Five Misconceptions About Successful Entrepreneurship

For most small and medium-sized enterprises (SMEs), governance is something far away. In other words, measures of good governance are not yet part of daily practice. Particularly explosive growth and/or external demands, for example from an external financier, have changed this to date. Especially to make the likelihood and impact of risks manageable. Oddly enough, because fundamentally every entrepreneur wants to be successful and certainly not fail. Thus, corporate governance aimed at SMEs is actually relevant for every entrepreneur: it is about having control over realizing entrepreneurial ambition. And there's quite a lot involved. Therefore, we will be paying ample attention to this unexplored area in the world of the entrepreneur in the coming period.

Today, Route ICR shares the first article from the series 'How to practically implement SME governance'.

Five Misconceptions About Successful Entrepreneurship

Amsterdam, July 15, 2021 – Entrepreneurship is simple. But the hardest thing is to undertake simply. But why is that? Let's discuss this in the coming period. And also look at how this problem can be solved. Today, Route ICR shares the first article from the series 'How to practically implement SME governance'.

There are quite a few misconceptions about entrepreneurship. And especially about its successful implementation. Let's look at the five most striking misconceptions. These are crucial both individually and in their interrelation for success.

Misconception (1) I don't need a crystal-clear entrepreneurial ambition to be successful

To steer purposefully, logically you need a goal. For entrepreneurs, the ultimate goal is equal to their entrepreneurial ambition. This makes it the starting point for steering and control. In other words, to give direction and have a grip on the execution.

Misconception (2) I must say yes to everything, grab anything that comes along

It might be tempting to say ‘yes’ to everything. But it doesn’t help to create the right focus. And therefore, it is almost impossible to achieve effective and efficient processes in your company. And you feel that in many areas, but hardest in your wallet. So, make choices. ‘No’ is also a word.

Misconception (3) I don’t need to use strict reports, checking my bank balance is enough

Measuring is knowing. That’s not just a saying, but a bitter reality. Your bank balance is obviously important, but it only provides limited information. It’s actually the final result of your company's performance. The development of these performances, however, remains invisible. Therefore, you cannot steer them, and processes are not manageable.

Misconception (4) Managing expectations in my team is a waste of time

In many organizations, there is an expectation gap between the boardroom and the work floor. Therefore, in just as many organizations, there is a lot of potential for improvement. Delivering top performances requires a top team with highly developed team intuition. Managing expectations is a very important aspect of this.

Misconception (5) Our company doesn't need a strategy because we are small

Even if you have few employees, you have a better chance of success if you follow a strategy. And following a strategy, focus is again hugely important. But to follow a strategy, you must first ensure that you have one.

Unfortunately, many entrepreneurs lack the knowledge and skills to proactively address the mentioned misconceptions. So, these are great starting points for implementing SMB governance in practice!

Paul Joore

Website

Entrepreneurs take risks and are incredibly important for our economy. Unfortunately, a good balance between work and private life is often lacking. It is precisely this that drives Paul Joore to have a positive impact on the lives of entrepreneurs and contribute to their success. Paul is the ambitious founder of the online Route ICR platform for successful entrepreneurship. He is also the author of the entrepreneurship book ‘Succesvol groeien doe je zo!’ (Successful Growth, How to Do It!). "I believe in setting seemingly unattainable goals. Challenging oneself, innovating, and constantly improving. Supported by a well-structured organization." Paul has tens of thousands of flight hours in the business world, with a background as an entrepreneur, coach, interim manager, and former chartered accountant. Always focusing on realizing challenging goals as effectively and efficiently as possible: in other words, being successful through being inControl, in the entire process from true ambition to result. This only works by thinking, planning, and acting from a goal-oriented structure. In the SME sector, there was a lack of knowledge and experience in this area, and well-thought-out solutions were not available. Therefore, Paul decided to create this himself. In many SME businesses, the 'madness of the day' reigns. As a result, entrepreneurs are not inControl when it comes to achieving goals, let alone challenging ones. Therefore, they also do not realize their true ambition. Worse, for many, this ambition is not even crystal clear. And how can you work towards a goal without having a real one? Logically, there can also be no balance between work and private life. And no balance means no rest. So, the Route ICR web app helps entrepreneurs and teams to be inControl in the entire process from ambition to result. With the ICR "InControlRating" of your business as a growth compass. Very clear and handy to know through one number how your business is and will be doing. So you know whether you will achieve your goals and be successful from this starting point. And if the score is disappointing, you also know what to work on to improve. This way, you gradually work towards a better balance in your life, feel good about yourself, and have a positive mindset! Are you curious? You too can experience the Route ICR web app for 14 days free of charge, without obligations!