5 Myths of Entrepreneurship

5 Myths of Entrepreneurship

I LOVE being an entrepreneur and making an income doing something I’m passionate about. I love that I can contribute to my family while working from home.

However, being an entrepreneur (and especially a mompreneur) is not easy.

There are a lot of false beliefs about entrepreneurship and about being a mompreneur (mom-entrepreneur). Today, I want to talk about 5 common myths of entrepreneurship. In doing so, I hope I can shed some light on what being an entrepreneur/mompreneur is really like.

As I said before, it is not easy… but it is extremely rewarding! I hope today you will feel encouraged to venture into the world of entrepreneurship yourself, or will at least have gained an appreciation for any entrepreneurs you know.

The 5 Myths of Entrepreneurship

Myth #1: Entrepreneurship = Freedom

“If I was an entrepreneur, I would have more freedom in my finances, my schedule, and my independence.”

The Truth: Entrepreneurship = Responsibility

When it comes to freedom, you actually don’t have much more than when you are working a corporate job! In fact, you may even have less!

The Bad News:

  • Financially, it can feel as though you are held captive by the amount of income you need to bring in. When you are running your own company, you will have to pay for your operational expenses, costs of goods sold, AND your paycheck.
  • If you do not sell enough, you do not get paid what you want. It’s as simple as that.
  • As an entrepreneur, your schedule is determined by your business to-do list. Since you are responsible for everything in your business, there is NEVER nothing to do. So that means, your schedule is never truly “free”.
  • Rather than reporting to a boss, you will have to answer to your partners (if you have any), your collaborators (or mastermind group), your spouse, and your customers.

The Good News:

  • When you are an entrepreneur, you do not have to rely on your boss to see value in you in order to make a bigger income. You get to see the value in yourself!
  • When your business does get to the point of finding financial success, you will have the freedom to pay yourself what you think you are worth. That is a form of freedom!
  • You can be a little more spontaneous during your workday. You can schedule your work tasks around special events occurring in the middle of the day (i.e. playdates).
  • It is still better to stick to a more regular schedule. However, having the ability to alter your schedule during the day give you a great amount of freedom.
  • Although you still will have to work with (and for) other individuals, you will be able to set your own goals. You are able to make your own decision as to what success does and does not look like.

Myth #2: If you create an awesome, high-quality product/service, you will be an overnight success.

“If I make something that I KNOW everybody wants, and I make it the best, I will quickly find success.”

The Truth: Building a successful business takes a lot of time AND effort.

Overnight successes are super rare… but talked about ALL THE TIME! It is super discouraging when you are in the thick of building a business to hear about someone who made six figures in less than a year. However, you need to remember that even those “overnight successes” weren’t truly “overnight”.

The Bad News:

  • In order for any entrepreneur to find success, they have to go through a lot of ideas, a lot of prototypes, and a lot of failures.
  • All of those failed business attempts take TIME.

The Good News:

  • I won’t take forever to make money at your own business, but it WILL take some significant time and effort.
  • If you are not an overnight success, you are NOT alone! All entrepreneurs had to work hard to be where they are today.

Myth #3: Entrepreneurship is Easier than Corporate Work

“When I am an entrepreneur, I will get to wear my pajamas while I work a two hour day! AND I will make more money doing that than I will at this corporate job. Being an entrepreneur just sounds so easy!”

The Truth: Entrepreneurship is HARD

It really takes a special person to be an entrepreneur… because being your own boss is ridiculously hard! Not only are you responsible for every dollar that enters your bank account, you are also responsible for EVERY aspect of your business.

The Bad News:

  • When you are an entrepreneur, you wear many, many hats.
  • You will be the CEO, Head of Marketing, President of Sales, Director of Operations, and SO MUCH MORE.
  • Compound all of this with the added responsibilities that come with “working from home”. You may be expected to do tasks like laundry, cleaning, or cooking. AND you may have to watch the kids throughout the day as well! Entrepreneurship is a tough job.

The Good News:

  • You can get help! If you find you can’t do it all (and I expect you will learn that fairly quickly), you can ask for or hire help.
  • Entrepreneurship is hard… but it is rewarding! There is no better feeling than seeing a business succeed that you put your blood, sweat, and tears into!
  • You are a part of a community that knows exactly what you are going through. We have all gone through the early stages of building a company too, and we know how tough it is! You will have tons of support!

Myth #4: You have to be totally ready before you jump into entrepreneurship.

“Before I can jump into the entrepreneurial space, I need to have the perfect idea, raise a ton of capital, and invest in more business education.”

