By DEIDRE BASTIAN

We have all dreamed about starting our own business at least once. Yet doing so is often surrounded by misconceptions that can take aspiring entrepreneurs down the wrong path when it comes to the realities of entrepreneurship. Some of these are:

Success requires having all the answers

Most entrepreneurs do not have all the answers, but what they do have is a vision. One that is used to drive their commitment to create a team that supports their ideas and, ultimately, achieve that vision.

Having money guarantees success

While funding provides resources, it is ultimately = execution that determines the outcome. Building a successful business requires a laser-like focus on customer acquisition, plus a proven ability to consistently deliver value to the market.

You do not need a business plan

In reality, a well thought-out business plan helps visualise goals, strategies and financial projections, ultimately guiding your business decisions and attracting potential investors.

Entrepreneurship equals freedom

Many believe that entrepreneurship offers complete freedom regarding work hours and decisions. However, entrepreneurs often find themselves working longer hours and facing numerous responsibilities, including managing clients, employees and finances.

You must start big

There is a common belief that successful businesses require significant initial investment. In truth, many entrepreneurs start small, often working from home, and gradually scaling their operations as they learn and grow. For example, as many know, Jeff Bezos started Amazon in a garage. Many others started from almost nothing, but achieved a more-than favourable outcome.

All ideas will work out

The reality is that many ideas fail, and learning from these failures is a crucial part of the entrepreneurial journey. In fact, failure can provide valuable lessons and insights that contribute to future success. Many successful entrepreneurs view failure as a stepping stone rather than an end-point. The story of Bill Gates is a bit more complex than the entrepreneurial legend, as he dropped out of Harvard and began selling software programs. Thereafter, he applied for a leave of absence and, after his initial success, focused on his business.

You must have all the answers before starting

This is totally incorrect. Most entrepreneurs learn as they go, adapting their strategies based on experience and feedback.

There is no business without a unique idea

There are thousands of businesses in the world with the same concept, but it is their marketing strategy, user experience and how they communicate their product that makes them stand out.

Entrepreneurs should always trust their gut

There is nothing wrong with following your instinct. However, the reality is far more complex. It is fundamental to listen to clients and value constructive feedback. There is always a way of improving and, sometimes, what we may perceive as genius ideas are not that brilliant.

Hiring experienced talent will solve everything

A big misconception that rarely works in the real world. You must understand the key aspects of your business, otherwise you risk being misled or losing control over critical processes. Successful entrepreneurs remain ‘hands-on’ to ensure their team’s work aligns with the company’s vision.

Real entrepreneurs never quit

The myth that successful entrepreneurs never quit can be misleading. Many successful individuals have pivoted or left ventures that were not working, allowing them to pursue new opportunities and ideas.

By understanding these misconceptions, aspiring entrepreneurs can better prepare themselves for the challenges and realities of embracing the truth about entrepreneurship, which can lead to more informed decisions and, ultimately, greater success. Until we meet again, live life for memories rather than regrets. Enjoy life and stay on top of your game.

• NB: Columnist welcomes feedback at deebastian21@gmail.com

About columnist: Deidre M. Bastian is a trained graphic designer/brand marketing analyst, international award-winning author and certified life coach.