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!