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The Unfortunate Myths People Believe About Entrepreneurship

The Unfortunate Myths People Believe About Entrepreneurship

We all think we know what entrepreneurship is about. After all, we’ve seen movies, read biographies, and glanced at glossy magazine cover photos in the checkout line at the supermarket. But the truth isn’t as clear or straightforward as we assume. Sometimes it’s hidden behind lies and misconceptions. And with that in mind, let’s debunk a few of the most common myths the general public ties to entrepreneurship.

Myth #1: Most Successful Entrepreneurs Are Young

When you look at the Mark Zuckerbergs and Steve Jobs of the world, it’s easy to believe that all successful entrepreneurs are young. However, the data doesn’t support this idea. In fact, it tells a completely different story. Just ask researcher Pierre Azoulay, who published the results of a groundbreaking study for Harvard Business Review just last year.

“Our team analyzed the age of all business founders in the U.S. in recent years by leveraging confidential administrative data sets from the U.S. Census Bureau,” Azoulay explains. “We found that the average age of entrepreneurs at the time they founded their companies is 42.”

In other words, it doesn’t matter if you’re 22 or 62, it’s still possible to venture into the world of entrepreneurship and launch a business.

Myth #2: You Have to Be a Digital Marketing Expert

There seem to be a lot of misconceptions about what it takes to be a successful entrepreneur. In particular, there’s confusion regarding the mandatory skills needed to succeed. (Hint: There are few “mandatory” skills.) People assume that you have to be a marketing whiz kid.

“But in reality, you don’t need to be an SEO professional or online marketing expert to succeed with your online marketing initiative,” SEO.co mentions. “In fact, if you have the skills to start a business, you already likely have all the skills necessary to exponentially increase your website traffic while building your brand equity for the future.”

If you wait until you’ve acquired all of the necessary skills to launch a business, you’ll never launch. Many of these skills will be acquired when you stick your hands into the fire. Other skills can be strategically outsourced to people who already have the talents you need. Sometimes you just have to go for it!

Myth #3: Entrepreneurs Take Massive Risks and Hope for the Best

Have you ever listened to interviews with founders of successful companies and heard tales of blind faith where people made ridiculous decisions and everything miraculously worked out in their favor? Well, no matter how many times you hear these stories, make sure you understand that they’re few and far between. Entrepreneurs take risks, but they don’t do so without first balancing the reward.

“You won’t have much luck getting high returns if you’re not willing to take some risks. If there weren’t any risk – everybody would be doing it,” digital marketing expert Neil Patel writes. “ [But] entrepreneurs aren’t gamblers. Gambling implies there’s luck involved. Sure – entrepreneurs may have some good or back luck over time. But ultimately, you can’t rely on luck to run your business.”

Intuition only takes you so far – especially when you’re an inexperienced entrepreneur. Make sure you’re also relying on facts, statistical analysis, and guidance from those with firsthand knowledge of the situation.

Myth #4: Starting a Business Means Unlimited Freedom

A lot of people go into entrepreneurship with the assumption that starting their own business means unlimited freedom. They’re sadly disappointed when they discover that they have less free time than before.

While starting and owning your own business can mean greater flexibility, you have to create systems that allow for this. And, in all honesty, it’s not going to happen in the first few years. There’s more risk and more responsibility. You’ll also have to face the reality that nobody cares as much about your business as you do. Therefore, everything falls on your shoulders at the end of the day.

Take a Dose of Reality

Once you peel back the layers of the myths and misconceptions that permeate popular culture, you’ll discover the real truth of what it means to be an entrepreneur. This includes the good, the bad, and the ugly. Only then can you make an educated decision regarding whether or not you’re cut out for entrepreneurship. Take your time to find out what it’s all about!

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Business And Artificial Intelligence Learning

You know when you learn how to grow your business it isn’t just a worthy goal; growing your business is often a necessity for your business’s survival and your economic well-being. And what can you do to get your business beyond the bare sustenance level? What can you do to turn it into the income-generating powerhouse you envision? You can try one or more of these growth strategies. All have been successfully used by other businesses and, with some planning and investment, will work for you.

According to the Project Management Institute, project managers are change agents who use their skills and expertise to inspire a sense of shared purpose on a team. They work well under pressure and can shift between considering the “big picture” and the focusing on the details. A project manager can be an asset on every project that involves multiple people, whether it’s a home renovation project, a small business collaboration or a personal project.

How to Grow Your Business: Tried and True Ways

A good project manager is highly organized and has an exceptional ability to follow through. If you are considering starting a project management business, here is a look at the pros, cons and where you can get more information on how to get started.

When you think about how to grow your business, the first thing that probably comes to mind is getting new customers. But the customers you already have are your best bet for increasing your sales; it’s easier and more cost-effective to get people who are already buying from you to buy more than to find new customers and persuade them to buy from you. See 6 Sure Ways to Increase Sales and 10 Low-Cost Ways to Promote Your Business for more.

The Artificial Intelligence (AI) and Machine Learning are projected to become mainstream technologies in the coming years, and are definitely already having a big impact across many industries. How exactly is this happening? How are Data Scientists using their skills to develop better Machine Learning algorithms? Where are these innovative technologies going in the future? Andrew Charlton an economist and co-founder of AlphaBeta. author of Fair Trade for All, Ozonomics, Man Made World, and Dragon’s Tail, has had a big impact on the Australia’s economy.

And you know with the rise in the implementation and usage of once revolutionary technologies/trends like Big Data, the Internet of Things (IoT), or the Cloud, Machine Learning (ML) and now Deep Learning (DL) are gradually moving into mainstream business corridors. Traditional business graduates can now think of becoming a Data Scientists as well, since many University programs are offering these courses as part of their business curriculums. The modern Data Scientist, armed with the power of an open source, algorithm economy, are becoming important parts of numerous organizations around the world.

The Harvard Business Review article titled How AI Fits into Your Data Science Team claims that Artificial Intelligence and Machine Learning will soon take the status of the ICE engine by bringing in sweeping changes to our everyday lives. The transformative power of AI and ML have already been perceived in customer service (digital assistants), in telemedicine (assisted patient care), in banking and finance (robot sales representatives), or in manufacturing (robot assembly-line workers).

When you move into a business office

Well, as AI technologies gradually started moving toward statistics-enriched solutions, the biggest stumbling block that surfaced was limited data. The recent emergence and rise of Big Data, IoT, and Data-Technologies-as-a-Service all jointly contributed to the meteoric rise of Artificial Intelligence and a widespread, packaged Machine Learning algorithm culture.

And the biggest beneficiaries of this culture are the mainstream business users, who can now begin to accomplish their tasks without the help of a Data Center, and in some cases even Data Scientists. However, the last statement in no way indicates that Data Scientists will soon become redundant. In fact, Data Scientists will be required to intervene when advanced data solutions or unique data solutions must be designed to accomplish complex business goals.

A Forbes blog post titled The Rise of AI Will Force a New Breed of Data Scientists suggests that the new role of the Data Scientist will be more of an facilitator, rather than that of a data cruncher. The Data Scientist may evolve into Machine Learning expert, stepping in when packaged models fails to deliver

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