Comments on: 5 Myths Of Entrepreneurship http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/ The Journey of a Young Internet Entrepreneur Tue, 08 Nov 2011 21:42:08 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Nancy Boyd http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3739 Nancy Boyd Wed, 07 Jan 2009 22:46:05 +0000 http://www.stanleytang.com/?p=282#comment-3739 Stanley, I think I know where you were going with #5 (about the business plan) -- and if I'm right, I agree with you. A more important skill to have rather than a plan (which is also important, but the map isn't the key) -- is the ability to adapt quickly to changes, and make fast decisions toward your overall goals. For instance, if your goal is to earn a set amount of money doing a specific thing, then your plan has to include activities that actually get you there -- while being flexible enough to allow you to seize REAL opportunities that can get you there faster (not help you learn things that may or may not have anything to do with your goals.) I'd add another item to your list: Another Shiny Thing isn't going to improve your odds. Avoid the too many shiny things syndrome at all costs! Thanks! Nancy Stanley, I think I know where you were going with #5 (about the business plan) — and if I’m right, I agree with you. A more important skill to have rather than a plan (which is also important, but the map isn’t the key) — is the ability to adapt quickly to changes, and make fast decisions toward your overall goals.

For instance, if your goal is to earn a set amount of money doing a specific thing, then your plan has to include activities that actually get you there — while being flexible enough to allow you to seize REAL opportunities that can get you there faster (not help you learn things that may or may not have anything to do with your goals.)

I’d add another item to your list:

Another Shiny Thing isn’t going to improve your odds. Avoid the too many shiny things syndrome at all costs!

Thanks!

Nancy

]]> By: stanleytang http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3563 stanleytang Thu, 25 Dec 2008 10:56:25 +0000 http://www.stanleytang.com/?p=282#comment-3563 @Dan You definitely need a rock solid STRATEGY... what I was trying to say here is that business plans (with the purpose of raising money from banks, VCs etc) is not the ultimate critical roadmap. It's about providing something of value, building a proper business model and hard work. Not just using the business plan and try to raise money. @Dan You definitely need a rock solid STRATEGY… what I was trying to say here is that business plans (with the purpose of raising money from banks, VCs etc) is not the ultimate critical roadmap. It’s about providing something of value, building a proper business model and hard work. Not just using the business plan and try to raise money.

]]> By: Sam http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3546 Sam Wed, 24 Dec 2008 16:51:26 +0000 http://www.stanleytang.com/?p=282#comment-3546 Very nice. I'd also recommend reading - The E-Myth which has common myths that entrepreneurs need to watch out for. - Sam Very nice.

I’d also recommend reading – The E-Myth which has common myths that entrepreneurs need to watch out for.

- Sam

]]> By: Make Money Not Excuses http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3544 Make Money Not Excuses Wed, 24 Dec 2008 15:18:53 +0000 http://www.stanleytang.com/?p=282#comment-3544 Excellent post. I particularly like the first one because I can relate to it. People in my family seem to think I am all about the money because I have been an entrepreneur for so long but it's not really about the money. It's about having control over my own financial destiny as opposed to an employer. Excellent post. I particularly like the first one because I can relate to it. People in my family seem to think I am all about the money because I have been an entrepreneur for so long but it’s not really about the money. It’s about having control over my own financial destiny as opposed to an employer.

]]> By: Emmanuel Mba http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3543 Emmanuel Mba Wed, 24 Dec 2008 14:59:07 +0000 http://www.stanleytang.com/?p=282#comment-3543 Hi Stanley, A wonderful write up and very informative.Expecting some more Thanks Hi Stanley,
A wonderful write up and very informative.Expecting some more
Thanks

]]> By: Dan http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3542 Dan Wed, 24 Dec 2008 14:48:31 +0000 http://www.stanleytang.com/?p=282#comment-3542 Everything is true except Myth #5. Every business should have a business plan and not necessarily to obtain outside financing. An informal business plan gives you a starting point and helps you determine if your business idea is feasible. It also provides a working plan than can be used over time. As your business situation changes you update your business plan. It also helps provide focus as you start your business and most importantly it helps you learn some of the basic business tools even the Fortune 500 companies use daily. One such tool is the SWOT analysis. (Strengths – Weaknesses – Opportunities – Threats Aanalysis). There are many reasons to complete an informal business plan and in the long run it could save you money if you determine the business idea you have is not feasible. Everything is true except Myth #5. Every business should have a business plan and not necessarily to obtain outside financing. An informal business plan gives you a starting point and helps you determine if your business idea is feasible.

It also provides a working plan than can be used over time. As your business situation changes you update your business plan. It also helps provide focus as you start your business and most importantly it helps you learn some of the basic business tools even the Fortune 500 companies use daily.

One such tool is the SWOT analysis. (Strengths – Weaknesses – Opportunities – Threats Aanalysis).

There are many reasons to complete an informal business plan and in the long run it could save you money if you determine the business idea you have is not feasible.

]]> By: Jim Wright http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3541 Jim Wright Wed, 24 Dec 2008 14:36:27 +0000 http://www.stanleytang.com/?p=282#comment-3541 Great Post Stanley. I would like to think I am not an Entrepreneur for the money. I love the freedom that this lifestyle affords me. Jim Great Post Stanley.

I would like to think I am not an Entrepreneur for the money. I love the freedom that this lifestyle affords me.

Jim

]]> By: kelly http://www.stanleytang.com/blog/5-myths-of-entrepreneurship/comment-page-1/#comment-3540 kelly Wed, 24 Dec 2008 14:33:12 +0000 http://www.stanleytang.com/?p=282#comment-3540 Good post (again)! Not all entrepreneurs are in it for "the money" although the "money" is always a boon. I know of a doctor who could have retired nicely in Australia and played golf everyday, but he returned to Singapore for the sake of helping people become more healthy. He even allows the poor to use his medical devices on a "pay-whatever-you-can-afford". His devices are presently used in patients of public and private hospitals and that's where most money comes from (from patients who can afford them). 30 minutes of use of the device purges toxins and is equivalent to running 2.4km. Merry Christmas Stanley! Good post (again)! Not all entrepreneurs are in it for “the money” although the “money” is always a boon. I know of a doctor who could have retired nicely in Australia and played golf everyday, but he returned to Singapore for the sake of helping people become more healthy.

He even allows the poor to use his medical devices on a “pay-whatever-you-can-afford”. His devices are presently used in patients of public and private hospitals and that’s where most money comes from (from patients who can afford them). 30 minutes of use of the device purges toxins and is equivalent to running 2.4km.

Merry Christmas Stanley!

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