The Four Most Dangerous Lies Entrepreneurs Tell Themselves When Starting a Business

Entrepreneurship is a journey fraught with challenges and misconceptions.

Many entrepreneurs, driven by passion and determination, fall into the trap of believing certain myths that can lead to critical missteps.

Drawing from the observations of Marissa Levin, as highlighted in her article on INC.com , here are the four most dangerous lies entrepreneurs tell themselves.

1. “I'm Going to Have More Free Time Working for Myself.”

Flexibility might seem like a perk of entrepreneurship, but the reality often translates into working any 80 hours a week you choose!

The early stages of starting a business are particularly demanding, requiring continuous creation or execution. As Guy Kawasaki aptly puts it, his secret lies in his willingness to grind it out, compensating for talent with sheer perseverance.

2. "If I Build It, They Will Come - and Stay."

A great idea alone does not guarantee success.

Your business must meet a market need that, as Marissa Levin learned, can shift dramatically overnight.

She recounts pivoting her company, Information Experts, from classroom-based training to e-learning almost instantly after a major industry shift—a stark reminder of the importance of staying relevant.

3. "I Need Money to Make Money."

This mindset can lead to accumulating risky, unnecessary debt.

Today, the reality is that with technological advances and a shift towards virtual operations, starting a business can be less financially burdensome than ever.

Resourcefulness is often more critical than resources.

4. "I Can Do This on My Own."

Entrepreneurship can be isolating, and trying to go it alone adds to the emotional and psychological challenges.

Leveraging entrepreneurial support groups, mentors, and a strong community can provide essential support and guidance.

Distinguishing Full-Time Ventures from Side Ventures

While the entrepreneurial lies outlined by Marissa Levin hold true across the spectrum, it's crucial to differentiate the journey of starting a full-time business from embarking on a side venture.

Side ventures, or side hustles, offer a unique set of advantages that can alleviate some of the common pitfalls of full-time entrepreneurship.

Flexibility and Risk

Unlike full-time ventures that require a significant upfront commitment of time and resources, side ventures can be pursued on a more flexible schedule, often alongside a stable job.

This arrangement reduces financial risk and provides a safety net, allowing entrepreneurs to experiment and grow their businesses with less pressure.

Test and Learn

Side ventures provide a practical platform to test ideas, markets, and strategies without the immediate need for large-scale success.

This trial period can be invaluable in refining a business model that is more likely to succeed when scaled.

Incremental Growth

Side ventures can grow organically, scaling up as they become more profitable and stable. This gradual approach allows entrepreneurs to maintain control and make adjustments as needed without the drastic pivots often required in full-time ventures.

Community and Support

Just like full-time entrepreneurship, side ventures benefit greatly from community and mentorship.

However, the stakes can feel lower, allowing for more open exchanges and learning opportunities within community settings.

In conclusion, for those considering entrepreneurship, weighing the benefits of a side venture could be a prudent first step to entering the business world.