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Copyright 2009-
Starting a Business? Four Myths to Watch Out For
Entrepreneurship is a popular ideal in our society. The independence and autonomy
that come with working for yourself reflect the basic tenets of the American spirit.
In fact, over 600,000 people a year try their hand at business ownership. Of course,
the majority of these businesses fail within the first few years. There are a few
different explanations for the high failure rate, but many of these specific excuses
can be traced back to a few unrealistic expectations of the would-
If you are a starry-
1. I'll Be My Own Boss!
Technically, it's true that you will hold the title of "boss," but really you just increase the number of people you work for. Instead of answering to a single manager, business owners answer to their customers, staff, suppliers, landlord, etc. Your responsibility is increased tenfold, and this can be a great motivator or a disastrous, overwhelming burden, depending on your perspective. And, in addition to being the boss, you will also likely be the accountant, janitor, lawyer, the entire marketing department and sales staff...at least until your venture is off the ground!
2. I'll Be Rich!
It's true that entrepreneurship is the best, if not only, route to personal wealth, but don't count on it happening by next week or next year. Small business startups are most successful when they focus on a small market niche to begin with, then expand to other markets over time. The llimited focus reduces the direct competition from the giant corporations and allows you to focus on a very specific target. This method is effective, but it takes time to build a company. You can make a good living, though you likely won't be able to retire in the first few years!
3. I'll Have Lots More Free Time!
Most entrepreneurs work 60+ hours per week...more when big projects come in or changes
need to bbe made. The upside is that you get to manage that time. Depending on the
type of business you luanhc, you may be able to free up time for specific activities
that is difficult to do with a 9 to 5 job, but you aren't likely to hve much down
time. And, like it or not, you will be thinking about your venture all the time -
4. I'm Already an Expert, so Running a Business Will Be Easy!
This sentiment is very common: chefs figure running a restaurant will be a cinch,
business professionals assume their specialty (accounting, marketing, IT) is the
most critical aspect of business ownership, people with a passion figure that will
be enough to drive success. Unfortunately, the actual operations of the business
are only one piece of the larger picture. The business side of owning a business
includes a number of areas that successful entrepreneurs must be very comfortable
with, from accounting to marketing, managing staff to financial planning, conducting
research to being the visionary. Most failed ventures did not fail because of operations...in
many cases they offered products or services just as good as the competition. Rather,
businesses tend to fail due to poor management -
Entrepreneurship is not easy, but the payoffs can reach epic proportions. The key is to be realistic about what it means to be a business owner, and what it takes to succeed, and be willing to put in the time and work to make it happen.
About the Author
LaunchX.com is dedicated to training entrepreneurs to turn their good ideas into
great companies. The LaunchX System provides step-
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