You want to be an entrepreneur so badly that it has become your second nature to evaluate the income—minus the overhead cost – of every business you passed by on the street. You also have been a regular subscriber of business magazines like Time, Forbes and whatnot. Moreover, you have this very brilliant business idea that you can be the next Jobs. But is it enough for you to succeed in the business space? You can proudly say yes, until you finish reading some myths below:
Being Your Own Boss Gives You Freedom
Handing in your resignation letter to your boss who constantly nags you about your report and paper works that are long overdue will definitely give you a feeling of relief since you can be free from the confines of your office that locks you in from Monday to Friday, 9-6 PM. However, when you have a business, the time of your stay at the office will double, especially if you’re just getting the hang of it. If you don’t work your ass out, it wouldn’t be long before your business files for bankruptcy. Remember, you own the business, so you are the only one that would be willing to work 24/7 just to keep it going. Gone are the days that when you can clock out of the office, you can leave your work behind. The commitment and effort that you have to put into the business will pile up a hundred or even a thousand times more. Now that’s a lot of hard work.
Brilliant Ideas Become a Success Overnight
We’ve been hearing a lot about start ups that became wildly popular in just a small amount of time.WhatsApp was sold for $16B after 5 years. In just 2 years, Instagram costs Facebook of about $1B. These stories are great to hear and very inspiring. But there is no assurance that your business will have the same fate as theirs. In reality, there are only a small percentage of startups that became successful in less time. Indeed, many are still struggling even if the business marks its 10 years already. So you need to prepare yourself. Buckle up because the road to entrepreneurship is quite bumpy and rough.
Having a Business Gives you Opportunity to follow your Passion
As Steve Jobs once said, “If you don’t love something, you’re not going to go the extra mile, work the extra weekend, and challenge the status quo as much.” Jobs has been one of the advocates of knowing your passion and making a living around it. His influence has touched so many people, almost everyone would like to have a job or business where they can do the thing they love the most. And there’s nothing bad about it. Because basically, it’s true, launching a business that caters to your passion is definitely a good idea. Your life would revolve around it, so in order for you to last the painstaking burden that it will bring, you have to love what you are doing.
However, it doesn’t mean that you’ll spend your whole day doing that same thing over and over again. Remember, you are the head of the company, so you need to go through every aspect of the business and oversee everything. That means, aside from working on your passion, you also need to be an accountant to check the company’s finances, sales person to network with prospect customers, and do other petty but essential tasks.
Let me stop here, because I might be discouraging you already to build your own business. Really, I’m insinuating otherwise. Having a business is a good and challenging task. It’s just that it requires more responsibility than being an employee. Because as Spiderman had said” the greater the power, the greater the responsibility.”
The author, Sam Millendo, represents I Sold My Business, the one-stop shop to buy and sell business online. Visit their site at iSoldMyBusiness.com/.