In the vast world of social media, it seems everyone is becoming entrepreneurs and sharing their big business dreams online.  I am new to business ownership, but I can’t help but feel like the way we discover entrepreneurship has changed.  Previously, maybe you stumbled upon it in a book or got advice from a friend or mentor.  Now, there is a constant stream of entrepreneurial dreams flooding our screens. We have all seen it while scrolling through our feed, posts that promise riches, success, and the secret recipe for financial freedom.  I found my entry to real estate by listening to a podcast. 

 

 

     Consuming this content is not all bad, but there is a catch: The digital world is full of scams – those tempting promises on TikTok urging you to buy something or sign up for a life-changing course or a promising business venture that looks shiny online but turns out to be way different in real life.  I know what it is like to start a business from scratch, and I follow people who sell courses about how to do the same thing.  I cringe sometimes listening to their advertising, knowing how different the real deal is from their polished pitches.  This realization led me to write this post – a friendly heads-up about the lies you might encounter on social media about entrepreneurship.  It’s a reminder to tread carefully before jumping into the exciting business world or enrolling in the next course promising million-dollar profits.  

 

 

 

 

Lie Number 1: You will be an overnight success with instant wealth

 

 

 

 

Introduction to the lie:

 

 

 

 

      Scroll through social media, and you’ll be bombarded with highlight reels and ads selling the dream of instant success and wealth through entrepreneurship.  You will see signs of wealth accumulation, like big houses, fancy cars, and private jets.  They flaunt non-monetary aspects of time freedom, such as traveling and leaving the corporate 9-5 grind.  I’ve seen lines like 

 

 

“Quit your 9-to-5, start your own business, and take your life back.”

“I fixed this one problem in my business, and suddenly, I was living my dream life.”

 

 

     From the newbie perspective, these hopes/ desires/ expectations seem to materialize overnight.  Join a course, and your business will skyrocket.  Enroll in a mentorship, and you can quit your job, own your own business, and work for yourself.  While not entirely false, it’s also not completely transparent about the challenges of entrepreneurship.  What’s often not mentioned is that building wealth rarely happens overnight.

 

 

 

 

Truth: Success and wealth rarely come overnight

 

 

 

 

     The truth of entrepreneurship is that most businesses take time to become profitable.  I had unrealistic expectations when starting our wholesale business.  Scoring my first deal in two weeks and receiving my first check in four weeks led me to believe that deals would pour in consistently.  However, especially in real estate, the ongoing flow of deals proves challenging to replicate and perfect.

 

 

     An accurate highlight reel would show the challenges that business owners have to overcome.  What if influencers revealed deals slipping through their fingers, bottlenecks in their business operations, the struggles of retaining employees, and the upfront hours required?  This would paint a much clearer picture of business ownership.  Unfortunately, the unglamorous aspects of hard work, long hours, and failures don’t sell courses.

 

 

 

 

Be wary of claims of overnight success

 

 

 

 

     Beware of those who claim overnight success, as it’s a rarity and can set you up for unrealistic expectations.  Personally, I find more encouragement in reading about someone’s failures and hardships.  It reassures me that not everyone woke up a millionaire one day and that success isn’t always served on a silver platter but rather earned through persistence and hard work.  So, the next time you see someone flaunting instant success, take it with a grain of salt and remember: real success is a journey, not a destination.

 

 

truth or lies

 

 

Lie Number 2: Outsourcing = time freedom

 

 

 

 

Introduction to the lie:

 

 

 

 

     I’m sure this is true of any industry, but outsourcing is a hot topic in real estate.  I’ve heard things like

“Outsource your lead generation to automate your deal flow.”

“Hire out the tasks that are bottlenecks in your business; free up your time for bigger items.”

 

 

     The first step in outsourcing is using virtual assistants (VA).  Virtual assistants are often from another country and can be employed in various roles in your business- from lead generation and management to deal disposition.  I’ve utilized VAs for these tasks, while others leverage them for transaction coordination, project management, admin work, marketing, and bookkeeping.  It all makes sense – outsource these time-consuming tasks to VAs and free up your time for more strategic endeavors.  That’s the key to time freedom, right?

 

 

 

 

Truth: Outsourcing tasks take money and time to implement and properly regulate

 

 

 

 

     While the underlying concept is valid, the lie is that you can start your business this way and never have to handle all tasks yourself.  I fell for this lie when I began my wholesale business.  I mapped the entire company out with teams of VAs running/managing/overseeing every part of it.  It took time to hire and onboard everyone and reach a point where I felt the business could operate without my daily involvement.  However, having a VA team meant overseeing a sizable operation and, consequently, shelling out a hefty sum each month.  When bad deals and unforeseen changes hit, our deal flow slowed, and we found ourselves bleeding expenses.

 

 

     When discussing outsourcing, influencers often omit the expenses, the reality of managing VAs, the high turnover rate, and the critical role effective communication plays.  I’m not dismissing the viability of outsourcing; it’s indeed the key to a hands-off business.  But the truth is, at the beginning of owning a business, outsourcing all tasks is a pipe dream.  You must know how to do everything in your business, including how to teach others.  You must also establish proper channels to ensure tasks are completed as intended.  All of this requires money for the VAs, time for management, and ongoing communication with your team.  I haven’t mastered this yet, but I’m closer than a year ago.  It’s a journey, not an instant fix for time freedom.

 

 

 

 

 

 

Lie Number 3: One size fits all

 

 

 

 

Introduction to the lie:

 

 

 

 

     Influencers sell millions of dollars worth of courses on the notion that “if you do what I did, you will make a million dollars in a year.”  I almost got sucked into one paid mentorship on “How to make a million dollars in one year with a cleaning business.”  I could have paid the $3,000, learned about the mentor’s cleaning business, tried to replicate it, and maybe it would have been successful.  But the point is, it’s not a guarantee.  

