Myths About Business Ownership
If you are stuck in an 8-4 repetitive job and have aspirations of owning your own business, this article is for you! There is a misconception that owning your own business can release you from the shackles of the corporate environment. This is promoted by many personalities online that elaborate on a free and sometimes luxurious lifestyle that is supported by owning their own business. They may promote outsourcing and remote work as the key to having access to additional free time. Arguably, owning your own business may allow you to have better control of your time, however owning a business can be considered trading a pair of shackles for another.
Why do qualified, experienced and enthusiastic professionals keep their 8-4 jobs? Their peers always encourage them to venture on their own. These professionals often go the extra mile to bring innovative and creative ideas to the table, and despite being brushed off, continually attempt to have their voices be heard. The security of an 8-4 is the biggest trump card any organisation can offer. A permanent job can provide you with affordable health care, a pension plan, commission benefits, yearly bonuses and access to a valuable network of corporate professionals. Giving it all up is easier said than done, as an individual needs the required resources to make their dreams a reality.
We do not discourage individuals from leaving their corporate job if it is aligned with their career goals. We believe that these are platforms to have access to knowledge that can influence how you shape your business in the future. You get exposed to emerging trends, operational management and best practices. You may feel ready to kick-start your business and kiss your corporate job good-bye, however doing so must be calculated and you must have a strong sense of your external environment. The manner, in which we enter into business, has now changed. Is your business going to be essential or non-essential? Is it going to be online or are you seeking to build a storefront?
We would like to discuss myths as it relates to business ownership so that you can make an informed decision concerning your start date. There are a lot of factors that go unconsidered and we hope that these points will lead you to the best choice! This is based on the experiences by our Connective Pros professionals and we hope these accounts will give you the insight that you need.
MYTH 1: I DO NOT HAVE TO REPORT TO ANYONE!
If the primary driver of owning a business is to escape reporting to a supervisor, manager or director, you need to revisit your motivations! Once you are earning money legally, you cannot escape accountability. When you engage your first customer, you are accountable to that individual. If you want your audience to believe that you are providing value for money, you must foster accountability. You must explain the value of a product or service, and justify why the applied cost is reasonable and cost-effective. This is just your first customer. The customers that follow will have different personalities, different desires and egos. Every customer is a new boss! Your style of accountability will change every day to suit the needs of each customer.
MYTH 2: I WILL HAVE BETTER CONTROL OF MY TIME!
The security of a job, allows you to be relaxed. You can take a day off and still be paid for it. When you have your own business, you are responsible for your income. If you take a break or day off, means that you do not earn money. If you are operating a service, it may be flexible, but selling products usually demands a higher level of availability. The flexibility of time can be achieved, but it’s not achieved overnight. It takes years of hard work, dedication and investment to reach an entrepreneurial level that allows you the freedom that you desire. If you are a consultant, your time is truly not yours. Your client will understand that there are times that you may be unavailable, but to set yourself apart from the competition, you should make yourself ready to advise on decisions and solve problems.
MYTH 3: I WILL HAVE PEOPLE WORK FOR ME!
This is a very common expression among individuals who are seeking to start a business. There is a perception that it is easy to find skilled, reliable and efficient staff that can work for a diminutive salary to make your business prosper. Can you provide the same security that huge organisations can provide to their staff? Remember, the best professionals are sometimes caught up in the corporate rat race! How are you going to make your business attractive to them? There is a certain arrogance among entrepreneurs, that if an employee does not perform, you will simply replace them for someone else. However, how efficient is this? How long are you going to cycle through professionals that constantly leave your business? This is harmful to your brand, as professionals within the same industry are connected and will advise that it is not the optimal place to work. Getting the professional to make your business prosper can be an uphill battle.
MYTH 4: I AM A BORN LEADER!
It is easy to preach that you were born to lead without having the opportunity to lead yourself. If you are in the corporate environment without having the experience of mobilizing and motivating teams, what skills do you have to initiate the same within your business model? Every individual has a different set of motivations. As a leader, you must be equipped with the skills to identify these motivations and work with them to your advantage. Ask yourself the question, how do you get a particular person to perform a particular action to the best of their ability? If you can safely say that you are aware of the key elements that trigger a reaction from an individual to perform, then you can motivate, guide and lead. Leadership is an arduous task. If you cannot motivate yourself to perform in a work environment that that does not favour you as a professional, how can you be sure that your skin is now thick to motivate others?
MYTH 5: I WILL MAKE A LOT OF MONEY
Unless you have a unique product or service that fills an identified need in society, you can dispose of this dream quickly. There is room for new ideas, original inventions and dynamic concepts. You have to drive change using the resources available to you, but most importantly use your personality and interactions with others to drive the business that you dream of. If you are entering an existing industry, your success will hinge upon your competitive advantage. This is the weapon that you will use to win the customers of your competitors. Success in a saturated market is slow; however with consistency, devotion and sacrifice, you can reach your goals. We have found that as your income increases, there is a need for reinvestment to grow your business. The market is always changing and you need resources to adapt to these changes as they happen.
What is the primary motivator to own a business? It is not because you love to do it or you happen to be good at it. These are good motivators, but we believe that the primary motivator is passion. When you get up in the morning, what do you think about? If you think about any of the following, we guarantee that you are on the right track.
· What can I do to make my business better?
· What marketing strategies can I use to increase my exposure?
· What is my primary audience doing today?
· What partnerships can I make to enhance my product or service offerings?
· Who is looking at my digital products this morning?
· Who can be my next client or customer?
· What can I do to make my customer or client more satisfied?
· What does my primary audience need months or years from now?
If these are questions or thoughts that you have daily, it’s an indication that you are passionate about your business idea. We do hope that these insights support you in your decision to take on entrepreneurship with a leap of faith, cognizant of what may be at stake.
Our Connective Pros team offers several business solutions in Public Relations, Marketing, Media and Communications. When we provide tools to you, we want you to understand the most effective methods on how to use them. We want you to receive the best mileage from every product or service that you purchase from us. If you are still unsure you can always contact us via email@example.com and we will happy to provide you with additional details on all our services.
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