Becoming an entrepreneur is so much more than creating a good product then selling it. Before you decide to shift careers, here are some myths on business ownership that you need to know.
Inc. shared seven things that aspiring entrepreneurs should know before quitting their jobs and switching careers.
1. A great product or service may not always become a great business. Entrepreneurs need to learn the importance of being able to generate revenue from their business. Otherwise, it just wouldn't work.
2. Don't wait for customers to come to you. After figuring out how to monetize your idea, you will need to do a lot of marketing to create a demand and need for your product or service.
3. Having a business will take up all your time. Contrary to popular belief that being an entrepreneur would give you all the freedom in the world, aspiring entrepreneurs need to understand that businesses will require more of your time, resources and energy.
4. Let's face it, we need money. While it is important to love what you're doing, it is even better to be able to convert that passion into money. Businesses need to be profitable to continue operations.
5. Not everyone is built to become an entrepreneur. True, everyone can become a business owner. However, you would need determination, inventiveness, intense focus, sales tenacity, self-reliance and self-confidence to become a great entrepreneur.
6. There will be more bosses for you. Yes, as an entrepreneur, you get to be your own boss. Unfortunately, you would also need to answer to your customers, suppliers, business partners, investors and the bank.
7. Don't expect big money so soon. The entrepreneur lifestyle is very tempting. Becoming an entrepreneur is believed to be the sure fire way to generate big income. Success does not happen overnight, though. "It takes three years to be an overnight success, sometimes more," Seth Godin said.
Read on the four myths about millennial entrepreneurs that are far from the truth by Entrepreneur.
