Entrepreneurship is alive and well in the USA as each month the number of entrepreneurs is growing. Whether a person just starts something small on the side for extra income, or quits their job and works at their business full-time, it seems like starting a business is a popular way to make money. It’s easy to see why.
When we think about starting a business, we think of the fact we can set our own hours, be our own bosses and be in total control of our lives and business. While this is the case for some and starting a business can be an awesome thing, it’s not all peaches and cream. There are some real hardships and harsh realities that can also rear their ugly heads.
With that in mind, this article is going to tackle the 3 most common misconceptions about starting a business, in order to help you get a real picture before diving into the uncertainty of small business ownership.
1. All You Need is a Good Idea
When some people start a business, they are often under the impression that all you need is a good idea. Many people get an idea in their head, and think it is the key to a great business. Unfortunately, there are like thousands of “good business ideas” that arise each and every day. The key isn’t the idea, it is the execution of that idea.
In addition to a good idea you need a great team, some solid marketing, helpful tools – like a help desk or project management platform – and to be honest, a little bit of luck. Sure, a good idea is good to have right away, but it is only the catalyst of your business and there is a lot of work and time needed to make the business and the idea a success.
2. You’ll Have So Much More Free Time
With the average middle aged adult in the USA working more than 40 hours a week, free time is often pretty hard to come by. When people think of starting their own business, they often do so under the impression that running their business will give them more free time. However, this is often the opposite of what occurs.
When you are starting a business, it isn’t uncommon to put in 12+ hour days for weeks at a time in order to launch your product, service or app. A ton of work goes into running a business and if you are going into it alone, be ready to work a ton, at least in the early days of your business. As you hire more or get the hang of things, you might have more flexibility, but there are no guarantees of that either.
However, whether you run your own business or are an employee, it is incredibly important to be able to still allow yourself to have time to spend with friends and family. If not, you could easily burn yourself out.
3. If You Work Hard Enough, You’ll Eventually Succeed
For most of our lives, we are told that if we put in the work and keep at it, we will eventually succeed. While we wish that were the case, it unfortunately isn’t. You could put in 60 hour weeks for years and despite the hard work, may never actually see your business get off the ground.
While there is nothing wrong with hard work, one thing you should try and do is to work smart. Figure out the most intelligent ways to attack the problems in front of you, without overworking yourself. If you can work smart, you will save a lot of time, while also giving your business a better chance at being successful.
While running a business can be incredibly rewarding and change your life in a positive way, it is also important to speak about the risks involved. Looking at entrepreneurship through rose-colored glasses isn’t always a good idea. You need to be sure to weigh the pros and cons. Now of course, this article isn’t trying to discourage you from starting a business, but rather just telling you that it is a big step and you need to be prepared for any sort of outcome.