Misconceptions About Being an Entrepreneur

Nowadays, many people are craving for freedom to do according to their wishes. They might want to have the money to buy blue chip stocks and invest. They might want to find that happiness and freedom that they hear business owners have. There might be some misconceptions about what owning a business consists of. These are some of the common misconceptions about starting your own business.

  • Business owners are their boss

There is a belief that business owners are their bosses. Most people believe that when you are an entrepreneur, you do not answer to anyone. This is not true since they are obligated to respond to investors who finance them. They also answer their employees to keep them satisfied with the business benefit. All entrepreneurs must answer to their customers, as they are the most critical asset of the business. For the business to have a financial float, customers must be present. In any business, the customer’s should be well addressed and ensure they are provided with the right satisfaction.

  • Entrepreneurs can set their salaries

Business existence is more important than the owner’s desires and needs; therefore, if the business asks for it, the business owner must sacrifice on its behalf. The company must be able to pay its bills and give room for its growth. The owner’s salary comes after settling all bills, and business demands are met; thus, it may be less than the expected amount. The business owner’s salary mostly varies on economic force and fickle customer decisions far from your control.

  • Entrepreneurship calls for more private time

It’s correct that entrepreneurial accomplishment gives owner’s freedom to dictate their working hours and spend extra time doing what they want, although most people think entrepreneurs can work when they want and for how long. However, an entrepreneur’s personal time is mostly work related. The truth about owning a business is that the business owns you rather than owning it as the owner is dedicated to the business to ensure its survival and success. Entrepreneurs are obsessed with their business, thus lacking some personal time, as they spend the most time working towards the business’s success.

  • Everybody can be the owner of a business

Anybody can own his or her own business, but the truth is that not everybody should pursue entrepreneurship, but not everyone can be a victorious entrepreneur. Starting a business has nothing to do with your experience and skills. However, it has everything to do with your dedication and willingness to prosper. Due to society’s pressure, it is inspiring to start your own business where it is harmful since not everyone can be successful. Although many people have the required skills and experience in their relevant fields, most are not exposed to the risky entrepreneurial journey.

  • Just have a good idea

This misconception comes typically together with the statement that all you need to be successful is a good idea. Therefore, most employees seeing how their bosses charge the customers tend to think they must be making a fortune out of it. They only realize it when they establish their own business and notice the many expenses awaiting the revenue. Entrepreneurship seems to be a money-making process if the involved variables lead to success. For entrepreneurs to enjoy their work’s fortunes, it takes a lot of commitments in terms of time and effort. Real entrepreneurs are people who recognize imperfections in the market, make business plans, and implement them. However, for entrepreneurs to succeed, they must add value to other people’s lives by satisfying their needs.

  • Entrepreneurs are born

Some peoples believe that entrepreneurs are born with the traits. Some people are born with features that lead to good public speaking or a natural tendency for business planning. However, natural features need practice to attain the required skills to be a fortunate entrepreneur. The truth is that entrepreneurs are not born; instead they are groomed and honed through determination and hard work. Therefore, great entrepreneurs are not made through nature; they are made through nurture.

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