Money. Freedom. Success. Respect.
These are just some of the covenants promised in the fallaciously-exalted experience known as entrepreneurship.
Nowadays, entrepreneurship is looked upon as this shiny “cool kids club” that everyone who is someone is a part of. It’s a club filled with go-getters, hustlers and winners who come and go as they please, blow (and make) money fast, and do nothing more than live their best lives and post wins on social media all day.
Yeah, OK.
With statistics showing more than 25 million Americans are or have started their businesses, it’s evident more people are answering the call of business ownership. And although it’s something that does offer great benefits, there are also some false realities and narratives that we’re being fed, too.
Before you walk into your boss’ office and chuck up the deuces, let’s debunk some common misconceptions and put you on the fast track to reality.
Myth: You are your boss.
Truth: You now have several bosses.
Whew, chile! If we had a dime for every time we heard somebody say they were ready to leave their job and start their own so they could be their own boss…
This is one of the biggest misconceptions about entrepreneurship that most novice bosses tend to make. Many believe that because you don’t have that one obnoxious boss or leader to deal with anymore, this means you no longer have anyone to answer to.
Wrong.
You now go from having one boss to answering to several: your customers. Whatever their issues and needs are, it all starts and ends with you. Did the supplier get the order wrong? Your problem to fix. Customer engagement issue? That’s on you. Social media posts gone wrong? All you.
Instead of thinking, “I’m the boss!”, change your perspective to focus on how you will be a servant leader to your vision, business and customers. Then, go into this journey with an open mind and heart to serve.
Myth: You make your own schedule.
Truth: Freedom doesn’t mean lots of free time.
One of the beautiful things about entrepreneurship is the idea that we have the freedom to come and go when we please. No time clock, time off requests or PTO approvals to worry about because we can do what we want, when we want.
Or so some think.
Although you do acquire flexibility, there is still a production schedule every entrepreneur must adhere to if they want to succeed. Whether it’s spent doing administrative tasks like responding to customer requests, packaging orders, or creating the deliverable for the client—you still have to take the time to do this.
And let’s be clear—it’s not always an eight-hour day.
Instead of thinking you will have the freedom to come and go, approach this idea with the reality that you must be good at time and production management to be able to have the freedom you want. It doesn’t matter how “flexible” you want your schedule to be, if the work is not done, you have to stay until it is.
Myth: If it’s your passion, you should get paid for it.
Truth: Your passion may not be best for business.
Another misconception when going into entrepreneurship is that you should use your passion as a baseline for figuring out what you want to provide for your customers.
Not necessarily.
The reality is you do need to have passion for your business and what you’re selling, but it doesn’t always have to be your passion. If someone is passionate about writing, it may not need to equate to starting a writing business. Or if a person can sing, it doesn’t mean they’d be good at selling vocal lessons.
We have to be very careful about encouraging people to do this because the sad truth is, once a monetary value and demand goes on your “passion,” there’s a chance the passion you once had will fade.
Our job as entrepreneurs is to provide solutions to a problem. Rather than trying to start a business with your favorite pastimes in mind, think about what solution you can give your audience and do that. This way, when you need a break from your business, you have your passion to lean back into and enjoy.
Myth: Your life will be stress-free.
Truth: Most entrepreneurs deal with poor mental health.
There are some people who feel if you are making money and have a team, then your entrepreneurship journey is stress-free.
Wrong again.
Yes, having help and cash flow does help soften some blows. But with entrepreneurship comes a new level of responsibilities that are hardly “stress-free.” Your headspace is filled with ideas, problems to solve, processes to work through, clients to please, goals to check off—it’s a never-ending cycle, whether you’re broke or making money.
And sometimes, it can be a bit much.
Research shows many entrepreneurs struggle with mental health issues—and many try to keep it to themselves. According to a recent Forbes article that cites a study from the National Institute of Mental Health, 72 percent of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48 percent of non-entrepreneurs.
Instead of walking around with the notion that this life will be “stress-free,” start learning ways to maintain good mental health, period. Define your triggers, pay attention to your patterns and behaviors on all fronts, understand what boundaries to set and how to delegate to your team so you can show up for them—and for yourself.
Myth: You can charge what you want.
Truth: This is only partially true.
Of course, you can charge whatever you want for what you’re provide. However comma…
You can’t just pull this number out of thin air, slap it on your product or service, post it online and expect customers to come swarming in.
There are a number of factors to consider when pricing what you offer, including market research, profit margins, production cost, time/labor, shipping/postage and more. The dangers of not considering these factors could result in you charging too much (and ostracizing customers who can benefit from your product or service) or too little (leaving you to lose more money than you’re making)—neither of which are good.
Rather than “charging what you want,” consider all factors in pricing and be realistic about your goals and timeline to see profits.
We all want to secure the bag. but is your current business model sustainable?
Will it allow you to see profit time and time again? Do you have the manpower to handle the demand, should your product take off? What’s the plan for attracting new customers and retaining existing ones?
It’s real work that goes into stating your prices and making sure your customers see the value over price.
Entrepreneurship is more than deciding to “have your own.” There’s so much thought and insight that goes into this lifestyle. But when you finally decide to leap, remember it’s not about the destination it’s about the journey—and it’s worth it!
