8 Myths about Starting your Own Business

1. You Have No Boss

False, owning a business makes you answerable to more than one Boss. Your customers, investors, and employees are now your new bosses and yes the bottom line is your boss too. You are now responsible for every step that you take as it is associated with a number of people around you.

2. You Can Work Fewer Hours

Which is a myth again, because as an entrepreneur you would end up working more than the actual hours you could have worked in a job role. No doubt scheduling the work is completely in your hands, but that doesn’t give you the luxury of working less hours.

3. Your Hiring Will Take Care of the Details

Ask any entrepreneur about their initial days after starting business. A majority of them would have played multiple roles in their company. It could be something as important as framing policies, strategizing and business planning to something as petty as cleaning your office and rushing to places to deliver your product or mail. Very few start-ups enjoy a huge workforce with them at the initial days.

4. If You Build a Better Mousetrap, the World Will Beat a Path to Your Door

A common entrepreneurial myth is that you can invent something great and then sit back and watch people buy it. The reality is that you need to produce the right product at the right time for the right price in the right market channel to be able to watch people buy it. Even if you have an awesome product idea, it takes enormous work and resources to produce your product and bring it to market.

5. You Have More Control Over Your Income

As a business owner, you would have little or no control over your income. You might work hard all the time to bring in income and win new business. Sometimes there would be  a lot of income, but sometimes there would be none, despite your best efforts. Your income ultimately depended on fickle customer decisions and economic forces beyond your control. Income for small business owners can be quite volatile.

6. Investors Will Throw Money at a Great Idea

Would it ok to use the world bull crap to describe this myth in one word ? You would definitely get to know why it’s a myth after your first investors meet. A brilliant product, potential market size, and an amazing brilliant plan is not letting those investors hand over you your desired amount. There are various factors that investors look into before they actually locks to invest in your idea.

7. Determination Can Overcome Any Obstacle

Determination is perhaps the most important attribute you need to start a business, but you also need the right opportunity. Some people throw everything they have into starting a business venture that has almost zero chance of success due to limited market size, faulty assumptions, or other flaws. Persistence can get you started, but a viable opportunity is necessary to build a prosperous business.

8. By Taking Big Risks, You Set Yourself Up for Big Rewards

Not necessarily… It’s a popular myth that entrepreneurs reach success by trading risk for reward. The reality is that most entrepreneurs trade hard work and a good plan for a modest reward. Successful entrepreneurs reduce and manage risk well in order to avoid quick business failure. Taking big risks should be a last resort, not the primary plan.