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$treet $marts: So You Want To Be An Entrepreneur?
Samson Jagoras
January 09, 2024
There are primarily six pathways to entrepreneurship: inheriting a family business, leveraging years of industry experience, learning through trial and error, seeking mentorship, buying an existing business, or a blend of these methods.
“Most people overestimate what they can do in a year and underestimate what they can do in two or three decades”
Entrepreneurship demands a clear vision, unwavering focus, relentless iteration, and deep immersion in your venture. It requires delayed gratification, abundant faith, and immense patience. It's not just about having an idea but nurturing it with consistent, dedicated effort—and, above all, TIME.
“Time is the great Eqaulizer in business. Winning is not about beating your competitors. It all comes down to who can stay in the game the longest”
The Dunning-Kruger Effect
The Dunning-Kruger effect, a cognitive bias identified in social psychology, presents a significant challenge in entrepreneurship. This effect is particularly perilous for start-ups, where it can squander time, money, and dreams. It often affects first-time entrepreneurs brimming with enthusiasm but lacking in experience and knowledge.
We can fall prey to poor decision-making due to our inability to recognize our knowledge gaps. This phenomenon can manifest as illusory superiority, where we overestimate their competence. Conversely, seasoned entrepreneurs might suffer from illusory inferiority, underestimating their capabilities.
This bias stems from how we perceive the future, mixing knowns and unknowns without fully comprehending them. It’s easy to envision your businesses succeeding and much more complicated to ground your dreams in data, research, customer-oriented strategy, and a precise business plan.
The impact? Overconfidence can cloud rational decision-making, leading entrepreneurs to base decisions solely on their opinions, overlooking critical aspects necessary for their venture's success.
To counter this, you must surround yourself with other successful entrepreneurs. The challenge is that most new entrepreneurs who didn’t grow up around entrepreneurship have employee friends, and they need to find new circles. This is why peer groups, incubators, and networking should be at the top of your list if you are new to the game.
12 Lessons From A Billionaire Entrepreneur Nobody Talks About
Best,
Samson
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