While the trend continues to rise with millions on the entrepreneur playing field, more and more people find themselves contemplating whether starting a business is right for them.
Initially there is the draw to the "romance" and excitement of carving out your own niche and creating a place of your own in the business world. But after a while, reality sinks in and this great plan you had can slowly begin to become a burden. You may discover it is not what you had anticipated. Your passion begins to fizzle and you can hardly entertain the thought of continuing on.
Unfortunately, this is what can transpire when someone isn’t prepared or aware of what owning a business is truly like.
People need to be educated on the ups and downs, pros and cons, and realism as to what the journey of becoming a business owner is about. We need to put to rest the fallacies that potential new business owners fall for. It is because of these untruths that many individuals who venture into becoming an entrepreneur fail. Many times their dreams are pushed to the wayside due to being misguided by what they have heard.
One of the most prominent fallacies is that "anyone" can own and operate their own business. This couldn’t be further from the truth in my opinion.
A person needs to have the dedication, tenacity and drive that will see them through all the nuances that starting a business brings. Self-management is another quality that is a must and if an individual does not possess this, they are in for a very rocky road. Before diving into becoming an entrepreneur you need to take an honest look at yourself, evaluating the traits needed to be a successful business owner.
Another misguided belief is that a company will see financial success and gain in a short period of time. The reality is that a large percentage of small business go under within the first two or three years. Being that studies show it takes three to five years for a business to show a profit, there are some companies who are either giving up too early in the game, or not planning well for the long run from its inception. If more people were made aware of the financial issues and understood the reality in profit and loss for a new business, I believe there would be a larger number of businesses that could survive. Starting a business is not something that is going to make you rich in the first year, let alone in the first few months.
While dissecting two of the most heard and believed fallacies, we can give a more realistic view to a future entrepreneur in what to expect when starting their own business. Is this meant to discourage you from starting your own business? Is this meant to provide a negative view of becoming an entrepreneur? Not at all. Owning your own business can be the most rewarding, stimulating and liberating experience a person can have. It is necessary though to be fully aware of the time and financial aspects, along with the realistic expectations in starting a business of your own. If you join the entrepreneur playing field with the blinders off, and your eyes wide open, there will be much less frustration and an increased opportunity to create a satisfying and successful business.
The Truth and Lies of Owning Your Own Business - To learn more about this author, visit Cyndi Webb's Website.
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Cyndi Webb
(Visit Cyndi's Website)
Cyndi Webb is the Founder of Moms
Network - an organization dedicated to
the promotion and success of Moms in
business. Since 1997 she has worked with
thousands of work at home moms in coaching
and guiding them in how to help grow their
businesses. Over the years Moms Network
has evolved to include more than 15
websites offering free resources to moms
from all walks of life, the Con
necting @ Home print magazine and the
annual Celebrating Moms Expo which
attracts thousands of moms in the
Minneapolis/St. Paul area. Cyndi makes her
home in Minnesota with her husband and two
children.
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