that if things don’t work out, they can change directions on a dime. To be able to change directions if things ultimately don’t go as planned, is a good idea, but to do it on a whim, or spontaneously is not the answer. A plan needs to be in place. Pivoting directions requires knowing when to make the change, knowing how to reposition yourself in the marketplace, and tweaking your offerings are all a part of good business sense.
4. Pricing really low will get more interests
This is something entrepreneurs think because they just want to gain an interest. It may sound good, but you are really just hurting yourself and losing out on profits if you do this. To find out what the best price for your product is, know what your expenditures are on materials, marketing and salary. You have to find the margin that will bring in enough to cover your costs and make yourself an income to live on. Undercutting yourself will only put you in the hole.
5. Must hire the best
Some entrepreneurs think they could and should only hire the best, the top people. Of course sometimes the very best is needed, but in many situations, hiring someone who has potential and can grow with you, is better than the best. You will have to pay big bucks for the best and this could mean draining your bank before your business or idea even really gets off the ground. If you are a new company, it may be wise to even short-staff yourself in order to be able to pay salaries without over committing yourself.
6. High volume production
Entrepreneurs have a tendency to lie to themselves about the amount of production is needed. They are so sure they can sell their product or supply, that they believe more is better. Until you are really sure how you are going to do, it is never a good idea to over, or mass produce something that will only end up draining your pockets and you are not able to push the merchandise. This is one of the biggest, most dangerous lies that can kill a profit.
7. Focusing purely on your niche is the best avenue
Entrepreneurs often tell themselves that they should only focus on their specific niche and not look at, or into anything else. This is not the truth. While it is good to know your business, your product, your niche, inside and out, letting your focus wander outside of the box is a better idea. It allows you to open your mind to new ideas, meet contacts you may not even know you needed or wanted, and it broadens your overall knowledge. This can help a business or idea bloom even bigger.
8. I tried one idea, it didn’t work, so throw in the towel
This is the wrong idea, and a dangerous one at that. It can really kill a whole idea that could have otherwise, been developed just by tweaking it. Sometimes things don’t work out exactly the way you saw it from the beginning, but the overall plan was a good idea. Don’t throw in the towel after one try. Try working with the main idea, the big picture, tweak your idea and give it another go. A missed opportunity is often the end result from entrepreneurs throwing in the towel too soon.
9. The passion I have won’t allow me to fail
Passion is good. It’s what drives a lot of entrepreneurs, but passion alone does not mean you won’t fail at your attempt. And it won’t mean you didn’t give it your best efforts, but passion alone does not make something work. It takes a combination of things in order for something to work, and passion is only one part of the formula. So be realistic and realize that passion is good to have, but just because you are very passionate about your idea, your product, your business, it does not mean you get a free-pass into the success pool.
10. Your service or product is so good, there’s no way it can fail
Negative. Entrepreneurs often lie to themselves about the fact that they believe their idea, business or product is so great, there is no way it will fail because too many people need or want it. This is untrue because there are many ideas, products and services that have been in real need by consumers, but how they get marketed, presented and sold are what makes it a success. Knowing your market, your plan to get your service or product to the consumers, and costs, are all part of a big formula that help to create a successful bottom line. Researching your demographics and market are critical to helping prevent a failed venture. Just because it’s wanted or needed, doesn’t mean it’s an automatic success.
Go into your entrepreneur venture with a cool, realistic view, a good business plan, and a good head on your shoulders is what a good entrepreneur will take with him on his venture. When you lie to yourself and convince yourself of too many lies, the rate of failure and disappointment grow. Realism is the best way to approach your idea, your service, or your product idea and you will increase your chances of success.