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 small business owner 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 small business owner 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.