{"id":43,"date":"2020-07-29T15:21:27","date_gmt":"2020-07-29T15:21:27","guid":{"rendered":"https:\/\/apucentsworth.com\/?p=43"},"modified":"2020-11-27T15:25:08","modified_gmt":"2020-11-27T15:25:08","slug":"5-common-myths-about-being-your-own-boss-busted","status":"publish","type":"post","link":"https:\/\/apucentsworth.com\/apoorvarathore\/5-common-myths-about-being-your-own-boss-busted\/","title":{"rendered":"5 Common Myths About Being Your Own Boss: BUSTED"},"content":{"rendered":"\n

After an hour or two of negotiations with the customer, she took a sigh of relief.<\/em><\/p>\n\n\n\n

A train of thoughts and a brief glance around made her realize how the room of a promising techie had transformed into that of a budding entrepreneur.\u00a0<\/em><\/p>\n\n\n\n

On a typical day, her \u201cworkspace\u201d functions as her bedroom, with inventory tucked in every vacant corner.<\/em><\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Being your own boss seems like a cinematic trailer: making money while working from anywhere (preferably a white sand beach with crystal blue water!).<\/p>\n\n\n\n

Although the effort and exertion that go into running a business vary for every entrepreneur, many of the myths about being one are universal.<\/p>\n\n\n\n

Myth#1: You = Own Boss<\/strong><\/h2>\n\n\n\n

Running your own store or company certainly implies that you take the final call on business decisions. However, it also means you\u2019re the one answerable for those choices; that too not just for one person; you\u2019re answerable to every customer, investor and employee.<\/p>\n\n\n\n

When you switch from being an employee to being a business owner, you switch from answering to one boss to answering to everyone. Plus, the ultimate accountability for all things in your business, whether you control them directly or not, shifts to you.<\/p>\n\n\n\n

As the business owner, you might have the liberty to dictate your agenda and calendar, but the responsibility for its performance never ends. And, if your business isn\u2019t a cash cow, you\u2019re presumably not making a stable income either \u2014 even if it\u2019s because you\u2019re unwell or on holiday or taking a break to start a family.<\/p>\n\n\n\n

Myth#2: Recipe = Passion + Good Idea<\/strong><\/h2>\n\n\n\n

Simply because you have a great idea or a plan you\u2019re ardent about, doesn\u2019t mean you have a viable idea that others will buy into. The difficulty with the \u201cpursue your passion\u201d anecdote, when you have to start a business, is that it prioritizes what you <\/em>care about. But driving a business towards affluence relies on rendering a product or service that\u2019s helpful to others.<\/em>\u00a0<\/p>\n\n\n\n

Even if you have what you might view as an exceptional idea and a passion to chase it, that doesn\u2019t mean anyone else will perceive it that way, still less be ready to pay for it. That is to say, people don\u2019t pay you to be passionate; they pay you to solve a problem or fulfil their demands. <\/em>If you fancy building a flourishing business, your locus can\u2019t merely be on your own passions and ideas, it has to be on sufficing your customers.<\/p>\n\n\n\n

Only because a founder creates it does not mean customers will follow up to buy it. The conclusion to this saga is that customers will always purchase the best product.<\/p>\n\n\n\n

Myth #3: A Lot More Free Time<\/strong><\/h2>\n\n\n\n

Although viral success stories of entrepreneurs put business ownership as the key to \u201ctime freedom\u201d, the notion that starting your own business is somehow less time consuming than a usual 9 to 5 is deceiving. While you might work different hours, it\u2019s doubtful that you\u2019ll work less \u2014 particularly in the first few years of establishing your business.<\/p>\n\n\n\n

You don\u2019t own a business, it owns you. If it is best for the business to attend its customers 24\/7, it is up to the owner to fulfil that want, even if it means fulfiling it yourself. It\u2019s not rare for an entrepreneur to invest 100 hours a week or cash in their chips for its survival and success.<\/p>\n\n\n\n

When you work a 9-5, you\u2019re also expected to get your scheduled paycheck despite how well your company is doing. Policies like sick leave, vacation time and parental\/maternity leave can keep the money rolling, even when you\u2019re not working.\u00a0<\/p>\n\n\n\n

Many employees believe that their boss must be making big bucks. It\u2019s only when they start their own business and see the large number of \u201cmouths to be fed\u201d from the revenue earned, that they realize that net profit margins are thin or non-existent. <\/p>\n\n\n\n

Myth#4: A Lot of Money to Start a Business<\/strong><\/h2>\n\n\n\n

That really isn\u2019t true. Plenty of businesses can be started virtually without money. You may even get your customers-to-be to fund you.<\/p>\n\n\n\n

If you\u2019re careful and take the time to understand your capital and the technology to ease you control it, running a business can result in \u201cfinancial freedom\u201d and increased earning potential.<\/p>\n\n\n\n

When you\u2019re in regular employment and receive a regular salary straight to your bank account, you\u2019re most probably oblivious to the financial complications of running a business. It\u2019s someone else\u2019s duty, most of all.<\/p>\n\n\n\n

Contrarily, when you\u2019re a business owner, you\u2019re in command of everything. While it might seem discouraging, whether you\u2019re a builder or a baker, managing the finances is not impossible but quite a difficult task.<\/p>\n\n\n\n

You may begin micro-testing your product or service in small lots to compute your growth incrementally. Although big chunks of capital might benefit you faster, sometimes a slow and steady pace can help you secure your business while your profit margins rise.<\/p>\n\n\n\n

Myth#5: The right time<\/strong><\/h2>\n\n\n\n

False. The only timing that will always be right is now. To tell the truth, several entrepreneurs have started their businesses at the most unfavourable times in history and the most unfavourable times in their personal lives.<\/p>\n\n\n\n

American entrepreneur Pat Flynn began his first online business during the time he was sacked from his corporate gig and his wife was pregnant with their first child. Nobody would likely want that high-anxiety period in their life to start a venture, but life leads us where we need to go.<\/p>\n\n\n\n

Microsoft was established in 1975, near the end of a recession and then re-incorporated in 1981, just as the recession of the 1980s started off. These two terrible times to start a business didn\u2019t stop Microsoft\u2019s success. No time is ideal \u2014 that\u2019s why one must start immediately.<\/p>\n\n\n\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

After an hour or two of negotiations with the customer, she took a sigh of relief. A train of thoughts and a brief glance around made her realize how the room of a promising techie had transformed into that of a budding entrepreneur.\u00a0 On a typical day, her \u201cworkspace\u201d functions as her bedroom, with inventory […]<\/p>\n","protected":false},"author":1,"featured_media":166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-43","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entrepreneurship"],"yoast_head":"\n5 Common Myths About Being Your Own Boss: BUSTED » Apoorva Rathore<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/apucentsworth.com\/apoorvarathore\/5-common-myths-about-being-your-own-boss-busted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Common Myths About Being Your Own Boss: BUSTED » Apoorva Rathore\" \/>\n<meta property=\"og:description\" content=\"After an hour or two of negotiations with the customer, she took a sigh of relief. 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