If you are an aspiring entrepreneur or you already own a small business, you are well on your way to learning priceless lessons about business and about yourself. People tend to have ideas about small businesses that are far from the actual truth. Myths about small businesses are easily spread around, especially because most people aren’t entrepreneurs or small business owners. Until you actually have been a small business owner, you will never truly understand the responsibility required for success. We want to set the record straight on some of the most common small business myths. Keep reading on below to learn about 4 of the most common small business myths.
1. You Will Work Fewer Hours
Many people have the impression that since you have your own business, you won’t have to work as many hours per week. It’s true that being a small business owner allows you to set your own schedule, but in order to find success, you will absolutely have to work hard hours. Getting a small business off of the ground means sacrificing your time and energy to make it work. You won’t be able to simply clock in and clock out for 40 hours each week and expect success. The road to success in entrepreneurship is paved with hard work and determination.
2. You Have to Spend Money to Make Money
Sure, the idea that you need to invest money in your business to find success is warranted. After all, you do have to spend money on things like marketing, legal advice, and offices. However, the idea that you can just throw money at a problem and expect that to be the solution is simply not true. The best entrepreneurs know that money isn’t the answer to every problem. Spending money carefully and responsibly is a much wiser approach for small business owners.
3. You Don’t Need a Business Lawyer
When you are a small business owner, you should be looking at the benefit you get from each dollar you spend. That might lead some small business owners to avoid spending their money on a great business lawyer. This can quickly become an expensive mistake, as getting things wrong from a legal standpoint is costly. Hiring a great business attorney like the team at Derryberry & Associates LLP is always a worthy investment and can actually end up saving you a ton of money in the long term.
4. You Don’t Have a Boss
If you’ve ever had a terrible boss, you’ve probably considered starting your own business. The truth is that even small business owners will have to work hard to keep people happy. Instead of having a traditional boss, you will have to answer to clients, customers, employees, and investors. Keep that in mind before you quit your job and begin your journey with entrepreneurship.
We hope this article has provided you with some priceless advice about small businesses. Falling victim to these small business myths can lead to big mistakes if you aren’t careful.