Entrepreneur myths are so common these days with the designation become the “cool” thing. Today Daniel Priestley is known as a best-selling author, international speaker, and successful entrepreneur. Having built and sold businesses in Australia, Singapore and the UK. But he didn’t become a globally influential business leader overnight. Daniel started out as a dance party manager. As an 18-year-old before building his first multi-million dollar business before the age of 25. In 2011, he co-founded Dent Global which runs world-leading business accelerators and events. Through Dent, Daniel has worked with over 1000 entrepreneurs every year to help them develop their businesses.
With his many conversations with business leaders around the world and through his own ventures, Daniel identified a few myths about entrepreneurship that he debunked in this episode of Bond Appetit. Having experienced himself the highs and lows of the job, he provided an honest look at the life of an entrepreneur.
Myth #1 – Being an entrepreneur sounds impressive. So I’ll go ahead and start my own business.
You don’t start a business because you want a business. Don’t become an entrepreneur because you want to be an entrepreneur. Start a business because you know there’s a problem that has to be solved that hasn’t been.
Become an entrepreneur begrudgingly because the idea is burning a hole inside your head and you just can’t let go of it. You think you know what? I’ll go through several years of pain to explore this idea. Really you should go onto that battlefield with some trepidation for what you’re in for. Not just because you want to be an entrepreneur for the badge.
Myth #2 – My idea is so phenomenal and is a surefire success. So I’ll invest all my time and finances into it.
If you have an idea and try to straight away formalize your assets, you will not succeed. Before you decide to move forward with developing a business, you must research product/market fit and see if you have something of value. Even if you think you have a winner, that may not be the case for a large enough audience to make it worth your while. Next, you must discover your influence. Can you pitch your idea effectively? Once you have proven your value and influence, you can proceed to invest your attention and resources.
Myth #3 – Having a family will ruin my business and momentum in my professional career.
When you are single, you have the ability to build your business at a personal level during non-business hours. You can network every night by getting drinks with people or going out to dinner. Most people assume that once you are married and/or have children, professional success will immediately be halted, but that is not necessarily the case.
Once you do have a family, prioritising your spare time becomes strategic whereas personal time as a single individual may not have held as much value. You develop a filter and consider the value added of engaging in business-related activities in your spare time. This filter can actually help you become more precise in how you allocate your limited time.
The need to provide for your family may also assist you in thinking about the value added to what you spend your money on. This may help you spend less on things that don’t matter.
Thanks to Daniel for helping to debunk a few of those common myths related to entrepreneurship. As a seasoned business leader, he certainly has the experience and wisdom that comes along with it to rectify the frequent misconceptions that people may have about the business world. By demystifying these falsehoods, you can press on confidently on your own entrepreneurial journey.
Author: Ronsley Vaz
Ronsley is the founder & chief day dreamer at AMPLIFY. He is an author, speaker & serial entrepreneur.
He has a Masters’ degree in Software Engineering and an MBA in Psychology and Leadership. He is known as the creator of We Are Podcast – the first Podcasting Conference in the Southern Hemisphere, and the host of The Bond Appetit Podcast and Should I Start a Podcast. He has an audience of over 3 million in 133 countries.