The Misconceptions of Entrepreneurship

QUESTION

Dear Joey, I'm a former TV and film actress now turned producer, and have always had a dream of owning my own production company.

I am now engaged in making that dream happen, at an age when most people are thinking about retiring. I try not to think about that last bit, but I'm finding it can sometimes throw me into a state of uber-competitiveness, the dark side of my upside, if you will.

How can I strike a balance between my talents and natural strengths, learning new skills, expanding my business, and disciplining myself to be the leader I've always wanted to become alongside my home life and everyday activities?

—Leigh

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ANSWER

Hi Leigh, what an adventure you’re on. As long as you’re enjoying yourself, there’s no reason to stop!

You’re already ahead just by realizing that you need to channel your light side and minimize your dark side (may the force be with you). In addition to self-realization, it helps to also realize what entrepreneurship truly entails to put your thoughts and emotions in perspective as they arise during your journey.

There are many misconceptions of what being an entrepreneur is. Often, people take the leap expecting a certain experience and are surprised to find another.

Here are a few entrepreneurship misconceptions, specifically in relation to your question:

• Misconception #1: You need to learn everything.
  As you noted, we all have many natural strengths and talents. How you approach your big leap depends on what these natural tendencies are. Most of us are aware, at least minimally, of our weaknesses. Entrepreneurship isn’t about fixing your weaknesses by learning more so that you can do everything—it’s about finding people to help you fill in your skill gaps. Don’t try to learn everything, try to locate everyone who can help you make your ideas come to life.

• Misconception #2: You must maintain balance in your life.
  There are a whole lot of vocations and methods for making an income that are compatible with the idea of a work/life balance. But starting a business isn’t one of them. Perhaps after you get off the ground, but in the beginning it’s usually an all-consuming endeavor. It may sound terrible, but the important thing is that—if you’re doing something you love—you’re actually enjoying the hell out of it, and it doesn’t feel like work. Accept this imbalance and you will have a smoother time bringing your idea to life.

• Misconception #3: You are more free as a leader.
  I’ve lost count of how many times people have asked me what it’s like to make “my own hours.” If they knew that making my own hours means fewer days off and spending nights and weekends working on and thinking about the business, I’m not sure they’d be as excited or interested. You set the standard—which means you are always, always, always on.

Sure, there’s a load of responsibility in starting a business, but that means there’s also a lot of freedom to choose your own destiny. The benefits are many, and entrepreneurship is a noble endeavor if you so choose it (but never think that it’s any better than non-entrepreneurship; it isn’t better, just different).

Excited to see where you take things.

—Joey

Creator of Baronfig
Author of The Laws of Creativity

"May the force be with you." Fun fact about Yoda: As it turns out, "Yoda" is his last name. His first name was originally going to be "Minch" (yikes), but was later (thankfully) removed from the script.