In today’s society, there are many buzzwords floating around. One of those buzzwords is “entrepreneurship.”
There is a mindset by many that it is so easy to start and operate your own business, and you can get rich quick.
These are false perceptions because owning a business is a lot of hard work, and it takes sweat equity to make a business successful.
Many believe that all it takes to be a successful entrepreneur is having a great idea. A great idea is a good first step, but then the entrepreneur must develop a business plan that helps them identify startup and operational cost, determine if there is a need for the product or service, identify the target market, develop a cost structure and identify the competitive advantage.
A business plan allows the entrepreneur to take the thoughts and ideas out of their head and put them on paper to see if starting the business is feasible.
Another popular misconception is that the entrepreneur is their own boss and can set their own hours.
In reality, the boss of a successful business is often the customer. The customer has expectations that must be fulfilled in order for a business to charge a certain price to make a profit.
The customer often dictates the hours of operation because the business must be open at the times that are suitable for the customers to buy the product or service.
Another popular misconception is that the entrepreneur will have more personal freedom, take more vacations and make their own schedule. I once read a sign in a restaurant that stated, “I didn’t realize that there were 25 hours in a day until I started my own business!”
The most popular misconception is that the entrepreneur will get rich quick.
If you see a successful, rich entrepreneur, be sure to ask them how they did it. More than likely they will tell you it took a lots of time, hard work, perseverance, sacrifices and financial discipline to get rich. It doesn’t happen overnight.
Being an entrepreneur and owning your own business can be a very rewarding and fulfilling adventure, but it takes a lot for the business to be successful.
For solutions to these and other challenges in becoming an entrepreneur and owning your own business, please contact a business adviser at the University of Houston-Victoria Small Business Development Center (UHV-SBDC) to attend the First Steps to Starting Your Business class and for free business advising.