Myths Vs. Facts When Starting A Business

Most people think that when they start a business they will become wealthy and everything will just fall into place for them. Not true. There are certain things that you need to know before you take that leap of faith into entrepreneurship and to help you out I’ve listed some of them below.

MYTH: You can get rich working for someone else.

FACT: 1% of the U.S. is WEALTHY and 74% of them own their own business! The vast majority of people in the United States earns less than $2,400 per month and will retire off of less than $800 per month. This is after they have worked for a company for 40 years! That’s right, I said 40 years! Remember: Everyone is a part of free enterprise - you're either in it or you work for someone who is!

MYTH: You must be smart, well-educated or an experienced entrepreneur to be successful in your own business.

FACT: The best and most efficient way to create wealth is to find someone who has already done it and duplicate their process. Starting your own business requires no skill or education, just the desire to work smart and hard! In the last decade, literally thousands of new millionaires have been created by starting their own empires. Studies have shown that one of the fastest ways to create wealth is through owning your own business.

MYTH: You must work long hours for many years to get wealthy.

FACT: While it is true that it may take some time and serious commitment, the fact remains that you are in control of you own destiny. So how much time it will take to get where you want to go will depend on you! Keep in mind, the average person will start a business, then over time try to expand it and then allow it to continue to grow. Some people who start their own companies fail to even make back their initial investment while others go on to earn a significant income on a monthly basis. What’s the difference between the ones that succeed and the ones who do not? EDUCATION. Not school book education, but industry education.

A doctor has to go to school for 8 years and still must do an internship before he or she can start practicing medicine. When you start up your own company, you can earn as much as a doctor or more and you don't need to go to school for 8 years or even 1 year for that matter, but you still need to go to school. Most people jump right in and hope for the best (97%). The smart ones take time to get trained and study so that they can master the basics of their business (3%). Now ask yourself: What percentage will you be in?

MYTH: Once I open up my company I will start making a ton of money every month, even from home, doing absolutely nothing.

FACT: Starting your own business can be simple but it’s not that simple! The truth is you may not make a ton of money or any money at all for a while. Again, be prepared and know what you’re getting yourself into. Check out the different trade associations that are affiliated with your industry and go to support groups. Try to find a mentor that’s in your industry that may be willing to help you out. Join some different organizations that cater to small business owners.

Even when you join these organizations, the key is to always remember that because it is a business you must always, always treat it like a business. You are in charge of marketing, promotion, distribution, etc. Your success, as with anything you do in life, depends greatly on your drive, commitment and motivation. Only you can determine how much, or how little, you will earn.

MYTH: First I'll get the money and then I'll figure out how to spend it and start doing the things I love to do.

FACT: You must first know WHY you want the money before you can get it and keep it. What's the last letter in M-O-N-E-Y? It's Y! Figure out WHY you want the money or else you'll end up like 80% of all lottery winners - broke again in 5 YEARS. You must have goals set in place. You must have the desire to be successful and you must be willing to believe in yourself and most importantly, invest in yourself.

MYTH: I will take each day as it comes and everything else will work out.

FACT: You must have a clear plan of action. This would include a marketing budget, source of consistent leads or clients, training and skill development. You must have a burning desire to change your situation, the desire to earn above average income and most importantly be hungry. You must be dedicated and have the desire to see the project through, constantly studying your craft and re-investing in your company so that your business can flourish.

By applying a few basic principles and having a clear, defined plan of action, you can be successful in whatever endeavor you choose!

To Your Health, Wealth & Happiness!

Pam Lawhorne

Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.

Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.

The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.