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With rates of interest remaining high and inflation persisting, Research shows that as many as 40% of individuals currently run additional businesses, and one other 17% plan to do so. As more specialists enter the market, leading to saturation, more corporations are likely to do so super-niche due to high market demand. Entrepreneurship appeals to thousands and thousands of individuals, but before you quit your 9-5 job, be smart to prepare for this decision.
As CEO and co-founder of SNFood & Beverage, LLC (Carbliss Brands), we have sold over 2,750,000 cases since the starting of 2019. I actually understand the importance of getting the courage to dream big in times of uncertainty. That said, there is some confusion surrounding the topic of entrepreneurship. It’s definitely a tempting endeavor for those that don’t fully understand its intricacies.
In this text, I explore the myths that many people have and shed some light on the realities of the entrepreneurship world. This is essential, especially for those that are considering skipping the corporate grind. If you are preparing to start your entrepreneurial journey in 2024, there are three myths and misconceptions you wish to know.
Reality and myths of entrepreneurship
Entrepreneurship is not only about working for yourself and having fun with maximum freedom. It’s a complete lifestyle change. It’s a world stuffed with unique challenges and rewarding experiences that are very different from what the corporate world offers.
While a great, progressive idea is a improbable start, a lot of mental and financial preparation is needed for future challenges.
Here’s a more detailed look at the myths and realities of starting your own business, drawing from my personal experiences.
Myth 1: Quickly improve your funds
Before you progress from a corporate job to entrepreneurship, consider whether you are ready for a big financial change. Accept that your income may drop significantly at first. This attitude prepares you for the coming reality. Success in business is challenging. It’s about starting, learning, improving and doing it again. Travel is not focused on immediate financial rewards.
It focuses on creating something lasting and meaningful – a legacy of freedom that may impact the lives of you, your children, and even their children. The potential rewards are great, but they require labor and persistence.
So if financial uncertainty and early struggles don’t appeal to you, staying in the corporate world could also be a higher option. Entrepreneurship requires humility, resilience and a long-term vision. It’s not for everyone.
Myth 2: Work for yourself
A typical misconception is that being an entrepreneur means working solely for yourself. In fact, this is far from the truth. Even as a sole proprietor, you do not just work for yourself. You are accountable to an entire network of individuals whose satisfaction is crucial to the survival of your company – your customers. Without their consent, your business won’t see referrals, repeat business, or lasting success.
Fundamentally, your job is to meet customer needs and exceed their expectations. Moreover, if your company expands to include employees, their well-being will grow to be one other key responsibility on your shoulders. At Carbliss, we attach great importance to the happiness and well-being of our team. We realize that if our team members are not satisfied and motivated, it affects the company’s business as negatively as dissatisfied customers.
Myth 3: Misconceptions about hustle culture
There is a misunderstanding of hustle culture. The idea that you would be able to achieve great success with minimal effort has grow to be popular. The fantasy of working just a few hours from home and making thousands and thousands is common. However, this is not true. Take my experience with Carbliss for example. At first it was labor and long hours.
My day began at 4:30, and I had to get to work at the factory by 6:00. I worked there until the evening and then focused on Carbliss until midnight. This was crucial to build the business.
My wife and I put so much effort into managing our family life. It was a constant cycle of time, effort and energy. This shows that real hustle – significant effort and dedication – is crucial in the early stages of starting a business. Despite the criticism of hustle culture, it is a mistake to ignore the need for labor and perseverance. True entrepreneurial success requires greater than just dreams. It requires consistent and dedicated work.
Entrepreneurship is a journey, not a destination
There are many myths, misconceptions and outright lies about being an entrepreneur. The truth is that moving from a corporate position to running your own business involves overcoming many obstacles, but also reaping incredible advantages.
If you are ready to follow this path, be prepared for the significant effort it requires. There shall be a lot of labor. Stay focused on your ultimate goals to propel you forward in those early, difficult times. Keeping my end goals in sight and seeing my ideas materialize into something tangible and lasting has been and continues to be price every effort on this rewarding journey.