Entrepreneurship is an attractive concept because it is often associated with freedom, leisure and wealth. For many, taking a risk on a business venture is the first step towards living the lifestyle of their dreams. The result of a nationwide survey published by The Washington Post even revealed that 62% of millennials want to start their own business.
Regardless, everyone knows that success is never guaranteed in any business. An aspiring entrepreneur needs to come up with a sound business plan and brilliant marketing strategies in order for the startup to prosper. To be adept in running an enterprise, an individual may even take time to complete a business course or leaf through pages of thick business books.
These practices surely increase the chance of a startup to succeed; but if you seriously want to manage your own firm, do not forget to assess your ideals and assumptions too. There is nothing wrong in staying positive and being hopeful that victory will come easy. Nevertheless, you should also be prepared to break some of the common misconceptions about starting a business.
You will get rich fast.
Patience and determination are virtues that all entrepreneurs must have, because success is rarely handed on a silver platter. If your goal is to accumulate wealth in a short period of time without much effort, it is probably a wiser move to say goodbye to your entrepreneurial goals. You are not entering a get-rich-quick scheme, so it may take a while before you see the profits start rolling in. Keep in mind that most businesses have to wait for months or even years before finally getting their return of investment (ROI).
A business needs capital, so you may even have to endure some time without a salary. While a profit will keep a firm running, a business that only exists for money may find it hard to sustain its growth. For a business to stay credible and competitive, its existence should contribute some value to society.
You will have more free time and can do anything you want.
Unlike a regular 9-5 job, an entrepreneur often enjoys a flexible work schedule. However, it does not mean that you will work fewer hours. One hard truth you have to face is that the new business may require you to work longer. You may even have to give up nights and weekends. While the idea of taking long vacations and having leisurely afternoons sounds appealing, an entrepreneur should be willing to sacrifice “me” time in order to attain a goal.
The time you spend on your business is an opportunity to boost income and productivity. So as an entrepreneur who wants to to reach targets, you will no longer mind if you have to put in more hours just to get the work done. Of course, work-life balance is always important, so time-management skills are essential for entrepreneurs.
You are your own boss and the workload will be lighter.
If you want to be a business owner because the idea of backbreaking work puts you off, you are bracing yourself for failure. The fruits of an entrepreneur’s labor is usually achieved through commitment to work as hard as possible. Things may get easier once you start reaping the rewards of a successful startup but it is not wise to abandon your dedication to work diligently.Things may get easier once you start reaping the rewards of a successful startup but it is not wise to abandon your dedication to work diligently.
Business owners normally need to hire staff, so many people think that the sole duty of a business owner is to delegate tasks and order people around. It may be true that you will become your own boss, but this new status will bring in more responsibilities. As an employee, your only concern is the duties assigned to you. As a boss, you need to be aware about all aspects of the business. An entrepreneur exerts effort to work closely with all departments to monitor everything that is going on in the firm. Hands-on supervision is not easy, so if you want to go into business, be ready to work even harder.
The vision of a business owner reaping huge profits and enjoying life to the fullest attracts many people to entrepreneurship. This idea will unlikely come into fruition without full understanding of what a startup entails. To conclude, a wise entrepreneur makes smart decisions based on realistic views and accurate facts.