Many entrepreneurs dream for years about working for themselves, and sometimes their dreams don’t match up to the reality of starting their own business. 9 out of 10 business start ups fail, so entrepreneurs need to be knowledgeable about what it takes to make a successful business. Identifying some common myths about running a business can prepare business owners for the challenges they face as an entrepreneur.
Make Their Own Schedules
While it is true that business owners don’t have a boss or organization telling them what hours they have to work, much of what a business owner does will cater to the needs of those who can make the business successful. Being available to customers on their schedule may be the difference between success and failure. The same goes for suppliers; they will be much more willing to work with a business that works on their schedule. A business owner also needs to be available to accommodate the schedules of their employees who may not be as dedicated to the business as the owner.
Control Their Salaries
Business owners may have the ability to take out whatever they want from the business revenue, but they are not likely to stay in business very long if they employ that strategy. It can take a long time for a new business to begin showing a profit, and the owner’s salary may be limited by the need to put revenue into covering operating costs and reinvesting back into the business. In reality, the owner’s salary is the most negotiable expense in the business. It is common practice for new business owners to not take a salary for the first year or longer.
Take on All Responsibility
New business owners often work long hours most of the time. Starting a business is a very time-consuming process. While running a business requires a lot of time and effort, the business owner should be aware of their own limits and not push themselves until they are burned. It’s important to plan for a healthy balance of work and rest and recreation. Delegating to others and outsourcing work when possible will free up the business owner for the most important tasks and give some much needed free time.
All That is Necessary is Passion for an Idea
Enthusiasm is important to motivate a business owner to start a business, but the initial passionate feeling isn’t enough to keep a business running. Having a great idea and being excited about it doesn’t market it or negotiate supply contracts or ship products. Success requires lots of hard work, dedication, and sacrifice over the long haul.