New Business Owners Should Know About These 4 Common Misconceptions

There are some things that every business owner needs to know if they want to be successful – choosing products, filing taxes, finding customers, etc. There’s other information out there that is extremely important, too. When you’re a business owner, the last thing you want to deal with is misconceptions. 

Most business owners, especially smaller ones, really need to be aware of misconceptions about entrepreneurship. While there are plenty out there, some are more common than others.

So, with that said, here are a few things to keep in mind! 

“If You Build It, They Will Come”

It’s amazing if you can make something remarkable; truly, it’s amazing.

But you can have the best product or service, and it doesn’t mean anything if there isn’t any marketing behind it. Just starting a business doesn’t inherently guarantee you’ll get a flock of customers.

You need to have effective marketing, and this goes beyond just posting on social media and just expecting it all to go viral. 

There’s so much work involved in all of this, like building a strong brand presence, finding your target audience, and maybe even hiring a marketing team to help out. 

“Being Your Own Boss Means You Work Less”

One of the biggest reasons why so many people get drawn to entrepreneurship is the allure of being their own boss and having greater flexibility and freedom in their schedule.

While yes, to a degree, this can be true, but it’s not always like this. Honestly, the reality is that running a business requires dedication, hard work, and long hours, especially in the early stages. 

Sure, maybe at one point, you might get lucky enough to work one hour a day, but it just doesn’t happen at the beginning.

As a business owner, you’ll wear many hats and be responsible for overseeing all aspects of your venture- sometimes, this might even mean next to no personal life. 

“You Can Do It Cheaply”

While yes there are free methods to running a business, such as getting an intern or volunteer to be on your team, others will use only free marketing (such as social media marketing) or free tools such as the standard version of Grammarly, Canva, Google Workspace, and so on.

While there’s nothing wrong with using cheap or free tools, you just can’t expect to grow much if you go this route. 

Sometimes, the best tools that really get your business going need to be paid for, like the commercial cleaning software that fits your needs, for example.

It’s true; you need to spend money to earn money, and you need to spend money to make a difference in your business. So don’t hold yourself back, and don’t fall for this misconception that you can penny-pinch when growing your business! 

“Success Happens Overnight”

Maybe going viral overnight can happen, but that rarely happens! Plus, virality technically doesn’t guarantee a successful business, either. There are no shortcuts to a successful business; you have to take your time and have an effective strategy if you’re hoping this will work out.