As an aspiring entrepreneur or business owner, you've probably heard some “horror stories” from veteran entrepreneurs that may have caused you to second-guess your decision to launch a business.
Maybe their intentions were to keep it real and help prevent you from making the same mistakes they made. And while all that information may be useful, note that their experience isn't necessarily going to be your experience.
Let's debunk some of the biggest myths about entrepreneurship and business ownership to help you spend less time stressed and more time getting started.
Myth #1: You Have to Be an Expert in Everything
Wrong! Most entrepreneurs and business owners are not experts in owning and operating a business. You don’t have to know what you're doing in order to get the title of “entrepreneur” or “business owner.” A lot of successful business owners (like Steve Jobs) didn’t necessarily know what they were doing every step of the way.
If you have opened a business before, you likely have some understanding; however, every business is different with its own set of challenges. You can’t know everything every step of the way — that’s insanity!
Not being an expert in everything allows you to be curious and see things from a different perspective. So there is no need to stress or worry if you are not an expert now — you will continue to learn and grow along with your business.
Myth #2: You Need a Lot of Money to Get Started
Don’t get me wrong, money is important when starting a business and keeping it alive. However, most aspiring entrepreneurs oftentimes think they need way more money than they actually do. This can stem out of being scared of failure and debt.
There are plenty of ways you can either receive funding or scale your business with lean funding. You also don’t have to fund it all yourself. You can receive funding from investors, stakeholders, loans, etc. But you should start small and see how much funding you require when you are actually in the trenches. Buy capital in chunks, measure the return-on-investment of that capital and then allocate your finances accordingly.
You may think you have to do it all in order for the business to be successful, but that’s just not true. In fact, your business would benefit more from you loosening the grip a bit. Hire staff team members appropriately so they can take ownership on things that they are experts in.
If you are horrible at accounting, is your business really benefiting from you managing the books? If you dread doing social media, do you think your social media presence or strategy is going to be the best it can be? No! There are plenty of people with expertise in areas where you are lacking, so hire them and let them take the burden off of your shoulders.
You are one person and can’t do everything. If you spread yourself too thin, then you will end up stressed and burnt out. You won’t be able to focus on the bigger picture and make sound strategic decisions for the company. None of that is good for business, not to mention your mental and physical health.
Myth #4: It’s Easy!
Forming, owning and operating a business is anything but easy, but it will be rewarding. You’ll grow and learn every step of the way. Businesses take a long time to build, and unfortunately not all businesses become successful or make it. You may have to face some extremely difficult challenges and make incredibly tough decisions.
However, if you take it one step at a time and keep a positive attitude, you will gain so much from your experience (whether short or long term) as an entrepreneur or business owner.
Start Your Business Today
Hopefully debunking these common myths about entrepreneurship and business ownership inspired you to push onward and start your business today! If you’re ready to take the plunge, know that you’re not alone. Incfile is here to help! Incfile can help you quickly and easily form your LLC, S-Corp, C-Corp or other business. Start your business today for $0 + state fees. Sign up and get a free year of our Registered Agent service as well. No contracts. No hidden fees.
Lisa Crocco is a marketer for an international food manufacturer by day and a freelance writer/marketer for startups and small businesses by night. She's written for outlets like USA Today College, Career Contessa, CloudPeeps and Fairygodboss.