The days of job security are over for most industries. External environmental factors combined with the need to run lean organisations means that no one is indispensable. At some point in the future, we may even get to the point where anyone’s job can either be automated or outsourced. Beyond updating their skills, many people have started preparing for entrepreneurship.
There are some myths out there about what makes the difference between a business that works and one that doesn’t. Let’s look into some of them
Passion is overrated
Passion is an integral part of your business and you should certainly follow it. But if you create a product that you are passionate about but does not solve anyone’s problems or create value for customers, then this is neither profitable nor sustainable. Put your passion into fulfilling your clients’ needs and creating products with tangible benefits.
Novel ideas and new products means success
Most products and services on the market are a slight variation of each other. The conglomerate Virgin Group, for example, focuses on the same products in the market but addresses the pain points for the clients. While it’s great to have a completely new, disruptive idea, success doesn’t always hinge on novelty. Some research and bridging the gap in the current offerings goes a long way towards establishing yourself.
Competition is bad
This goes hand in hand with the novelty factor. Just because you’re launching a similar product to an existing player doesn’t mean that undercutting on price is the only way you can build a client base. Furthermore, this strategy is not sustainable. It won’t make sense to price yourself out of the market through losses so price your products fairly without trying to make too much money too fast.
You must/don’t have to quit your job
Some people advocate for starting a ‘side-hustle’ as you concentrate on your main job, with the intention of moving over once you achieve profitability. Others insist that you have to jump with both feet in and dedicate your time and energy single-mindedly if you want to truly succeed. None of these answers is right or wrong. The decision to do either, as long as you have a viable and sell-able business idea, depends on what your particular family circumstances are and whether you can afford it.