8 Myths About Having Your Own Business

8 Myths About Having Your Own Business

Like some employees, you might not be happy in your current role, but won’t speak openly about it. Well, the truth is, no job is better than the other and, therefore, don’t think things will become better if you land a new job. With every job comes a different challenge, which you can’t avoid. 

However, there’s always a way out if you feel you can’t take it anymore. You can choose to become your boss by starting a business. Even so, becoming an entrepreneur isn’t a smooth ride. We’ve got several rises and falls along the way, and not unless you get things right from the onset, you can quickly get discouraged.

Before starting a business, you should examine the motives behind the idea. Like, is your reason for starting your own business based on reality, or some startup myths? The main reason why most startups are short-lived is that most upcoming entrepreneurs found their businesses on myths instead of reality.

Here are some common small business myths that have misled most business owners.

  1. You’ve Got More Free Time: The fact that you’re a business owner doesn’t mean you’ve more control over your time with lots of free time. To become successful, managing your business should be a lifestyle and not an 8-to-5 job. Be prepared for less free time and more demands on the little time available. 
  2. You Determine How Much You Earn: Most startup owners believe that they can determine the amount of profit directed to their pockets. The reality is that new business won’t generate profit immediately. And since you need to cater for operations costs and reinvest surplus funds back into the business, your salary will be limited.
  3. Legal Issues Aren’t Important: Small business owners believe that their small size allows them to operate without the legal protection of signed contracts. They imagine that their businesses are rarely noticed by government agencies. The truth is, any business should follow all the legal requirements to be on the safe side.
  4. You Can Work Whenever You Like: Being a business owner doesn’t permit you to work whichever time you like. The truth is, the business owns you and serving your customers should be the center of interest. 
  5. You’ll Make a Fortune as a Business Owner: Don’t be excited by the cash inflows into your business. You may just realize that you’re getting little from your business after balancing the outflows and inflows. So, don’t start a business with the mentality that you’ll make lots of money.
  6. Owning a Business Is Less Stressful: If you thought a job is demanding, try owning a business. It’s more stressful. You need to sacrifice your happiness and needs for your customers’ benefits. So, don’t imagine it’s going to be easy.
  7. You No Longer Answer To Anyone: It’s true that as a business owner you no longer answer to a boss, but the truth is, you’ll be answerable to more people than you think – your customers, employees, suppliers, financiers, and government departments. 
  8. You’ll Be Able To Delegate Everything: You can’t delegate all the tasks in your business – especially in the start, when you don’t have any employees. Issues to do with managerial finance, pricing, and recruitment need your attention, and you can’t just delegate. Again, you’ve to watch over every activity taking place in your business. So, don’t think you’ll rely on people to do the job.

If you want to succeed as a business owner, get rid of these myths. They delay overall business growth.