The entrepreneurial journey - myths, misconceptions and the ultimate reward

SBE Australia’s General Manager, Julie Demsey, addresses some common myths around what it takes to grow a successful company and what it means to be a successful entrepreneur.

From knowing everything to overnight successes, and exponential growth benchmarks to working 24/7, she breaks down the misconceptions and saves the best for last. Julie finishes by shining a light on the one notion about the entrepreneurial journey that should be talked about more often… challenging and rewarding, there is nothing quite like running your own business.

You DO NOT have to know everything from the start

No one ever knows everything, least of all when you are starting out. But we’ve found entrepreneurs who have the hunger to learn as they go and the humility to learn from experience, are very hard to stop.

There is NO such thing as an overnight success

The reality is what looks like an ‘overnight success’ to the outside world actually took years of commitment to create. Anyone who has ever started a business knows nothing big happens overnight. But it is very exciting and rewarding when word starts to get out and the momentum starts to build.

Exponential monthly growth is NOT the benchmark of successful and sustainable growth

Creating artificial growth to meet hockey stick projections can end up harming your business. Build forecasts that make sense for your business and that are reasonable and achievable. Hockey stick growth patterns aren’t necessarily natural for your business and you want to create sustainable growth that is good for your business.

You do need NOT need to work 24/7 if you are starting a company … but you DO need to focus on your health and well-being

Work smart, not long. As an entrepreneur there are times when you need to work long hours, that happens as an employee too. But in between the busy or crazy times you need to take care of yourself and prepare for those days, weeks or months when it going to be harder to find some balance. Plan to use certain times regularly to switch off and focus on your own health and well-being – if you don’t plan for it, it’s not likely to happen.

And remember work/life balance isn’t a daily metric… You can’t always be a leader, partner, daughter, mother, sister and friend in one day. But you can take time to focus on certain areas in any given day or week and then focus on other areas at other times. Entrepreneurs need to figure out what is right for them over time and it will be different for everyone.

There really is NOTHING quite like entrepreneurial experience

There are so many positive experiences in being an entrepreneur.

The entrepreneurs in our program all agree achieving their goals as an entrepreneur is such a rewarding experience. They all say there is nothing quite like running their own business, challenging themselves to reach further, and then reaching their goals.

Women are resilient, adaptive, hard-working, and tend to believe in the impossible which makes them phenomenal entrepreneurs.

With the right attitude, dogged determination, support, networks and self-belief, women can achieve so much more than they realise.