Being an entrepreneur is hard, so it’s a good idea to know what you’re getting into before you venture out on your own. Take a look at these common myths about being an entrepreneur and see if you’re ready to dive in.
Myth #1: You don’t have to answer to anyone
Truth: When you’re an employee, you only have one person to answer to, but when you’re the boss, you have a lot of people to answer to.
As an entrepreneur, you’ll still have to answer to customers and investors. Sure, you won’t get fired if you just don’t show up one day, but if you miss a deadline or don’t show up to a meeting with a customer, you’ll lose business and your reputation will be damaged.
Truth: Not every business requires a lot of startup money. Startup money may help you grow faster, but there are a lot of businesses you can start with just a computer and the internet.
If you’re trying to sell physical products, you’ll need some money to get started, but you don’t have to make your whole line right away. Start with just one or two products and don’t manufacture too many units. Sell your first batch to help pay for your second batch.
Myth #4: You’re going to be a millionaire overnight
Truth: If every entrepreneur became a millionaire quickly, everyone in the world would quit their jobs and start a business. A lot of entrepreneurs become incredibly rich, but a lot of entrepreneurs don’t.
The ones who become rich don’t do it overnight. It takes a lot of work, and it usually doesn’t happen because they’re chasing the money. If you start a business to chase your dreams and fill a need or solve a problem, then you’ll have better chances of making it big someday.
Myth #5: You need to find the perfect location
Truth: If the only thing stopping you from starting your business is finding the perfect office space or storefront, then stop panicking! You don’t need the perfect location to get started.
If it’s just you and a computer, work from home. If you have products to sell, start by selling them online. Once you’ve made a little money, start looking for a storefront.
Myth #6: You won’t have to do the grunt work anymore
Truth: Nobody likes filing paperwork or doing mundane tasks, but those tasks are essential for keeping your company running smoothly.
Being the boss doesn’t mean that you get out of doing those tasks (not when you’re first starting out). If it’s just you or you and one or two employees, then you’ll be doing mundane tasks, just like everyone else.
Myth #7: Your business plan has to be perfect
Truth:A business plan is great because it helps you map how to reach your goals. But, it doesn’t have to be perfect, and you don’t have to spend months and months writing it.
As your business grows, your business plan will change and evolve. So, write a business plan spelling out your goals, but know that it will probably change a lot, and soon. If you spend too much time crafting a business plan, you’ll never start your business.