Becoming an entrepreneur and going into business for one’s self can be an excellent decision for people who wish to become self-employed. Unfortunately, there are certain misconceptions about entrepreneurs that exist, and knowing how to separate fact from fiction can help aspiring entrepreneurs determine if it’s the right career path. Here are four common misconceptions about entrepreneurship.
Entrepreneurs Never Need to Answer to Anyone Else
While it’s true that entrepreneurs are their own bosses, they often still need to be accountable to others for their decisions. Any investors who put forth the money to help a business get off the ground will expect to receive reports and other communications that detail how their money is being spent. Entrepreneurs also usually need to answer business partners, the IRS, and other authoritative agencies and individuals.
Entrepreneurs Work as Little or Often as They Want
One of the best parts of being an entrepreneur is the ability to create flexible work schedules for themselves, but that doesn’t always give them the freedom to work as little or often as they choose. Entrepreneurs need to invest many hours of their lives to keep their businesses afloat, and this is especially true if other people are relying on them to follow through with certain work tasks. Time off during weekends, holidays, and other fun occasions often has to be sacrificed to be a successful entrepreneur.
In the Beginning Stages, Entrepreneurs Work Solo
Although this is true for many entrepreneurs, many other aspiring business owners have partners, even in the early stages of their operations. Fledgling business owners can choose to work with partners or even outsource some of their work if they can obtain the capital. Consultants may also be recruited to help entrepreneurs manage their companies better from the early stages.
Big Financial Risks are Always Required
There have been stories of entrepreneurs mortgaging their homes, getting huge loans, or taking other major financial risks to get their businesses up and running, but these financial risks aren’t always required. Some aspiring business owners have been successful by investing only a small amount of money in launching their companies or have acquired the capital that they need by working side jobs or longer hours at their full-time jobs.
Becoming an entrepreneur can be an easier task when all of the myths of entrepreneurship have been dispelled. Learning the truth about entrepreneurship early on will also help fledgling business owners avoid wasting time and making mistakes.