6 Misconceptions About Starting Any Online Business That No One Tells You
With the surge of Entrepreneurs starting their own businesses in the last couple years, many ‘fake gurus’ online have been boasting about starting a business, and how easy it is. Social media is flooded with people showing off the ‘easy’ businesses. Due to all the hype online, there is tons of people starting businesses lately.
Here are some things they don’t tell you. Much of this can contribute to reasons why businesses fail.
“Working Your Own Hours” is a very common saying, and catch phrase. Truth is, starting a business requires a lot of hard work. Most people who want to be successful are doing 70–80 hours a week minimum. You don’t really get to work your own hours. You eat, sleep, and breathe your business. It’s not until you find success and have a team that can take over workload do you get to cut-back and choose your own hours.
“Financial Freedom” is another catch phrase used in the hype the last couple years. It takes a while to earn money in business. Most of it needs to go back into the business for growth, and you can’t really take money out right away. Everyone online is telling people that business owners make millions, this isn’t true. It could be months, and years for most before they are able to take money out. Again, it’s not until you’re successful where you have earned enough to take money out and reap the rewards.
“Work Smart, Don’t Work Hard” – this is one of the biggest BS lines I’ve ever heard. Working smart is not enough, working hard is not enough. Whoever thought it was smart to tell Entrepreneurs not to work hard, but work smart instead should be kicked off the internet for causing such damage to the Entrepreneur world. If you want to make it in the business world, you need to do both. You have to be working hard everyday, and work smart. After-all, your competitors are doing both, if you want to compete and stay alive, you need to do both. Doing one is not enough.
“Be Your Own Boss” – This is only partially true. This is good for the solo-Entrepreneur starting a small business, and keeping it small. You get to dictate your own business. However, once you grow your business to where you either have investors, or staff, you’re not really your own boss anymore. You are working for your company. Your money is not your own. Any mistake you make costs other people their jobs/lives, and other peoples money. When you take on investors, your investors are your boss. When you have staff, you are working hard to ensure you keep your staff employed. For most companies, you need the staff, you need the investors to grow/save your business. You need them, they don’t need you, so they are your boss.
“How Easy It Is” – It’s true, starting a business is easy. Anyone can start a business. Every self-appointed business guru explains to everyone that starting a business is easy. But that’s the easy part, and no one ever tells you the rest. What they don’t tell you is that running, and growing a business is hard. Running a business and trying to make it successful is extremely hard. For 99.99% of people, it’ll be the hardest thing you’ll ever do in your business/career life.
“Chances Are You’ll Succeed” – Fact is, most people fail. Most people fail their first time, sometimes their second time, sometimes even their third time. Failing is good, failing is learning. Fact is, 8/10 businesses fail in the first couple years, and only 3% last longer than 5 years. People always forget to mention this when teaching/coaching others, especially online and on social media. They want to sell their product, so they leave this out to encourage everyone to buy their product that teaches them business. Negativity and the truth doesn’t sell their brand/lifestyle product.
Don’t get sucked in by all the hype.
Take your time to do the research. Check out multiple sources of information. Ensure that starting your own business is right for you before spending any money on it.
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