The Most Common Misconceptions About Entrepreneurship

Kevin Ortzman talks about the most common misconceptions about entrepreneurship.

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If we were to ask a group of people about the lifestyle that entrepreneurship can bring, they would probably rant and rave about how it is the key to financial freedom or why it is only for those who have a great deal of luck on their sides. They, like most other people, have a warped view as to what it truly means to be an entrepreneur. To avoid becoming a victim of misinformation, be aware of these common misconceptions.

There Will Be More Time Off
Many bright-eyed entrepreneurs pursue this path in hopes of having more time off to spend on leisure activities and things that don’t involve work. The unfortunate truth is, the 40-hour workweek will probably be doubled as getting a business up and running while taking care of all of the constantly arising critical issues typically proves to be a round-the-clock job. 

There Is No One To Answer To
Entrepreneurship is unique in the way that there is no direct boss to report to; however, there will be plenty of people to please in order to attain lasting success. Not only will a business owner have to travel great lengths to adhere to customer requests, but they will also have to remain on good terms with any investors or cofounders involved. 

Money Will Come Fast
Entrepreneurship is the literal opposite of a get rich quick scheme. While there are some fortunate souls that will achieve success straight out of the gate, the vast majority of new business owners will remain in the hole for quite a bit before actually turning a profit. For this reason, it is best to have a safety net that can cover at least three months of expenses. 

All It Takes Is a Great Idea
A brilliant idea is a great place to start, but it is only part of the battle. In fact, without an effective marketing strategy and a variety of other skills and practices, a potential moneymaker will expeditiously flop.

Without a doubt, entrepreneurship will be challenging, especially in the beginning. And because there is no one-size-fits-all guide to becoming a thriving business owner, the best way to approach it is to go in with a clearly-defined plan and enough determination to succeed at all costs.

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