I Have A Master's Degree In Organizational Development - Here Are The Biggest Myths About Building A Business Today

Very few roles we wear in our adult lives are as challenging as becoming a successful entrepreneur.

The skillset needed to win in this arena is vast, so it's often said that entrepreneurship is a journey, not a destination. This Saturday, Junior Fredrick stated in the latest episode of Breakfast With Brand Podcast, 

"Not all entrepreneurs start their journey in the same place," 

This was a powerful statement!

For example, the start-up tech entrepreneur who raises millions in venture capital will have a different experience than the bootstrapped entrepreneur who works 9 to 5 daily and builds their business at night.

In this article, I won't discuss the vast array of experiences; as a rule, I believe any willing individual can find success in their Origin Brand Story and leverage it to their advantage. The story of the start-up that raised millions isn't more or less important than the story of the bootstrapped entrepreneur.

I want to dispel the myths and focus on what evidence and research say are the attributes and habits of successful entrepreneurs because these are areas we can all work on regardless of our circumstances.

 Myth #1: You Need a Formal Education To Be Successful

This myth is perpetuated by the fact that many successful entrepreneurs do have formal education from Ivy League schools or other top institutions. However, this isn't a prerequisite for entrepreneurship by any means. 

Based on evidence and research gathered while writing my book, 

The Prerequisites Of Success, Pathways To Paramount Performance, a considerable number of successful entrepreneurs had mixed feelings about their formal education, depending on whether their business utilized their educational competencies.

Many are self-educated. They learn through experience and trial and error. So, if you're thinking of starting your own business but don't have a formal education, don't let that hold you back. 

Myth #2: You Need an Extensive Email List Or An Influencer's Email List

If you want to be successful as an entrepreneur, you need an extensive email list full of potential customers, right? 

Not exactly.

Some of my most successful clients have been Corporate Leaders or individuals with vast experience who worked closely with one or two decision-makers. These experienced leaders leveraged the power of relationships and made millions before they built a "mainstream" following. 

An audience is built over time and is a result of two concepts (that no one wants to lean into anyone, which is) 

Time and Consistency.

Providing valuable content, positioning your Personal Brand as a thought leader in your space, and developing relationships.

So, if you're starting and don't have a massive email list, that's okay. You're one or two connections from being able to make a significant impact.

Ask yourself what you can do consistently to position yourself as a thought leader in your industry. Inside my signature program, Branded Like A Leader, I take leaders through the process of setting themselves up for success through The Power Of Personal Branding. 

Myth #3: You Need to Hire a Coach Or Consultant

 Many people believe that to be successful as an entrepreneur, you must invest in a coach or consultant. While these resources are impactful, they're not necessary for success. While you don't need a coach, there is a choice you're making with not hiring one. 

1. You're choosing not to learn from someone else's mistakes (or successes).
2. In most cases, you choose a longer path (with the mistakes, wasted time, and wasted resources that follow). Coaching collapses time - or should I say evidence-based coaching collapses time.

If coaching isn't available to you, there are plenty of free and low-cost resources available online (including this blog!) that can help you on your entrepreneurial journey. 

Here are a few from me to help you on your journey:

• For Strategies and Best Practices For Small Business Owners-  Breakfast With The Brand Podcast
• Leveraging The Strengths Of You and Your Team: The Leadership Chess Test
• Leveraging Your Personal Brand To Ascend To Leadership and Entrepreneurial Success - What Is A Personal Brand

There are a lot of myths out there about what it takes to be a successful entrepreneur. But the truth is, entrepreneurship isn't cut and dry. It's a combination of many things, but what matters most is your attitude, your work ethic, and your ability to learn and grow. T

If you're an entrepreneur or small business owner, you don't want to miss this Saturday's Deep Dive at Five. To register and join the live call, click here. We'll discuss entrepreneurship's truths and myths, take questions, and provide actionable advice.