7 Truths Behind Common Entrepreneurial Myths

2 min read By eCompareMo on October 5, 2015

A number of business owners still anchor the way they run their company on myths and misconceptions.Â These things may be seen as “old but gold,” but the market is ever changing and some rules may already be obsolete or inapplicable to the current marketing trends. Below are the truth about some common business myths that you should stop believing.

Misconception No. 1 â€“ You get to do more of what you want.

People think that running a business allows you to do things you want to do. This is because people are under the impression that owning a business gives you more time, aside from millions of cash. This is not true. Being a proprietor doesnâ€™t only mean â€˜owningâ€™ a business; essentially, itâ€™s about â€˜runningâ€™ the business. Every sector of a company should be managed, which gives the business owner so little time to do leisurely activities.

Misconception No. 2 â€“ Youâ€™ll make a lot of cash.

Naturally, the goal is to make more and more money â€“ and you are hoping to get the most. But the most important thing to realize when building a business is the experience you can garner in the process. Experience helps an entrepreneur how to manage failures and to look for ways to prevent or stand up from pitfalls.
Misconception No. 3 â€“ The customer is always right.

Imagine if the clients are always right, there will be no more businesses around. Business is about exchanging goods that are due, fair and square. If you run your business at the whims of your client, your company will not profit even a single centavo. The true essence of being customer-oriented is about seeing from the customerâ€™s perspective and empathizing with their concern.
Misconception No. 4 â€“ You are the boss of your own.

You have a number of bosses to whom you should report to when you are an employee. You are paid by the hours, you have limited professional decisions, and you work with a team. But when you are a business owner, you have more people to please than you think. Your customers are your boss now. Your investors or landlords are also your big boss as well.
Misconception No. 5 â€“ The measure of business success is money.

Focusing on just getting filthy rich wouldnâ€™t take an entrepreneur to the top. Growing and expanding a venture requires more than just targeting a specific amount. Success can only be determined if a business strategy works, and the cash flow is not disrupted, which can only be gained through experience and hard work of the proprietor.
Misconception No. 6 â€“ Teamwork requires compromise from members.

The building blocks of a company are the employees. And a great team should be in constant harmony to finish goals and workloads. But consensus should not be confused with collaboration. Collaboration is about strategically working with individual strengths and weaknesses to contribute to the team while consensus is just simply agreeing, as it entails compromising.
Misconception No. 7 â€“ The entrepreneur is the center of the business.

Basically, you put up a business for personal sustenance. However, the business inherently is not about you and your needs or wants. True growth can only be achieved if the business is focused in providing products and services to attend to the needs of the customers. If you want the venture to be all about you, you better consider getting a job that you want, or just pursue an interest.