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9 Misconceptions About Starting Your Own Business

What is your favorite lie that you’ve heard about starting your own business?

young businessman relaxes sitting in the office


You’ll Be Your Own Boss

AlexandraLevitavatar-1“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.”


ALEXANDRA LEVIT, Inspiration at Work



You Control Everything

Derek-Capo100“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. “


DEREK CAPO, Next Step China



Most Businesses Fail

ThursdayBramavatar-100x100“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.”

THURSDAY BRAM, Hyper Modern Consulting



Companies Run Themselves

danny-boice100“”My company pretty much runs itself these days.” If someone ever says this to you, he is a liar. Wantrapreneurs also ask me a lot how detailed my involvement is in Speek these days — “Does it pretty much run itself?” Only someone who’s never done this would ask that question. “





You’ll Have Complete Freedom

David Ehrenberg“The biggest lie is that running your own company allows you to set your own hours and gives you total freedom. In reality, I have virtually no control over my own hours or schedule. If you want to start your own business for freedom, think again. “

DAVID EHRENBERG, Early Growth Financial Services



You’ll Eventually Succeed if You Work Hard

andrew schrage“Actually, it’s the small business owner who works smart — and not just hard — who will improve his or her chances for success. “

ANDREW SCHRAGE, Money Crashers Personal Finance



Customers Will Flock to Great Ideas

NicolasGremionavatar-100x100“”If you build it, they will come.” Sure, it’s a great quote (from a great movie), but I think it’s also dangerous. You shouldn’t expect customers to flock to your business, even if you think you have the greatest idea in the world. It’s crucial that you adequately plan and leave some budget for marketing — just in case a few people have a hard time finding you.”





You’ll Work a 4-Hour Workweek

Jim-Belosic1“Starting your own business will not let you “travel” and make your “own schedule,” at least at first, because you will be working 80 hours a week. If you love what you’re doing, it might not feel like a grind, but it will still be work. Anyone who tells you otherwise is not being honest. There are plenty of great things about staring your own business, but working fewer hours is not one of them.”


JIM BELOSIC, Pancakes Laboratories/ShortStack



Everyone Will Be Supportive

Kim-Kaupe“To say everyone will be supportive at the beginning of a new business venture is like saying the Yankees will win the World Series before they throw out the first pitch. Be prepared in the beginning for the negative comments and fear from loved ones about the cliff you’re about to leap off. They’ll come back around — the good old bandwagon effect — but it takes a few months of success!”




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Author : Young Entrepreneur Council

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

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