Misconceptions about owning a business

Owning a business can be a quite liberating thing to do. Having your own business will give you an opportunity to follow your own path, to experiment with new ideas and to reach out for your dreams. When starting a business, however, there are a number of misconceptions that you need to be aware of so that you can avoid them. A lot of startup businesses with the potential of growing into multi-billion investments have failed due to their owners have these misconceptions about owning a business. Below are some of these misconceptions that you should be wise to avoid when starting a business.    

*You will be your own boss 

This is one of the greatest misconceptions that most employees have when they are about to leave employment and start their own business. They think that they will be able to report to work at any time and run the business however they want since it is their own investment. The truth, however, is that you will be worse than an employee; you will be more of a slave to the business. You might have to sit up late in the night, wake up very early just to get an interview with a client. You will have to exercise discipline if your startup is to succeed. You will actually have to put ion more work into it than you did in employment as its success will solely fall on you.    

*You are in control 

Owning a business doesn’t give you control over anything. While it might give you some bit of flexibility when making decisions, the fate of your business ultimately depends on your clients. For instance, when setting the price for your goods and services, you will need to look at what the market is offering and derive the price from there. Your extent for control in a business will be greatly limited by your customers and market forces.    

*Most businesses fail 

It is ironic that most people who start businesses have such a mindset. Due to the statistics around them, people believe that most business startups end up failing. Having such a mindset when starting a business will only confirm your fears. Before starting a business, you need to have the will to succeed. There are so many success stories of startup businesses that made it against all odds simply because their owners were motivated to succeed. Having the right attitude will propel you towards the success of your business.    

*You will have more freedom 

Most people think that starting a business will free them from the hustles of a 9-5 job. This could not be farther from the truth. Owning a business will make you work even more hours as compared to being in employment. The sadder bit is that you might not see the results of your hard work within the first two or even three months. You might have to wait for more than one year to see any tangible results. This patience and perseverance, however, is what successful business owners are made of.    

The above are just some of the many misconceptions that most people in businesses have. Dealing with them before starting a business will equip you with the right attitude to succeed in business. It will give you the urge and the will to work hard and achieve all the goals that you have before you.