Let's discuss the results of our #businesspoll for this week's #GEMChats! #Entrepreneurs and aspiring entrepreneurs, let's talk!

"7 Things That Business School Taught Wrongly About Entrepreneurship"

#thread #startup #discussion on @seanwise's Inc article.
1. You Need #Money To Start A Business

Many founders/entrepreneurs often get taught the misconception that investors are the first step in setting up!

Today, the method has changed and so should you! In the rise of startups, following the Lean Startup method is the norm now.
By building a prototype, testing your products to early adopters and then funding through crowdsourcing and family/friends, a successful product will attract VCs and investors to invest without needing to chase after them.

VCs are more focused on scaleups on existing products.
2. Business Plans Are A Must!

While business plans are important, engaging in customery discover and feedback will ensure you are far more in touch with your product and market than any theoretical business plan can make you be!

Don't focus on the plan, focus on the planning!
3. Keep Your Ideas To Yourself

Many may think you should keep ideas to yourself for fear of idea poaching. Don't fear idea sharing as you may benefit from early customer interaction and input!

Afterall, your idea is only a start, success is proven in its execution!
4. Connections and Networking

Some prestigious business schools emphasize on networking; you cannot succeed without knowing someone to pull you up.

While important, it is not the guarantee of success. As an entrepreneur, this should not be a hurdle in your way!
With technology and sites like #AngelList and #LinkedIn, you'll have a platform to project your business beyond your direct network.

When there is a will, there is a way!
5. Fake It Till You Make It

Fake confidence, which is necessary but do not ever fake knowledge! You should never pretend to know something that you don't. It would be harmful to your business as well as unsustainable.

Be truthful and when in the grey, be ever ready to learn.
6. Investors Always Come First

While investors are important when you are scaling up, you should always put your customers first!

Never remove your customers as your number one priority and chase them, not investors!
7. Entrepreneurship is Unknowable and Mysterious

While previously entrepreneurship is tied strictly to academia and taught through case studies, it has been redefined especially in this era of tech start-ups.

Entrepreneurship is a journey beyond reading and academia. Go for it!
This thread is a discussion on the article on @Inc by @SeanWise. Please RT, Like and #follow us for more #GEMChats every week. Tweet us your opinion with our hashtag #GEMChats to talk!

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