Entrepreneurial Myths with Scott Armstrong

Scott Armstrong is an entrepreneur with experience in business and star-up. His book, Start Me Up! is a guide tailored to the young and first-time entrepreneur.

Scott represents the 23-year old Peter Thomson Center for Venture Development at BCIT's downtown campus.

Entrepreneurial Myth #1: Build it and they will come

The Challenge: the product or service is created from the inventor's passion and not market space research. You believe in it, but who else does?

The Recommendation: while tedious at times, conduct market research and promote your product effectively.

Entrepreneurial Myth #2: An entrepreneur has to be everything

The Challenge: Entrepreneurs and inventors are spread too thin in areas with little or no expertise in some important areas.

The Solution: Spend your time in high utility activities. Off-load tasks that take a long time due to lack of expertise. ie: let a $25/hour book keeper handle your books instead of spending 5x more time doing it yourself.

Interested in attending the next commercialization bootcamp? drop us a line.

Entrepreneurial Myth #3: A business plan is of little value

The Challenge: Without a business plan credibility and focus are reduced

The Solution: Research shows a meaningful business plan increases success % by a factor of 4 in the long term. Helps in anticipating market trends and what's necessary to run your business.

Keys to Success

1. What is your root Motivator? This is what is going to push you forward towards success...

• Freedom?
• Self Control?
• Money?
• Lifestyle?
• An altruistic desire to change things?
• Own it. Things that sustain business success are control, creativity and life balance...

2. Get Help

• Don't be too proud to reach out and get help with your business
• This is an area where women are more successful because they are more likely to ask for help

3. Lift up your vision

• Be sure you have a long-term vision
• Life up your vision and keep it top of mind
• This technique enables long-term success

4. Set-up with balance

5. Know the areas you need help with... and get it!

6. Ignore your personal ADD culture - stick with it success takes time

Thanks to Scott for great insights. I only wish I could've written more...

Interested in attending the next commercialization bootcamp? drop us a line.