14 Common Misconceptions About Entrepreneurship

I received an email from a friend of mine earlier today who came with some sombre news regarding his start-up.

Long story short, he was greatly inspired to buck the finance trend and dive head-first into the entrepreneurship wagon, without cementing any experience at both college and post-graduation.

In attempting to create a 'new' online market place for freelance artists, designers and coders, he simply wasted too much money on developing the idea than the product itself. This combined with a lax '9-to-5 attitude' made it a cocktail of failure.

Reminded me of this article I read yesterday: 14 Common Misconceptions About Entrepreneurship

He shunned the corporate ladder for a better work/life balance and an unrestricted rein on his creativity. Suffice to say, two points from the article are very relevant to this guy.

I regularly receive calls from friends who have the next “big idea.” But they call it quits when it comes time to really start building something. The truth is that entrepreneurship is 10 percent idea and 90 percent execution. Most entrepreneurs’ ideas change and evolve over time, but their success comes from being able to execute on their vision and make adjustments as necessary.

When you become an entrepreneur, your business and success become an obsession. You can’t just turn off your brain when you come home from work, an idea that requires quick action can happen at any time (while sleeping, in the shower). There is no wall separating your personal life and work. But don’t worry, it’s still fun!

All of sudden, 80-100 hour weeks don't seem so different with respect to the above myth.