5 MYTHS ABOUT STARTING OR OWNING A BUSINESS DEBUNKED

Entrepreneurs play a considerable role in the U.S. economy, with small businesses responsible for more than 60 percent of the nation's net new jobs since 1995. More than a half-million new businesses start up each month, although the number of companies that fail each month is even higher.

If I were to advise the starry-eyed entrepreneurs-to-be out there, I'd have them explain their expectations and concerns because misconceptions about what it's really like to start and grow a business are typical. 

Myth #1: It will be easy starting or owning a business

This may sound ridiculous, but it's not. Look around at those whom you know. Many of your most successful friends and colleagues will have started businesses. Entrepreneurship is in Americans' DNA. With so many people of varying backgrounds succeeding in business ownership, how hard can it be, right? 

While starting a new business can be incredibly rewarding, it also can be exceedingly stressful and time-consuming. Most of us have never had to rely on ourselves to make a living. When you start a business, you can't pay your bills unless you sell something, whether it's an object or a service. Taking that plunge from the comfort of a regular paycheck into self-employment uncertainty can be daunting and may cause financial and marital stress. Make sure you're prepared for what you're about to endure. 

Myth #2: The money will come flowing in starting or owning a business

The IRS assumes new businesses won't turn a profit for several years. If the IRS makes this assumption about the amount of taxes it expects new companies to generate, you should, too. You'll likely spend your first months taking meetings and trying to sell, sell, sell. Unless you make immediate sales, this will take you away from what your business does. This means you'll have less of whatever your business does. It's a difficult circle to get out of, but one that many business owners face initially. 

Myth #2.A: You'll have more free time starting or owning a business

This one is similar to the second entry. You may have worked a lot before, but to make your new venture succeeds, you'll have to work as much or more. And you'll have to be more intelligent about how you work and divide your time because every minute you spend doing something other than growing your business is potentially costing you money. 

Myth #3: You'll never have a boss again starting or owning a business

While this one is technically true, your clients/customers become your boss. You may not have to clock in any longer or sit through annual reviews, but the prospect of losing a large account with nothing to replace it is lessened when you work for someone else. Established firms have weathered these rites of passage and have prospered, or they wouldn't continue to be in business. So think before you take the plunge. Is not having a boss more important than the sense of security you have when someone else is signing your paycheck? 

Myth #4: You can just wing it starting or owning a business

Being able to think on your feet can be useful in some industries -- theatre, journalism, and sales, for example -- but to be an entrepreneur, you must have your line of work down cold, or you're likely to make a challenging time even more so. If you design websites, you'll either need to know how to create them or know someone who can do it for you; otherwise, you risk being in over your head from the start and placing doubts in your clients' minds. You can avoid this by being well-versed in your field before trying to convince someone to support your new endeavor.

Myth #5: Build it and they will come when you start or own a business

Build it, and they will come is one of the biggest myths every business owner discovers quickly.

Only in Hollywood, like the movie Field of Dreams, has this ever happened. Starting a business is hard work!

It seemed like yesterday when I founded my first company, yet it was over two decades ago that I launched my first company. I remember thinking how easy it would be that all of my friends, family, neighbors, and more would be one hundred percent supportive in sharing what I do with their friends, family, and neighbors. Reality check! No one cares but you.

Growing a business is hard. But you don't have to do it alone. We can help you!

Despite the challenges, if you feel like you're ready to be an entrepreneur, do it! I've done it for over two decades and wouldn't change any of it. Just be prepared for things to be different from those on TV or hear about others' achievements. These stories often gloss over the details, and it's the day-to-day hustle that results in success.