The Truth: You do not have to be 100% ready to make a move, you simply need to take action!

You do not have to be totally ready to jump into the entrepreneurial world. Most individuals who call themselves entrepreneurs were nowhere near ready, but made the move anyway. The important thing is… they made a move.

The Bad News:

  • You do need an idea of what you will do or sell when you go into business for yourself. However, you do NOT have to have that idea totally perfected.
  • If you do not have any money saved to invest in your company, then you may have to work on your business while still working a corporate job. In this case, you could cash flow your business.
  • When you do not have a business degree or a ton of business experience, you will learn a lot of things the hard way – through trial and error.
  • Becoming an entrepreneur takes action. It takes a leap of faith to make the move and try something scary. Taking action is intimidating… but the reward is priceless!

The Good News:

  • It is practically unheard of for an entrepreneur to have a perfect prototype or business concept when they start their business. If your idea isn’t perfect, you are not alone. Give it a try anyway!
  • You do not need a ton of money to start a business.
  • If you want to start a service based company, your startup costs will be extremely low. You may have to invest in a website, some legal counsel, and perhaps some advertising.
  • If you want to start a product based business,  you will need enough cash to purchase the supplies you need to make your product prototypes. Then, you can take pre-orders and make your products made-to-order.
  • To be an entrepreneur, you do NOT need a ton of extra education. You do not need a Masters of Business (or even a business degree).
  • Take Action! This is really all it takes to get your business started.

Myth #5: Entrepreneurs that are Moms (AKA Mompreneurs) can be full-time business women AND full-time moms at the same time.

“If I become a Mompreneur, I will be able to create my own substantial company (and income) while also spending the entire day with my kids! I will get to spend more time with my family and also have an impact on the world.”

The Truth: When you are juggling so many hats, something HAS to give. Mompreneurs are not superwomen. They need help too!

It is a very romanticised belief that mompreneurs can be full-time business women and full-time moms – they are superwomen. However, as a mompreneur, it is IMPOSSIBLE to fully devote yourself to both your business and your children.

When there is little separation between the roles of mom and business owner, the lines get pretty fuzzy. I want to suggest that in order to be a successful entrepreneur, a mompreneur needs help!

The Bad News:

  • When you are juggling watching your children and working on your business, often the kids get the short end of the stick.
  • You may get to the end of a productive day and realize that you didn’t spend any time engaged with your kids… even though you were with them all day. Then, the mom guilt sets in.
  • When you are a full-time mompreneur, it is in both your own and your children’s best interest to find some kind of childcare arrangement.
  • Taking care of the home is another area where being a mompreneur can actually have a negative effect. Sure, we can get our laundry done and dinner made when push comes to shove. However, our desire for a clean home and healthy cooked meals often fall by the wayside when pitted against our business.

The Good News:

  • There are all kinds of ideas for how to hire (or barter) for help around your home and with your kids.
  • You do NOT have to feel guilty about getting help with your kids! In fact, you can feel more assured, because you will have someone spending real time with your children while you work.
  • You could look into full or part time daycare, if you can afford it. Or, hire a babysitter to watch your children in your home while you work in your home office a few hours each day.
  • Talk to your family to see if someone would be willing to watch your children a few hours a day, or one day a week. OR have your husband watch the kids all day Saturday while you work away from home.
  • You can find help in your home too!
  • Hire a house cleaner to come once a week and deep clean your home for you. You could also enlist your children to help (with the promise of a reward). Or, task your husband with chores that he will be responsible for every week.

Entrepreneurship is hard… but it is super rewarding. If you are willing to work hard, put in a lot of hours, and make some sacrifices, you can truly make a difference in the world.

If you are an entrepreneur, I hope you know that we all go through the struggles of working for ourselves. You are not alone!

If you are thinking of becoming an entrepreneur, I hope you can see that there are more benefits to entrepreneurship than drawbacks. I hope you know that you will be surrounded by a community and supported in any way by the rest of us!

If you do not want to start your own business, I hope you feel a deeper respect for the entrepreneurs around you. I hope that you will join us in becoming a support system for them as well.

There is no better feeling than working hard creating a business and having your business find success.

If you are a business owner, what entrepreneurial myths have you found to be false?

If we can help encourage you in any way by answering questions you may have or giving you affirmation you may need, please let us know in the comments below or by emailing us at [email protected].

-Krystal (& Jodie)

P.S. We would love to see you tonight (Monday, March 13th on our Facebook Live session. In this session, we’ll talk deeper about some of these entrepreneurial myths and answer some of our reader’s questions. We hope to see you tonight!

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