While the trend
continues to rise with millions on the entrepreneur
playing field, more and more people find themselves
contemplating whether starting a business is right
for them.
Initially there is the draw to the "romance" and
excitement of carving out your own niche and
creating a place of your own in the business world.
But after a while, reality sinks in and this great
plan can slowly begin to become a burden. You may
discover it is not what you had anticipated. Your
passion begins to fizzle and you can hardly
entertain the thought of continuing on.
This is what can transpire when someone isn’t
prepared or aware of what owning a business is truly
like.
People
need to be educated on the ups and downs, pros and
cons, and realism as to what the journey of becoming
a business owner is about.
We need to put to
rest the fallacies that potential new business
owners fall for. It is because of these untruths
that many individuals who venture into becoming an
entrepreneur fail. Many times their dreams are
pushed to the wayside due to being misguided by what
they have heard.
One of the most prominent fallacies is that "anyone"
can own and operate their own business. This
couldn’t be further from the truth in my opinion.
A person needs to
have the dedication, tenacity and drive that will
see them through all the nuances that starting a
business brings. Self-management is another quality
that is a must and if an individual does not possess
this, they are in for a very rocky road.
Before diving
into becoming an entrepreneur you need to take an honest
look at yourself, evaluating the traits needed to be a
successful business owner.
Another misguided belief is that a company will see
financial success and gain in a short period of time. The
reality is that a large percentage of small business go
under within the first two or three years. Being that
studies show it takes three to five years for a business to
show a profit, there are some companies who are either
giving up too early in the game, or not planning well for
the long run from its inception. If more people were made
aware of the financial issues and understood the reality in
profit and loss for a new business, I believe there would be
a larger number of businesses that could survive. Starting a
business is not something that is going to make you rich in
the first year, let alone in the first few months.
While dissecting two of the most heard and believed
fallacies, we can give a more realistic view to a future
entrepreneur in what to expect when starting their own
business. Is this meant to discourage you from starting your
own business? Is this meant to provide a negative view of
becoming an entrepreneur? Not at all. Owning your own
business can be the most rewarding, stimulating and
liberating experience a person can have. It is necessary
though to be fully aware of the time and financial aspects,
along with the realistic expectations in starting a business
of your own. If you join the entrepreneur playing field with
the blinders off, and your eyes wide open, there will be
much less frustration and an increased opportunity to create
a satisfying and successful business.
Cyndi Webb is the Founder of Moms Network - an organization
dedicated to the promotion and success of Moms at Home in
business. She makes her home in Minnesota with her husband
and two children.
While the trend
continues to rise with millions on the entrepreneur
playing field, more and more people find themselves
contemplating whether starting a business is right
for them.