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.