Myths about Owning a Business

Successful business owners make running a business look easy. Observing from the outside, it’s easy to imagine that they harvest massive rewards with little or no effort. That is just one of many misconceptions about owning your own business. Here are a few more:

1. A Business Is a Get-Rich-Quick Scheme.
It’s more accurate to say that most “overnight successes” take at least 25 years of hard labour. An entrepreneur is a twisted individual who will work 15-hour days at minimum wage to avoid taking a real day job at $20 per hour.

2. You Need a Lot of Money to Start a Business.
Some businesses do have a high start-up price tag, many do not. If you are a tradesperson who owns all the necessary tools to work for someone else, you might already have most of what you need to start your own business. Many people start small enterprises by investing a lot of sweat equity and little or no cash.

3. “Kicking Your Boss’s Butt” is a Valid Reason to Get Into Business.
First of all, that boss is in business because customers pay for his or her products or services. Secondly, kicking someone’s butt will never be reward enough to warrant the risk and stress of operating a business. It makes far more sense to archive any grudges you might have about your boss and get into a business you will enjoy.

4. Someone Needs to Lose In Order for You to Win.
Some folks believe they win at the expense of others. In my view, this is 180 degrees off the real reason to get into business – to create value for customers and your community. The only true win is when all stakeholders win; owners, investors, employees and customers.

5. Business is a Cure for Financial Madness.
For some reason, a lot of folks seem to think getting into business will magically heal a long trail of financial terror. Not true. Any unwholesome financial habits that haunt your personal life will not only follow you into business, they’ll destroy you and the business. Once in business, your footprint gets bigger and the carnage spreads wider.

6. Bigger is Better.
Be careful what you ask for. The sweet little enterprise you strive to grow might become a treadmill similar to the grind you escaped by quitting your old day job. Many small businesses thrive and meet the owner’s needs without escalating to Fortune 500 status. An efficient microbusiness might be all you need to achieve the life-style you want.

Business owners are rarely successful by accident. More often it’s because they work hard, manage risks wisely and do many things right. It’s never quite as easy as it looks.

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