Opinions expressed by Entrepreneur contributors are their own.
With prolonged high interest rates and lingering inflation, studies show that up to 40% of individuals currently operate a side hustle, with another 17% planning on doing so. With an increase in professionals entering the market, leading to saturation, more businesses are likely to super-niche themselves due to high market demand. Entrepreneurship appeals to millions of people, but before you quit your 9-5 job, prepare wisely for the decision.
As the CEO and co-founder of SNFood & Beverage, LLC (Carbliss Brands), we’ve sold over 2,750,000 cases since starting in 2019. I truly grasp the significance of daring to dream big during a time of uncertainty. That said, there’s a bit of confusion surrounding the topic of entrepreneurship. It’s certainly an alluring venture for those who don’t fully comprehend its intricacies.
In this article, I explore the myths many hold and shed some light on the realities of the entrepreneurial world. This is important, especially for those considering leaping the corporate grind. If you are preparing to embark on your entrepreneurial journey in 2024, there are three myths and misconceptions you must know.
Related: Avoid These 4 Blunders When Creating a Company Culture
The reality and myths of entrepreneurship
Entrepreneurship is not merely about working for oneself and enjoying maximum freedom. It’s a complete transformation of lifestyle. It’s a world filled with unique challenges and rewarding experiences, which are very different from what the corporate world offers.
While a great, innovative idea is a fantastic place to begin, ample mental and financial preparedness is needed for future challenges.
Here’s a more detailed insight into the myths and realities of starting your own business, drawing from my personal experiences.
Myth 1: A quick financial uplift
Before jumping from a corporate job to entrepreneurship, consider if you’re ready for a big financial change. Accepting that your income may drop significantly at the start. This mindset prepares you for the reality ahead. Business success isn’t straightforward. It’s about starting, learning, improving and doing it all over again. The journey isn’t focused on instant financial rewards.
It’s centered on creating something lasting and significant – a legacy of freedom that can influence your life, your children’s lives, and even their kids’ lives. The potential rewards are great, but they require hard work and perseverance.
So, if financial uncertainty and initial struggles don’t appeal to you, staying in the corporate world might be a better option. Entrepreneurship demands humility, resilience and a vision for the long term. It isn’t for everyone.
Myth 2: Working for yourself
A common misconception is that becoming an entrepreneur means working only for yourself. In reality, this is far from the truth. Even as a solopreneur, you’re not just working for yourself. You’re accountable to a whole network of people whose satisfaction is crucial to your business’s survival — your clients. Without their approval, your business won’t see referrals, repeat transactions, or sustained success.
Essentially, your job involves fulfilling customers’ needs and surpassing their expectations. Moreover, if your business grows to include employees, their welfare becomes another critical responsibility on your shoulders. At Carbliss, we place immense importance on our team’s happiness and well-being. We recognize that if our team members aren’t satisfied and motivated, it impacts the business just as negatively as unhappy customers would.
Related: 5 Books That Paved My Path to Entrepreneurial Success
Myth 3: Hustle culture misconceptions
There’s a misunderstanding of hustle culture. The idea that you can achieve great success with minimal effort has become popular. The fantasy of working just a few hours from home and making millions is widespread. However, it’s untrue. Take my experience with Carbliss as an example. In the beginning, it was all about hard work and long hours.
My day started at 4:30 a.m., and I had to get to my factory job by 6:00 a.m. I’d work there until the evening, then focus on Carbliss until midnight. This was necessary for building the business.
My wife and I put in this level of effort while managing 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 criticisms of hustle culture, dismissing the need for hard work and perseverance is a mistake. True entrepreneurial success requires more than dreams. It demands consistent, dedicated work.
Entrepreneurship is a journey — not a destination
There are many myths, misconceptions, and outright falsehoods about being an entrepreneur. The truth is that moving from a corporate position to running your own business involves facing numerous obstacles but also reaping incredible benefits.
If you’re ready to take this path, prepare for the considerable effort it demands. There will be a lot of hard work. Focus on your ultimate goals to propel you forward during those initial challenging times. Keeping my end goals in sight and the fulfillment of watching my ideas materialize into something tangible, and enduring was, and still is, worth every bit of struggle on this rewarding journey.
