The Truth Behind Common Entrepreneurial Myths
If you have started your own business recently or are considering it, you have no doubt heard some of these comments from friends, family and advisors:
“So many businesses fail. Why are you doing this?”
“I hear that you need a large amount of money to get a business off the ground these days.”
“Why would you want to throw away the security of your job?”
These, and more of the same, are typical of the barriers that many people focus on when talking about starting a business. These barriers are built on the back of myths about the pitfalls and challenges associated with running your own company.
Let’s take a look at some of these myths and discuss the reality of being an entrepreneur. There is no doubt, being a business owner can be tough and there are many hurdles to overcome, but there are also rewards that can far out-weigh the challenges.
Myth #1: You Don’t Have a Personal Life
Yes you can! It can at times be tough to juggle the responsibilities of running your own business and spending time with family & friends, but at the end of the day, you are going to have far more flexibility with your personal life, than an employee ever will. The real issue is, do you have the time management and planning skills to get things done, allowing you the free time you desire?
Myth #2: You Have To Be Cunning and Ruthless To Be a Successful Entrepreneur
Absolutely untrue! Aggressive at times, perhaps, but ruthless is not a requirement. To be a successful entrepreneur you need to build relationships with both customers and suppliers who will stick by you. Looking for short-cuts and bad-mouthing your competition may get you one or two good deals, but this strategy will not build lasting and profitable relationships. Your aim should be to strike a balance between going after what you want and creating a respectable brand people can trust.
Myth #3: You Won’t Have To Work As Hard
A myth in the beginning; truth once you’ve created some success. Your current job may be stressful and require long hours. The idea of running your own business may be appealing in part because you can slow down and take life at your own pace. At times this can be very true, but getting your business to this place will be hard work. Most small businesses don’t achieve profitability until year 3 so it can be a long haul to the 3 months off a year you have always dreamed of. The difference is, you will finally be doing something you love, so the hours and the struggles will be enjoyable, and once all that passion has turned to profits you can be relaxing on the beach just as you imagined.
Myth #4: You Have To Have an Original Idea
No you don’t. Most businesses are built around a central idea. The difference is in how things are delivered. For example, there are hundreds of different fast food chains on the market, and their core products are all the same, yet there are a few highly successful chains that have taken the basic concept and created a unique brand that more people prefer. Don’t be put off by the doomsayers who will gleefully point out that “that’s been done before”. To that your response should be, “Great! That shows the idea is a good one!”
Myth #5: You Will Be Your Own Boss
Technically yes, however if you’re smart you will consider your customer to be your new boss in your new business. Your customers are essential to your success. When you were working for that large, faceless corporation, the loss of the odd client here and there wasn’t as big a deal – plenty more where they came from.In your new world you have to do whatever it takes attract and retain happy customers. Your job is to listen and take action, before your competition does.
Myth #6: You Need A lot Of Money To Get a Business Off The Ground
It’s true that some businesses do require large sums of cash to get off the ground. But there are also many businesses you can start with a small initial investment. Online, service based businesses can have very little over-head costs and can start turning a profit very quickly.
Myth #7: You Only Have To Do What You Want To Do
Again, yes and no. There will always be elements of both employment and entrepreneurship that you do not enjoy. Your goal as a business owner is to create an environment that allows you to focus on the areas of the business that you enjoy most and excel at. The key to reducing the time you spend on the inevitable tasks that aren’t quite in your wheelhouse is outsourcing. In the beginning when profits are lean you may have to attend to more of the tasks you don’t love, however as your revenue grows you will have the opportunity to hire others with the expertise and desire to take over these areas of your business.
Not sure of entrepreneur is the right path for you? Struggling to take the leap from employee to proud business owner? Pamela Finnesand, The Business Maximizer can assist you! We offer a complimentary Business Breakthrough Strategy session to help you make the decision (either way) and feel great about it once you do. Schedule your strategy session here!
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