 

 

     The lie that replicating someone else’s success assures your own takes away from the individualized strategies entrepreneurs use for success.  I know many successful business people, and each has their own approach and experiences that lead to their success.  Although I agree that successful people share certain behaviors and patterns, to think you just clone someone’s business and have the same outcome as them is unrealistic. 

 

 

 

 

Truth: Entrepreneurship is Diverse, and every entrepreneur has an individual story

 

 

 

 

     There is no universal formula for success.  Business is diverse, and every business owner is a unique entity.  The path that someone took to success will be different than yours.  And that’s ok.  One business’s method to keep their employees happy may not work for you, and that’s ok, too.  The truth lies in the diversity of entrepreneurial journeys, each shaped by their unique experiences, challenges, and strategies.  After all, a key characteristic of successful entrepreneurs is adaptability.

 

 

     I think it is important for entrepreneurs to share their tales of trials, failures, and triumphs, emphasizing their own unique path.  We all have a different background, are shaped with different strengths and weaknesses, and are engrained with different ideas and knowledge.  Don’t try to fit yourself into someone else’s mold.  Create your own.

 

 

 

 

Lie Number 4: You can do it by yourself

 

 

 

 

 

 

Introduction to the lie:

 

 

 

 

     Social media often depicts successful entrepreneurs lounging in private jets or showcasing their expensive homes, declaring their self-made success.  This theme of the “self-made” success story shows itself in our feeds, with posts such as:

 

 

“No handouts, just hustle.”

Or

“The grind never stops, building my empire, one day at a time.”

 

 

     What do posts like these represent?  This idea is that the business owners got there themselves, no handouts, just hustle.  It glamorizes hustle culture, which I wrote about in my review of the Family First Entrepreneur and is exhibited frequently in the media today.  It suggests that you don’t need a team or support; you can achieve it alone through sheer hard work.  While hard work is undoubtedly an essential ingredient for success, the reality is that going at it alone is difficult.  

 

 

 

 

Truth: Successful people acknowledge the role of a supportive circle, collaboration, and mentors

 

 

 

 

     The self-made myth minimizes the role of your team, support system, mentors, and any collaboration.  A powerful space I found in real estate was the community of other entrepreneurs sharing successes and failures to help each other grow.  Debunking this myth means you have to showcase what role these people play in your success. 

 

 

     To outsource for time freedom, you must have a management and admin team to oversee these tasks.  If you want to learn the dos and don’ts in business, you need a community surrounding you to learn from their mistakes and successes.  The reality of business ownership is that an extensive time commitment is required, especially at the beginning, which can isolate you from friends and family.  In our medical entrepreneur interview series, Kevin discussed the importance of support in your personal life and how that impacts your business.  These roles are important during each stage of owning and running a business, and their importance shouldn’t be downplayed.  Although I am sure there are a few lone wolves out there who have really done it alone, it is not common. 

 

 

 

 

Lie Number 5: You will be constantly motivated

 

 

 

 

 

 

Introduction to the lie:

 

 

 

 

     The pressure to stay constantly motivated is high in this social media world.  Returning to the highlight reel, all you see are influencers who present themselves as constantly motivated.  They wake up at 3 am to review their schedule or at 4 am to hit the gym.  Their motivation seems constant and unwavering.  What we don’t see is any sort of internal struggle to get up in the morning or do that mundane task you’ve been avoiding.  

 

 

     This myth that you will be constantly motivated is dangerous and unrealistic.  It defies human nature to believe that every day, without fail, you’ll wake up eager to toil throughout the day, especially if immediate results aren’t apparent.  If you’ve ever fallen out of a workout routine and had to restart, you understand the feeling.  Everyone in this situation has said, “I didn’t want to go to the gym, but I did, and it felt great.” Just like working out, completing a task in business usually feels good, but sometimes you won’t feel like doing it.  In those moments, motivation isn’t the force propelling you toward success.  Discipline is.

 

 

 

 

SM likes

 

 

Truth: Motivation comes and goes, discipline is the driving force of successful entrepreneurs

 

 

 

 

     Motivation is fleeting and fluctuating.  Dedication and discipline will keep you doing things when you don’t feel like it.  Motivation was the first step that made me want to start a wholesale business.  It took nearly a year for that motivation and passion to dwindle with the weight of business ownership.  I would have quit if I hadn’t had a mindset shift and instilled discipline in my life and business. 

 

 

     Long-term success and perseverance aren’t sustained by motivation, a truth rarely emphasized by influencers.  Discipline is the sturdier foundation.  Achieving discipline is more challenging than summoning motivation.  Motivation comes swiftly for most of us; you read or hear something and feel motivated to act.  But the discipline to stick with it and get the job done is a different story.  It’s all about mindset – believing in yourself and your business can help cultivate discipline.

 

 

Conclusion

 

 

 

 

     Social media has become a platform for entrepreneurs to showcase the highlights of their journey.  While not all of it is negative, it’s crucial to approach the content with clear expectations of what to get out of it.  The next time you scroll on social media and see an advertisement for a course or a paid mentorship, consider some of these lies we discussed.  Make sure you see business ownership for what it is – rewarding and challenging.  Keep a realistic perspective when it comes to this world.  I wouldn’t change my business ownership for anything, and I genuinely feel it’s my way to financial and time freedom, but it’s not all rainbows and butterflies.

 

 

Thank you for reading.  To find details about my real estate business, read more about my journey here

 

 

Share your personal stories if you have any on your entrepreneurial journey.  Feel free to ask questions.  Let’s be transparent and help each other find the balance on the path to success.