The constant feeling of your boss breathing down your neck and the burden of unrealistic deadlines can end the patience of even the most sorted professional. The mundane corporate grind, coupled with the controlling nature of the senior management makes people switch to entrepreneurship.
The career change allows them the freedom to work on their own terms and the flexibility to work at their own pace. However, they fail to understand that with great power comes great responsibility. As the business owner, their role goes farther than committing to timelines.
It encompasses all the operational, financial and marketing work being undertaken by the organisation. Similar to the wrong perceptions about the load of work, there are various other entrepreneurial myths which are commonly considered true. If you are planning to launch a company or are purchasing an existing business for sale in the United Kingdom, then you must steer clear of these tales of illusion.
Here is a reality check that will bust the most common myths among aspiring entrepreneurs.
1. I Will Be Making Huge Profits
The sooner you understand that owning a business will not make you an instant millionaire, the better you will be able to manage your work. Most people think that entrepreneurship means that you will be loaded with cash, driving swanky cars, touring the world and wearing the most expensive clothes.
However, this is far from the truth. For the initial few years, you might not even take a salary to manage the finances. Budgeting and successful financial planning can help you to maintain a cash flow positive business, but becoming a tycoon is not an easy task. You might have been inspired by the ‘rags to riches’ stories of Jeff Bezos and Mark Zuckerberg.
However, it is not possible to turn every business into an Amazon or Facebook. You need a groundbreaking idea which resonates with your target audience to revolutionise the industry and become the topmost player in the market.
Also, as the saying goes, ‘Rome was not built in a day’, every big thing takes time and perseverance. So keep doing the hard work, and you might end up in the list of millionaires in the United Kingdom one day.
2. I Will Be In Complete Charge Of The Organisation
The idea of enjoying complete freedom and flexibility as the owner of an organisation is a sham. Although you don’t have a boss, you are answerable to a lot of other people such as employees, clients, investors, stakeholders, business partners etc.
You are not running the business alone, so you will have to take care of the needs and wants of other people involved in the organisation. Also, investors will be putting their money into your venture, which will make you accountable for all the decisions related to finances and new projects.
As far as flexibility is concerned, you can forget about limited working hours and long holidays. On the contrary, you will be doing plenty of running around to get things streamlined and manage a set-up under your leadership and guidance. You will be loaded with meetings, client acquisition proposals, funding requirements, customer satisfaction plans, and much more.
Stability will be achieved with time, and even then, you will have to constantly innovate to stay relevant and ahead of competition.
3. I Will Be Taking Several Risks
It is a common misconception that entrepreneurs thrive on risks. Although the market is uncertain at times, it does not allow the business owners to play a gamble with their resources. They need to take calculated risks related to the launch of a new product or changing the marketing strategy.
All the decisions of a savvy businessman are based on his market expertise, advice from veterans, and analysis of research data accumulated from the customers and the financial results of previous years. They have to consider all the options before giving the nod as a lot is riding on their decisions.
They have to thoroughly understand all the consequences and then go ahead. Even a small mistake can tank your marketing strategy, so it is better to be in the know. These risks would not be adrenaline-pumping like playing a video game, but they will undoubtedly be exciting and exhausting.
4. I Will Do What I Love The Most
The most common reason behind switching to entrepreneurship is that people are not satisfied with the kind of work they are doing and want to do want they like to do. However, with an organisation to run, you can’t afford to sit behind your desk and keep working on one thing. You will have to be out there and taking part in every aspect of the business.
From accounting and liaising to customer relationship management and marketing, the business owner has to be on top of all the business functions. As the organisation will grow, you will be hiring specialised people to fit into various roles and act as a spearheading organiser.
You will have to delegate your own work to smarter people who can do it better and in lesser time. As the managing director or the CEO of the company, you will be more involved in building the team and growing the organisation than doing the stuff you love.
5. I Will Have To Make Many Friends In The Fraternity
Networking is considered an essential part of business growth and development. However, it is not the key to owning a successful venture. It can surely get you noticed and find a few partners, but it won’t help you in running your business. In fact, most of the businesses in the UK are being set up by migrants who generally don’t have many acquaintances in the country when they arrive here.
So you don’t have to be connected to all the influential people to make it big. You need a strong will to stay focussed on your dream and go the extra mile to accomplish it. Once you have made a mark for yourself, the connections and relationships will automatically follow.
Entrepreneurship is not a walk in the park. It is full of turbulences, and those who have the grit to triumph over such obstacles deserve to be on the top spot. If you have been planning to enter the competition by acquiring a business for sale in the United Kingdom, then you must stop living in a fool’s paradise. Stay focussed on your goal to keep moving ahead.