In a new article, Monster Working collects insights from small business owners who share the “lies” and “misconceptions” people have about starting their own business. Here are three of the most common:
You’ll be your own boss
“Not only will you not be your own boss, but more people than ever will have a critical stake in your success, including customers, vendors and staff. If you think your boss makes unreasonable demands of you now, just wait until a good customer calls you to handle a major issue at 2 a.m. — and you have to be the one to resolve it.”
You control everything
“You don’t — your customers control everything you do. You will realize this when you see zero dollars in the bank account. That is the day you learn to listen and adjust to their demands. Remember that if customers don’t pay you, you can’t pay rent, staff, insurance, office supplies, etc. The customers are your bosses, and they control everything. ”
Most businesses fail
“I’m always hearing these statistics that show a huge number of businesses must be failing every day. But while I’ve seen plenty of companies evolve, change names, pivot or otherwise change, I don’t see that many entirely shut down. I love hearing these statistics so I can poke holes in them.”
Read the whole list of 9 here.
I would add a #10 as follows:
You need a lot of money to start
While certainly there are businesses that do require venture capital — a manufacturing company, for instance — or franchising fees, there are other businesses that require very little in the way of funding. You can get started in a business which doesn’t require a lot of money to get your feet wet if you aren’t sure that running your own business is right for you.