Many individuals will shy away from pursuing a dream of owning their own business because they are afraid of failure and they have heard misinformation. Have you heard these business myths? Are these myths stopping you from the dream of entrepreneurship? We’d love to know!

Have You Heard These Business Myths?

  1. You’re either born an entrepreneur or you’re not. This is blatantly untrue. Just as you’re not born knowing how to read and write, but you can learn — so too can you learn to be an entrepreneur. Follow individuals whom you admire. Take classes. Find a mentor.
  2. Half of all businesses fail. Sure, businesses do fail, but I don’t believe it’s at that high a rate.
  3. You must work 24/7/365. If you’re a believer of this myth you will burn out and health issues will arise from the hours you work. Being an entrepreneur should afford you some flexibility in your work hours. You need to structure the business to accommodate your life, not the other way around.
  4. Everything is a tax deduction. I suggest you talk with your tax guy and your accountant and an attorney to assure your business entity is correctly established. Know what you’re allowed to “write off” and keep receipts.
  5. You can operate without a business plan. This is not true. Your business plan is your roadmap to success. It doesn’t need to be a 1,000 page plan, but it needs to be more than a thought in your mind. Write down your mission, your vision, how you will market, what you will offer, your prices, and more.

What business myths are keeping you from your dream of owning a business?

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