Get Rich (or Die Trying): the Field Guide | Step 2: Busting mindset-limiting myths about entrepreneurship
Rohit Maini
MD of two award winning companies | Podcast Host: Everyday Empires with Rohit Maini
After having defined what getting ‘rich’ means to you from Step 1, let’s further explore whether entrepreneurship is right for you by recalibrating our mindset around the topic. At this step, I use my experience as Managing Director of Apex Accountancy and Business Clan working with thousands of SME clients to debunk myths, perpetuated by media narratives, societal expectations, and sometimes even the entrepreneurial community itself, that can create unnecessary barriers to entry.
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Myth 1: Entrepreneurship is only for the tech-savvy or extraordinarily innovative
The media wants you to believe that you’re not a ‘real’ entrepreneur if you aren’t a lone genius high-school dropout, turning a moment of inspiration you had (while sat in your mum’s garage, of course) into a billion-pound empire. The truth is, 99% of the successful entrepreneurs we work with at Apex Accountancy are regular people solving everyday problems.
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A prime example of this principle is Charlie Mullins, the founder of Pimlico Plumbers, London's largest independent plumbing company. Starting as an apprentice plumber having left school at 15 with zero qualifications, Mullins grew his business from a single second-hand van to a multi-million-pound enterprise. His success demonstrates that entrepreneurship can thrive anywhere, whether you’re in Silicon Valley or Thames Valley! Whether you're coding an app or fixing a leak, it’s about spotting opportunities to provide essential services that communities rely on daily, delivering quality, and consistently meeting customer needs.
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Myth 2: You’ll never make it if you don’t have above-average technical skills
Sure, a minimum level of technical skills is the entry ticket into entrepreneurship, but it’s definitely not the only, or even the biggest part of the equation. That’s firstly because a good entrepreneur is a one-(wo)man-band comprising hard and soft skills – in sales, maintaining client relationships, project management, billing etc, unless you have enough resources to outsource these tasks. For this reason, many entrepreneurs can reach success with average technical skills, as long as they possess the key soft skills too. Put simply, a person with only above-average technical skills will likely struggle as an entrepreneur, but a person with average technical skills but an assortment of soft skills is more likely to thrive.
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Further, after 7 to 10 years you will generally have enough knowledge under your belt to know 95% of everything you will ever need to know about your field, particularly if you have a niche area of expertise. There eventually comes a point where technical expertise reaches a plateau; thereafter, progression becomes more about winning clients and managing subordinates – all realms dominated by soft skills.
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Take, for example, the story of Richard Branson. His ventures span various industries, many of which he had no technical expertise in when he started – music, aviation and health & wellness to name a few. What Branson lacked in technical skills, he more than made up for with his charisma, leadership, and ability to rally people around his ideas. His success demonstrates that while technical skills can be learned or outsourced, the ability to lead, inspire, and innovate is what truly sets apart successful entrepreneurs.
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Myth 3: Entrepreneurial success is predominantly a young persons game
The media is plastered with stories that suggest one must start young, and embody a certain energy and spirit that supposedly wanes with age. So, if sensational stories of tech prodigies launching startups in their teens or early twenties have led you to believe that the entrepreneurship game is the exclusive domain of the young and that you’ve missed your window of opportunity getting into it due to age, think again.
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The most successful founders or businesses Rohit has worked with tend to be in or past their mid-30s. Research suggests even higher ages: the average age of successful tech startup founders is between 35-45[1], Harvard Business School puts the magic age at 42[2], with Stan Lee (39), Henry Ford (40), Bernie Marcus and Arthur Blank (of Home Depot fame – 50) and Colonel Sanders (of KFC – 62-64) all being proof of this research.
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This demographic brings a blend of sufficient life experience, a degree of specialty, and yet a relative freedom from deep commitments like family and mortgages, allowing them to take risks and run lean for a few years. This insight challenges the stereotype of the young entrepreneur by highlighting the value of experience, maturity, and a balanced life perspective in building successful ventures.
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Conclusion
Youthful exuberance and unicorn-level innovation make for entertaining TikToks, but these unrelatable stories often give an unrealistic view of profitable, sustainable and impactful entrepreneurship. So, whether you're a seasoned professional with years of experience or someone with a keen sense for opportunities and service, there is room for you in the entrepreneurial landscape, which is far more inclusive and varied than the narrow depictions we’re often taught to believe.
This series is produced to mark the launch of Rohit the Accountant on TikTok, Instagram & Youtube: @rohittheaccountant. Follow for more where this came from!