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4 Misconceptions About Small Business Ownership

Misconceptions About Small Business Ownership

Small businesses really are the fulcrum at the center of the US economy. Indeed, according to data from the SBA, there are over 30 million small businesses in the US today –– and that number constitutes 99.99% of all businesses formed. Obviously, many people are attracted to small businesses, and more specifically, small business ownership. But is being the boss all it’s cracked up to be? Here, we’ll explain four misconceptions associated with running a small business so that you can separate fact from fiction for yourself.

Only Wealthy People are Small Business Owners

Wealthy People

While some small business owners are quite well off, a good number don’t make much more than the average professional in their industry. In fact, it doesn’t actually cost that much money to start a small business on your own. Some entrepreneurs found “micro-businesses” for as little as several thousand dollars. Regardless, the ranks of small business ownership isn’t reserved for blue bloods alone.

Almost All Small Businesses Fail Within a Year

Is creating a successful small business easy? Of course not. Yet, the statistics indicate that a third of small businesses exist for more than ten years. And most people would class a company that survives and adapts for over a decade to be a successful one.

Executive Positions Come with More Free Time

Executive Position

Business owners can come and go from the office as they please. However to suggest that small business owners get to take it easy is inaccurate. The truth is that many small business owners work longer hours than their employees in order to keep their company viable and profitable. Small business owners have to be passionate, otherwise they’ll quickly become miserable and their organization will suffer. Lastly, small business owners have to learn a great deal about a number of issues that may only be tangentially related to their business. One day they may be filling out a form IL 1120 for tax purposes, and the next responding to customer queries on social media. The work of a small business owner is never really finished.

Recruiting Talented Professionals is Easy

Sure, there are plenty of capable, intelligent professionals who are available for hire on the job market. Small business owners need to find employees who align with their company’s values and goals, though. Remember, raw talent alone doesn’t make a professional a good fit at a small business.

Final Thoughts

Becoming a small business owner can be an arduous, but also hugely rewarding experience. It’s important that all entrepreneurs understand what they’re getting into before they invest a lot of capital toward a new venture. Fortunately, this post should help you catch a glimpse of what being a small business owner is really like!

Article Submitted By Community Writer

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