Myths Business Owners Believe (Part II)

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Myths Business Owners Believe (Part II)          True-false

Myth:  A widely held but false belief or idea.


Myth:  Success depends on hard workThe truth:  Yes, you will work hard, harder than you may have ever worked before.  Trust me; 40-hour weeks are going to become things of the past.  But working hard isn't enough.  You have to work on the right things.  Start by setting goals and deciding how to reach them.

Myth:  I can be my own bossThe truth:  You may be in charge, but you aren't the boss.  My name is on the door, but I have hundreds of bosses.  Every client is your boss.  Even your employees are your bosses sometimes.  You might get to decide who you work with, but whatever work you do accept must be delivered in a quality way.  That delivery of a quality product or service that the market is willing to pay for is your new boss!

And you can't do it alone if you want to grow.  Accordingly, hiring quality employees is essential.  It is your responsibility to find the right people, train them well, and give them the tools they require in order to produce the quality products or services the market expects.

Myth:  I can set my own salary.  The truth:  Most business owners were successful and making good money before they became owners.  In fact, it took me almost 12 years to get back to the same level of income I was making at my last job!  With a new business, most of the early profits must be re-invested in order for the business to grow.  Sure, many business owners make a very comfortable living, but only after they have met a need that the market pays them well for.  (Yes, I am repeating myself.  It's that important!)

Myth:  I will make a profit quicklyThe truth:  You will learn that in business, everything takes twice as long and costs three times as much as you expect.  Expect the unexpected and plan for it.  Always have two or three times the funds you think you will need to start the business, open a new store, or launch a new product.

Myth:  I can take more time away from workThe truth:  A new business is like a newborn baby.  It needs constant attention.  The most successful business owners work many long hours and are always striving to improve their businesses.  To be successful you must achieve this single-minded focus on making your business a success.

(Continued in Myths Business Owners Believe – Part III)