Over the years I have been amazed at how some people think minority entrepreneurs live and work. Most people are very comfortable with the stability they have on a job they may hate but get paid every 2 weeks for. They look at the benefits, pay, vacation time etc. The first difference between Entrepreneurs and the 9 to 5 worker is we understand the benefits AND the limits of working for other people. Working in the music industry I always HATED politics, butt kissing and people literally getting screamed at when they don’t do their job. I have seen it time and again and I am not cut out to take that but I liked working in the industry so the ONLY way for me to do it was to own my own business. If you are thinking about making the switch to being a entrepreneur there are a few things you should know off the bat. Please consider these things BEFORE you make the leap. Click “NEXT” above or below for the next myth
We Make a lot of Money
Ideally, you can but not initially. You are learning how the operation works, hiring and firing, organizing, getting your taxes in order buying supplies, finding clients and getting everything in order. For the first two to five years unless you have a BRILLIANT idea and funding, you will probably struggle for a while but all is not lost. The benefit and the “high” of working for yourself is worth it if you can hang in there. Typically, the rules for minority entrepreneurs are different. We don’t often have a lot of financial resources and if we make the leap to being a entrepreneur the last thing we want are investors breathing down our necks but there are some ideas where you MUST get investors involved. As the old saying goes when you start-up use OTHER people’s money instead of your own or your family’s.
We Do Nothing all Day
Yeah, nothing all day but WORK. Don’t I wish. Eventually, you do get to a point where you learn the rhythm but I know many entrepreneurs that work 8 to 18 hour days. The wise ones ALWAYS keep an eye on the bottom line even if they are able to work less and have people in place to watch over their businesses but we work and we work a LOT. Once again, the high of knowing the business belongs to you and the fact that you are doing what you really WANT to do makes the time go by VERY fast.
Anyone can be an entrepreneur
Not so. It takes a LOT of discipline, patience, creativity, flexibility, money shifting, savvy, selling, control, relationship building and determination. Few people can do all those things and still find a way to pay the bills when a client is and will alway be a late pay.
You Set your Own Schedule
Yes and no, it all depends on what you do and how you do it. Eventually you can but not initially, the business sets your schedule for you.
You Only do One Job and Hire other People to do the other ones
In a perfect entrepreneur world… absolutely in the real world HELL NO. You do ALL the jobs for the first couple of years and there are certainly some things you are not going to be good at and hate but they have to get done. The first couple of years are the true test for the entrepreneur to see what you are made of. If you can do all the work and still reach your bottom line, you are where you need to be.
Great Entrepreneur Think of Ways to Make Money First
Nope, those are usually the ones who fail miserably. If you are the business of buying selling businesses then yes this will work. If you are in the business of keeping a business for at least 5 to 7 years (the realistic amount of time you should grow, maintain then sell a business to accumulate wealth) then no, thinking of money first won’t work. So what makes for a successful business? The key is PASSION… plain and simple. You can’t make a great cheesecake and run a bakery if you don’t have a passion in baking. The end result will be a disgusting cheesecake. There is the old saying, do what you love and the money will come. Some people say, “Do what you love and find a way to make money with it.” I agree more with the first one. When you do what you love people will see and if they like it offer you money for it. If you are doing something right now and people are willing to pay you for it, you have a potential small business.
You Can Create a logo and you are an Entrepreneur
These kinds of people actually make it hard for legitimate entrepreneurs. It takes a LOT more than that. Getting an email with a gmail.com extention is NOT a foray into being an entrepreneur. A complete presentation is key and if you don’t take the time to get your presentation in order, you are not legitimate. If you are a beginner and you have a great idea and you are making money, every bit of that money, (and you may still have to work for someone else in the process) should go into building your business not new shoes or a new car. Getting a professional site done, registering on all the social networks, having a professional logo etc all add up to you having a successful business.
Some Entrepreneurs Fail
MOST do. They are not prepared for the amount of work that goes into it. They don’t plan, they don’t grow etc. The entrepreneurs who succeed are always in ahead of the 8-ball, learning new skills, technology and maintaining relationships with clients and/or customers. There are also those who “sustain” this is where they are neutral in their success but if they get sick or something happens to them the business could literally fold. They are the ones who never hire anyone to help and they keep every penny to themselves.
You eliminate Stress when you work for yourself
Yes and no. Depends on how you determine what Stress is. I think stress is doing what I don’t want to do for work and even owning my own business there are parts of it I don’t like doing but I realize they have to be done. Others may be stressed out because they can’t pay their rent on time if they work for themselves. Initially, that will happen.
Being an Entrepreneur is Always fun
It can be and it SHOULD BE but many of us take ourselves too seriously and we don’t enjoy the fruits of our labor. Time is very limited and if you are in a relationship or married it’s even more difficult to balance your time and energy but for the most part, yes it is fun because you are repeatedly investing in yourself sans permission, politics and BS. My best in business