1.All you need is a great idea
Rarely is a great company based on one great idea. Typically, the initial idea you have for a company gets transformed significantly over time. For example, PayPal initially offered a service that allowed one Palm Pilot to pay another. When customers told the company they really wanted the ability to pay others online, PayPal changed routes and built a billion-dollar business.
This is a great idea because everyone tells me so
Don’t be blinded by other people saying they really like your idea. Even if they’re not just being polite, they probably come from similar backgrounds as you do or share common values. (That’s why you’re friends and/or chose that person to share your idea with in the first place). But those people aren’t necessarily your future customers. The best question to ask is whether someone will write you a check to fund your business. If someone really believes in your idea, they will vote with their wallet.
If you build it, they will come
Many budding entrepreneurs think that if they build a great product or service that customers will flock to it. But an entrepreneurial venture doesn't come with a built-in Hollywood ending. Particularly in today’s environment, every product or service needs to compete mightily for mind share. Yes, you need a great product. But you need even better marketing.
When you start your company, you become the boss
While it is true that you may not report to a single boss each and every day, most entrepreneurs and business owners have numerous bosses. They have customers that they have to appease. They have vendors to take care of. They have employees who need nurturing. And so on. Yes, you may be able to set your own hours. But no, you won’t be making all the rules.
Most entrepreneurs are rich
Unfortunately, the vast majority of entrepreneurs don’t become wealthy. Research shows that most entrepreneurs go out of business. And most make less money as an entrepreneur than they would have made had they worked for someone else.
But the converse is true: Research shows that 80 percent of pentamillionaires (those with a net worth of $5 million or more) are entrepreneurs who grew and sold their companies. So, yes, if your entrepreneurial endeavor does pan out, you might become very, very rich.