The 5 Misconceptions About Business Ownership

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Myrtle Beach, SC. (PC: @korendezvous)

Entrepreneurship is not for the faint of heart. A lot of people get caught up in the appeal of entrepreneurship that they forget it takes much more than “wanting” to be one to succeed as one. Just as there are certain truths that people should know before venturing out and starting their own business, there are also certain false beliefs that surround business ownership.

5 False Beliefs I Used To Buy Into About Starting A Business

False Belief #1

It should be easy when you build a business around your passion.

Nothing can be further from the truth. It definitely helps with tenacity and getting through the tough times, but easy? No. Businesses take time to build and, generally, is not the answer to quick financial security. Quicker than a 9-5, yes, if done right. You should, however, be prepared to be in it for the long haul.

Business ownership will take the same amount of courage, dedication, persistence, motivation, and grit when you build it around a passion as when you don’t build it around a passion. The lows are just a bit more bearable if you’re passionate about what you’re working on.

False Belief # 2

You do only what you love.

This is true in a sense. You do get to do what you love, but you have to be honest with yourself. Are you building a business or partaking in a hobby? Take a blog for example. People may like to write and they may very well be great at it, but unless they can monetize it, it’s a hobby. A blog is not a business. It’s a marketing platform.

Similarly, doing more of what you love and not getting paid for it isn’t a business. It’s self-gratification and pleasure.  Also, running a business isn’t all about only doing what you’re passionate about. You have to love the idea of running a business, not just getting to do what you love. This means everything that comes with business ownership as a whole- marketing, customer service, accounting, PR, etc.

False Belief # 3

You have to have everything figured out.

This is simply not true. Yes, you do need to have some sort of a plan, but waiting until everything is set in place is just bad mindset. It’s also a surefire way to delay what’s coming to you whether it’s failure or success. If it’s failure, you get to learn invaluable business lessons. If it’s success, congratulations!

This was a lesson I learned the hard way. I waited about a year or so to get this site live because I wasn’t sure how I would proceed. You know what the funny thing is? What I knew a year ago is exactly what I worked with when I launched the website. I just learn and adjust along the way now instead of waiting until I have everything figured out… and it’s been working wonders.

False Belief # 4

You need a great idea to start a business.

If you want to be innovative, sure. But, to start a business, you don’t need to be Elon Musk. It’s a lot more feasible to think of a business concept or a model and make it better. Most businesses out there such as Facebook, Apple, Uber, etc. weren’t the first of its kind. There were other social media networks before Facebook, other computers before Apple, and other “cab” services before Uber. The founders just took an existing business concept and made it more appealing.

Before launching this site, I thought I had to come  up with something new. Not the case for the most part. I just have to find my own unique voice and build on the shoulder of giants. Most of the time, we just have to find what’s missing from a certain product or service and bridge the gap.

False Belief # 5

Being able to start a business doesn’t mean it’s a good idea to.

There have been many opportunities that I’ve turned down because I have a project in the works. There are certain “sacrifices” that you have to make in order to make a business work. You’ve got to figure out whether the sacrifices will really put you in a better situation in the long run. Then, you have to see if you can weather the storm. A lot of people enter into business ownership and end up failing because they’re not willing to stick it out when the entrepreneur rollercoaster hits the bottom.

On the other hand, you also have to weigh the opportunities you’re missing out on. I’m well aware of the saying “if you chase two rabbits, you catch neither one” but I also believe in going after the best rabbit. So make sure you’re chasing after the best. 😉

So, these are the beliefs that used to hold me back. Do you have anything to add? Please share in the comments below! Don’t forget to subscribe to get more posts like this delivered straight to your inbox!

22 thoughts on “The 5 Misconceptions About Business Ownership

    1. Hi! Glad to hear you’ve found what you love! 🙂 It’s an amazing thing to see when people are immersed in their passion.

  1. Hi Amiel thank you for this great post!

    Running a business is hard, I thought it was easy when I first started my website back 2010 I quit because I was expecting fast results.

    But now I have learned that it takes a lot of time and headaches to make a full time business!

    Thanks for sharing this awesome post and have a great day!

  2. Awesome article Amiel! I agree with ALL of these. I’ll like to add one too:
    False Belief – I have enough money to start and grow.
    For me, I underestimated the amount it cost to start up and run a business (hence still working my day job lol). But I find that I’m not the only one because a lot of start-ups seek funding, loans, and other sources of capital. Plus as you grow, you may even need growing capital to expand (depending on the company goal).
    Now I keep track of all of that, but you never know what you might need to add that something extra or learn that something extra from an online course that costs $200 or so.

