7 MISCONCEPTIONS ABOUT RUNNING A SMALL SCALE BUSINESS
- Entrepreneurs have More Time
- You can be your own boss
- Funding is Always Needed
- Planning is Waste of Time
- You can take unlimited Vacations
- You can replace your income right away
- You don’t need a team
In the past few decades, entrepreneurs were rare. They were seen and frown upon as people who are too lazy or eccentric to fit into the typical 8-4 work schedule. There were a lot of misconceptions about running a small business. However, in recent times, this notion has changed, with different entrepreneurial success stories springing out from different countries. Look at the likes of Mark Zuckerberg of Facebook, Jeff Bezos of Amazon, etc.
These success stories have led to the “entrepreneurial revolution,” which is characterized by many individuals aiming to become an entrepreneur. Nowadays, anyone can wake up and declare that he has an idea and wants to start up a business.
Is Entrepreneurship that easy?
Many fail to seek the answer to this question before venturing into the system. Unlike the misconceptions before the revolution, other delusions sprung up portraying entrepreneurship as a natural alternative to the traditional 8-4 job.
This piece aims to demystify these misconceptions about business and empower would-be entrepreneurs with the right knowledge that’ll prepare them for the journey ahead.
Misconception One: Entrepreneurs have More Time
Sincerely, Entrepreneurship means having the opportunity to set your hours and work almost whenever you desire to work. Wow! Unfortunately, having the power to detect when your work doesn’t necessarily mean that you can or should have more time. Entrepreneurs have less time for themselves. As a ‘Serious’ entrepreneur, you’ll need to work above and beyond to ensure your business is strengthened. This leads to spending late hours and weekends working on your business.
Misconception Two: You can be your own boss.
This is not true. Everyone answers to someone. Sorry to break your bubble. Though it’s nice and more comfortable to not answer to anyone, the irony is that small-business owners and every entrepreneur answer to their customers. When you look at it from a different perspective, this means a business owner has more bosses than an 8-4 worker. Other times, there comes a time to answer to investors, partners, suppliers, vendors, and many more other business stakeholders.
Misconception Three: Funding is Always Needed
Its true money is vital in starting and running a business, but you don’t have to get all the money in the world before you start up your business. As a matter of fact, if you’re waiting for a huge cash injection from an investor, you may never start your business. While waiting for handouts and loans, you can find ways to bootstrap your business. Be informed that this will be challenging, but in the end, it’ll be worth the stress.
Misconception Four: Planning is Waste of Time
No matter the type of business you wish to run, planning is vital for success. Many think a business plan is needed only when you wish to take a loan or borrow fund. No-No. A business plan is needed in all situations to serve as guidance, motivation, and to stop you from making any major mistake. It offers insights into all aspects of your business, from marketing and sales to the legal structure and the employees you’ll work with. It must not be detailed, but coming up with something someone can read will work.
Misconception Five: You can take unlimited Vacations
In wishful thinking, entrepreneurs take unlimited vacations, but in reality, they rarely find the time to take vacations. It’s harder to feel comfortable with taking a vacation when you know there is always more to do to strengthen your business. Even when entrepreneurs take some time out, it’s still hard to check out completely. They’ll always be checking in for updates, taking decisions, etc.
Misconception Six: You can replace your income right away
Even if you start with the greatest idea or with a good number of client base, it’ll take time to build up your income to your previous salary. Most times, it takes more than three years to start making the same amount that you were earning as a salary earner.
Misconception Seven: You don’t need a team
You need a team more than many other things in your business. Many entrepreneurs go into business, assuming that they can do everything on their own. In the earlier days of the days, you might cope with it, but there will come a time when you’ll need helping hands. This is when you can think of hiring permanent employees, agencies, or freelancers to assist you. You might also need to hire a mentor or business coach to guide you through your venture.
Trying to run a business on your own doesn’t end well.
Conclusively, opening, and running a business is almost everyone’s desire; however, what they imagine business ownership to be if far from what it is. If you want to succeed, then you need to drop these misconceptions and face your business squarely. Though these misconceptions about running a small business give you an idea of reality, there are many things you need to understand before venturing into a business.