Here’s the myth:
An entrepreneur, because he/she had the genius to create the idea or technology or concept, is the perfect person to build the enterprise that carries out the idea, technology, or concept. The creativeness of entrepreneur will drive success.
Here’s the bust:
Maybe, if the entrepreneur can channel his/her creativity into building the enterprise. Otherwise the company will struggle or die.
This is what usually happens. The idea is a good one and getting it going is fun and energizing. But he gets too creative and gets to the next idea, and the next one, and the next one after that, ignoring the development of systems and processes, and the people that will build the original idea into something that grows, duplicates, and delivers cash.
I’ve heard Jim Collins say this way, and I’m paraphrasing: “When the entrepreneur realizes that that his idea or concept isn’t the the most important creation, and that his company is, and then starts applying his abilities to making it great, he just might be able to run is own company. If not, needs to hire someone to run the company”
We only need to look at the history of Apple to see evidence. For most of the history of Apple, success depended mostly with Steve Jobs and his next great idea. It was always one or two steps away from failing. When Jobs learned, during his exile from Apple, that he needed more that great ideas, he was able to come back to Apple and not only save it, but create a company that looks like it will be able to succeeding without him for quite some time to come.
I suggest you read The E Myth or the E Myth Revisited by Michael Gerber to learn how to overcome the Entrepreneurial Myth.
Comments? what’s the next business or leadership myth I need to bust.