    1. Hey Seth! I agree with what you added as well. I think a lot of people forget that, oftentimes, even when the cost to just start something is minimal, it takes some capital to scale it. Advertisements, marketing, promotions, etc. add up to a significant amount.

      Thanks for stopping by and commenting! 😀

  3. Hey Amiel,
    I really love this post! It took me a long time to actually take the plunge and start my website because I was afraid it wasn’t ready yet. The truth is, like you said you will never be fully ready, so just learn along the way. This has been inspiring, as all of your posts are:) Have a wonderful day!

    1. Hi Katie, thanks for taking the time to read and comment! It’s the same issue I had a year back lol. I was also a bit afraid of how people would react to my opinions, stories, etc., but so far, everyone has been great!

      I’m happy that you decided to take the plunge. We need more people like you! 😀 Have a great day as well!

  4. Hi Amiel =] Awesome post! You’ve taught me things that I don’t think I will ever be taught. All of it is actually very true. I’m a student that’s just doing a simple website hoping to earn some revenue from it, but turns out it takes a whole lotta work to even get it out there. Sure, I like it, but it’s harder than most people think.

    I’ve always thought me not having everything figured out was a bad thing, since almost everyone has a plan. But now I know it’s okay! So thank you for that =]

    All in all, great post! I had a good read =]

    -Rebecca

    1. Hi Rebecca! 😀 Thank you for your kind words! Makes me happy when someone finds my posts beneficial. And, yes, the same lesson you realized regarding the work involved was the same exact realization I had when I decided to really put in work lol.

      It’s a very common misconception that everything has GOT to be figured out before starting as some of the lessons we need to learn to make the business work usually comes from experience. Proud of you for taking the leap! 😀

  5. Hi Amiel, I have had these false beliefs myself until the day I took action with very little knowledge on how to start a website. It’s been a learning experience. You have laid down very relevant topics on false beliefs on business ownership and I found it helpful as I still have some misconceptions to work on 🙂

    1. Hey there! Thank you so much for reading and commenting. I’m glad you found the post helpful and congratulations on taking action!

      Keep going with your website and wishing you the best of luck!! 😀

  6. I am sure where the whole Owning your own business is the american dream came from, because it ain’t mine. I would rather have a lot less stress in my life than to worry about it all. That may just be me. WA and affiliate marketing is what is working for me and perfect with my life in a lot of ways.

    1. Hi Brent! Thanks for the feedback. And, yes I agree with you, traditional business ownership is a lot of stress. Unconventional ones such as those you mentioned seem to work with a lot of people as well.

      Thanks for stopping by!

  7. Hi Amiel, awesome post which make me reflect about misconception of being a business owner. Starting a business is like a journey. To be successful you have to pass all the returning point.( ups and downs). Not easy job..

    I will come back for more information.

    1. Hey Maun 🙂 Very true! It’s that entrepreneur rollercoaster hehe. It’s definitely a crazy ride!

      Thanks for taking the time to read and comment!

  8. Great article. I’m finding out that everything you say is true. But having a passion for something does make it a little easier when you start feeling discouraged with all your efforts. Good luck

    1. Hi! Thank you! Having a passion for what I do has definitely gotten me through disappointments and I’ve been grateful for being able to find something I can truly be happy doing.

      Thanks for stopping by! Best of luck to you as well! 🙂

  9. Solid advice, Amiel. I’ve held these false beliefs myself until one day I realized that I could come up with excuses till I’m blue in the face and still end up nowhere. Nothing would happen unless I dropped my false beliefs and took action. Thanks for the inspiration!

    1. Hi Ebony! You’re absolutely right! I waited quite some time to launch this site because of various excuses that I actually thought were valid. I’m glad we both realized we just needed to take action. 😀

      Thanks for reading and commenting!

  10. Hi Ameil,
    I had the misconception. I thought owning my own business meant I could sit back and relax. NO!! I worked 7 days a week, about 15 hours a day! People think just because you work for yourself you have it easier, when it’s quite the opposite.

    Ed

    1. Hi Ed! I totally agree with you. Sometimes I can’t even sleep properly as I’m always thinking about it haha. It’s so worth it, though!

      Thanks for stopping by!

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