Being an entrepreneur and running a successful business can be tough, and there are definitely hurdles to cross. According to statistics, 95 percent of all businesses fail in the first five years. For every successful entrepreneur, several are held back. Some try and fail, giving up before they should. Some don’t even start because of myths and misinformation. To assist them, here are some myths about starting a company, and the truth behind them.

Myth: No more personal life.

Truth: It will be challenging to juggle the responsibilities of running one’s own business and spending time with family, but at the end of the day, business owners can be much more flexible with personal life than any corporate employee can ever be. Time management and planning skills are essential to get things done so entrepreneurs can enjoy time spent with friends and family.

Myth: Sneakiness and shrewdness are keys to a successful enterprise.

Truth: In order to be a successful entrepreneur one needs to build honest, solid relationships with both clients and suppliers. Ruthless pricing may secure a few good deals but business owners won’t build profitable and lasting relationships. The goal should be to figure out how to make the most money while still keeping customers and suppliers happy.

Myth: More time off and less work.

Truth: A corporate job may force employees to put in long work hours and deal with a frustrating commute. Running one’s own company is appealing because it promises the opportunity to slow down and make one’s own hours. While this picture may be somewhat true, there is no denying the fact that being self-employed is very hard work. Most small businesses don’t show profit until well into the third year. If it were easy, everyone would do it. What makes the difference is that a business owner is doing something he or she is passionate about, so the long hours won’t seem like such hard work after all.

Q: Why is asset management important?

A: Asset management growth continues to be an essential goal for any business or company. An industry will experience strong results and an improvement on previous years when asset management growth is achieved. It also shows that a company has selected the correct approach, one that promotes compatibility across all departments.

The times of manual work are over. Asset management continues to gain importance as industry moves through the new millennium. The successful administration of assets will include numerous complex and diverse databases, and businesses must rely on timely and accurate information.

Q: What constitutes effective asset management?

A: Asset management is one of the most important strategies used in any industry. The corporate world today leans heavily on data maintenance and technological systems. To ensure that a business is running smoothly, both software and hardware assets should be managed properly. A thorough evaluation of financial statements, the marketing and sales plan, guest satisfaction data and the budget will likely be required. Asset management firms can give strategic advice on tax planning and acquisition services, as well as offering alternatives for the future.

Q: How does asset management affect a company?

A: Overall, asset management makes way for the proper organization of facilities, transportation, production and digital assets. Maintenance, procurement, budgeting and depreciation calculation of fixed assets should be evaluated, too. The value on these fixed assets must be maximized, with a goal toward minimizing all projected costs. A number of organizational modules are now available that assist different industries with managing aspects of day-to-day operations such as assets, materials, human resources and software.

Operational management systems provide necessary tools for improvement on these assets, decreasing the cost of ownership while developing their return. Additionally, the systems offer assistance with tasks such as license compliance and encourage heightened security for internal operations. This factor is especially important for companies with several branches in different locations. Now, management has a better, more efficient way to track both intangible and physical assets.