Becoming an entrepreneur isn't easy but there are plenty of misconceptions about what it means to start your own business.
Over the years I’ve have helped new business owners start and over that time l’ve heard so many reasons why people have held back from starting even sooner on their entrepreneurial journey that are just misconceptions. For this reason, I’ve collected the top 5 to share out into the world to help people avoid being held back from achieving their dreams in business and life.
1. Starting my own business requires lots of start up money
This couldn't be further from the truth, you can start your own business without any capital. All you need is the right guidance, clear plan, continuous execution and unwavering patience.
2. Starting my own business means working much longer hours and less personal time
It is possible to have a successful business while still having free time. This is extremely common actually, if you want to be successful and have time for your family and friends, you can find a balance. One of the biggest goals you should have when starting a business is that it enables you to live the personal life you want, if it doesn’t then it’s a job you’ve created not a business.
3. Taking on debt is a necessary part of starting my own business
This can be avoided easily and the only downside is your growth can potentially be slower if you have less capital (money) to invest in growing your business. You can of course be successful without taking on debt; it just takes patience and hard work.
4. Entrepreneurship is all about taking risks
Entrepreneurship isn’t just about taking risks. It’s actually a lot more precise that blindly taking risks, it’s all about taking calculated risks and testing your business idea before you dive in head first. This is what every long-standing successful entrepreneurs do. You should be brave, but not reckless.
5. The path to success is always predictable
When you start your own business, you don’t get to follow a pre-planned path that's guaranteed to lead to success. Every business is different, be it location, products, clients, time but most importantly the business owner. It’s up to you to stay on top of trends, make decisions about any potential risks, and set objectives for your company moving forward.
Bonus misconception for you!
Finally I wanted to share a misconception that doesn’t falter business owners to start a business but actually causes them to quit their business far too early.
A common misconception about starting your own business is that it will lead to an instant fortune. You won't make millions overnight!Focus on learning and growing - seek help when you need it and understand the true value of investing in yourself. That way, you'll be just fine. The best and most successful business owners realise that the game of ‘business’ isn’t a solo sport, win big and win faster with the support of other be that your own teams, coaches or mentors.