Four Entrepreneur Myths Debunked

Being an entrepreneur is easy–or at least that’s what some people would like to believe as they’re working each day in a job that they wish they had more passion for. The truth is that a lot of people are unhappy in their current career and they dream of starting their business.

That’s how successful entrepreneurs begin but before you pursue your dream of owning your own business, make sure you’re doing it for the right reasons. If you’ve heard any of these “facts” about becoming an entrepreneur, we’re here to give you the real truth.

Flexible Work Schedule

Some people believe that if you own your own business, you can work when you want instead of having to work every day from 9 to 5. Although it’s true that you’ll likely have slightly more flexibility, in the early stages of your business’ development, all money earned will come from your hard work. Unlike working for somebody else, as a new entrepreneur, when you don’t work, the business doesn’t make money and that’s not good for your personal finances.

I can Start My Business without Making it Official

Some entrepreneurs try to sneak in to business. They don’t formally register their business with their state or claim the income on their tax return. Regardless of how small your new business is, you should form an LLC with your state. This legally separates your business from your family finances shielding your family from any attempts to collect business debts from family funds.

I’ll be Less Stressed

Starting a business comes with a healthy dose of fear of the unknown and the lack of confidence as you’re learning a lot of new skills as your business grows. Add to that the fact that you’re probably spending more money than your bringing in, that’s a recipe for a whole lot of stress but as your business grows and matures, that stress will turn in to confidence and prosperity as you begin to profit from the hard work and stress that you invested.

You’ll be Famous

Go ahead and dream big but it’s unlikely that you’re going to start the next Apple or Facebook. There’s even a better than average chance that you’re not going to be widely recognized in the community as someone whose face is on billboards and commercials.

But owning your own business isn’t about any of that. It’s about finding the success and lifestyle you want. Doing anything to gain the approval of others will almost always end with less than positive results so start your business because it’s your dream.

Bottom Line

Starting your business won’t be easy at the beginning but much like raising a child, the early years of hard work will turn in to results that you’re proud of. If being an entrepreneur is your dream, start making plans.