Entrepreneurship is an exciting experience for many people. However, some businesspeople blindly believe some of the myths that we are about to discuss in this article. Believing in these myths can cause failure. So, it’s important to differentiate baseless ideologies from reality, when it comes to entrepreneurship. Below are five popular myths of entrepreneurship.
1. Entrepreneurs work fewer hours
When most people venture into their own businesses, they think they will work less than people who are employed on a regular 9-5 job. But this is never the case. As an entrepreneur, you may need to work for a minimum of 12 hours. Starting a business involves a lot of work. You may find yourself working for more than 12 hours, even if you have workers to help you out. You’ll have to adjust your lifestyle to suit your working schedule.
2. There’s less stress involved
When you’re employed, you may find that you feel stressed by your colleagues, boss, and working environment. You may not have anyone to report to when you own business. This, however, doesn’t mean that you won’t experience any form of stress. Remember, you don’t have anyone to blame in case anything goes wrong. Therefore, you have to ensure you have sufficient funds to run your business successfully. If you have employees, you have to make sure they’re paid on time.
3. Entrepreneurs work wherever and whenever they want
Entrepreneurs with this type of attitude may end up disappointed. Starting your own business allows you to prepare a flexible schedule, but you have to ensure that you work as per the schedule. You must be available to your customers. In addition, you need to position your business strategically to reach your target market comfortably.
4. Owning a business makes you rich
According to The Economist, it may take more than 2 years for a business to become profitable. You may have to invest a big percentage of your revenue back into the business. The revenue can make you rich but you need to prioritize on the needs of your business. Once the business is established, you can begin to get more income. This may take a few years, so you have to be patient and exercise perseverance.
These are just a few entrepreneurship myths. You can learn more from entrepreneurs like Grace Lever who debunk such myths. Lever loves to share her experience and knowledge to help young entrepreneurs build profitable businesses.