The Common Misconceptions About Entrepreneurship

Small business uncertainty may be high, but the U.S. economy continues to plow ahead. Even as current small business owners struggle to deal with Covid-19-related government restrictions, the next wave of entrepreneurs is ready to chip in and contribute to economic growth.

That is the beauty of our free-market economy. Even during turbulent times, there are always other entrepreneurial minds out there, ready to live their American Dream and create jobs for others. During the third quarter of 2020, more than 1.5 million new businesses formed nationwide, an increase of more than 77% from the second quarter and the largest jump in more than 15 years. In states like Illinois, new small business formation saw a 113% increase.

This doesn’t even account for the entrepreneurs who plan to form a small business but have not yet taken the plunge. In truth, there are millions of Americans who have considered living the entrepreneur’s lifestyle. If you’re one of them, the entrepreneurship decision is not to be taken lightly. It requires serious deliberation, without which there can be no effective execution.

Why do you want to become an entrepreneur in the first place? What is your comparative advantage in the marketplace? Who are your target clients or customers? Where are they? How will you reach them and sell to them? These are all questions to consider carefully, among others.

However, there are also common misconceptions about forming a small business and turning it into a profitable venture. My family went from being bankrupt to creating a million-dollar company. Along the way, it became clear to us that the entrepreneur’s lifestyle is unpredictable. Each journey is different, some smoother than others.

One misconception is that entrepreneurship leads to “business guilt,” whereby entrepreneurs feel guilty about being away from their families when they are working. Similarly, those entrepreneurs are supposed to feel guilty about being away from their work when they are with their families.

Think about it though: First, human beings need to work. Whether you are running a small business or working a traditional job, you are bound to be away from your family at certain points of the day — perhaps even the entire day. While that is not always easy, it is natural. We work to provide for our families, and that requires spending time apart.

Read more: www.forbes.com