This Month’s LEAP Recap: Debunking Myths about Entrepreneurship
In our latest LEAP roundtable, we debunked some common myths about entrepreneurship. For those who couldn’t join us, or if you’re just curious about what went down, here’s a recap of the myths we busted and the truths we uncovered.
Myth #1: Failure is Not an Option.
Truth: Fail fast, learn faster. Mistakes are just stepping stones to success.
Myth #2: My Ideas are Valuable. If I Have Great Ideas, I'll Be Successful.
Truth: Ideas are easy—execution is everything. Without the right action, even the best ideas go nowhere.
Myth #3: A Business Plan Guarantees Success.
Truth: It’s a marketing tool, not a crystal ball. Focus on operational plans that drive day-to-day actions.
Myth #4: Business Development is Like Checking Boxes.
Truth: It’s never-ending. Keep your eyes on the basics, especially finances, to avoid costly mistakes later.
Myth #5: Entrepreneurs Are Born, Not Made.
Truth: Leadership is learned. The most important skills can be developed over time.
Myth #6: I’ll Spend Most of My Time Doing What I Love.
Truth: Admin, customer service, and networking take up the bulk of your day. Surprise!
Myth #7: I’ll Have More Freedom Than Working for Someone Else.
Truth: Autonomy ≠ Freedom. Yes, you control your schedule, but you’re also tied to your business 24/7.
Myth #8: I'll Make More Money Working for Myself or I Should Charge Hourly What I Make as an Employee.
Truth: Entrepreneur Expenses pile up fast. Don’t forget to factor in taxes, insurance, and other business costs.
Myth #9: If I'm Successful Early On, It's Because I Have a Strong Sustainable Business.
Truth: Early wins might just be with the easy-to-reach crowd. The real test is reaching the mainstream market.
Myth #10: I Must Wear All the Hats.
Truth: You can’t do it all. Identify areas where you need help and seek out expertise.
Myth #11: No One Can Do It as Well as I Can.
Truth: Scale your business by finding the right people and teaching them. You can’t grow if you’re doing it all.
Myth #12: As a Business Owner, I’m a Seller
Truth: You’re a buyer too! Choose your clients wisely and set the tone for how you want your business to run.
Key Takeaways
This session provided valuable insights into the importance of a cohesive social media strategy. Here are some highlights and takeaways:
Execution Matters More Than Ideas - Having a great idea is just the beginning; it’s the ability to execute that idea effectively that determines success. Focus on building strong operational plans and taking actionable steps.
Entrepreneurship is a Continuous Learning Journey - Entrepreneurship skills aren’t innate—they can be learned and developed. Embrace the mindset of continuous learning, and don’t be afraid to fail and adapt along the way.
Delegation is Key to Scaling Your Business - You can’t do it all alone. Identifying areas where you need help and effectively delegating tasks is essential for business growth and sustainability.
If you missed us this session, you can check out a recording here:
Join Us Next Month!
We’ll be talking about How to Network as an Organizational Leader on Monday, September 9th at 1:00pm. Since I talked a lot this month, I’d love a more interactive roundtable next month - if you’d like to be featured as a case study, please email me!
Don't miss our monthly roundtable. RSVP now to secure your spot and sign up for reminder emails.
