In the sensationalized world of social media, employees are the boring rule followers and entrepreneurs are the heroic rebels. It is at best a way to build massive wealth or at worst a way to become superior to those who work a 9 to 5.
Actual business owners know the truth. They know that their success is usually built on skills and experiences gained from traditional employment.
The belief that entrepreneurs are inherently superior to employees is the first myth we need to leave behind in 2024.
Because this is the reality
- Small businesses with no employees have an average annual revenue of $46,978.
- The average small business owner makes $71,813 a year.
- 86.3% of small business owners make less than $100,000 a year in income.
- Only 3.6% of solopreneurs have an average revenue of more than $83,000 per month.
The point being, if you’re goal is to get rich you have to be prepared to work as hard as if you were an employee to make it happen.
Let’s move on to a few other myths that bother me.
Myth #01: Entrepreneurship is for Alpha Males
Men that pose as alpha males on social media love shoving entrepreneurship down the throat of their male audience. The reality is 44% of self-employed individuals and 54.4% of solopreneurs are women.
This not only indicates a strong interest in entrepreneurship in women but also a strong ability to execute. So men expecting the alpha treatment because they’ve started a business are going to most likely be in for a rude awakening.
Myth #02: You Can Make 10K A Month By Buying A Course Or E-book
Wannabe business influencers love to promise young people that they can “make 10k a month” by buying their course, spreadsheet, or booking them as a coach. Every time I see one of these TikToks I found myself asking, oh wow when do you get canonized as a saint? The economy today is more cutthroat and uncertain than ever, if someone is giving away their secrets its usually because they can make more money selling entrepreneurship than they can as entrepreneurs.
This is an old trick in the world of entrepreneurship, and its the rainmaking scheme. For those you who may not be aware, scammer takes money from the victim to influence a system over which they have no real control, but a random chance of the outcome happening anyway. In short, if it rains they take the credit and if it doesn’t they find a way to get more out of you.
Myth #03: The Biggest Threat Is A Lack Of Value Proposition
Given a persistent willingness to engage with customers and incorporate their feedback, most businesses can carve out a value proposition. After all, every failed sale teaches you a bit more about customer pain points. This is also why startups have to pivot a few times before they achieve product market fit.
The real dream dream killer when it comes to small businesses, especially solopreneurs, is stress and overwhelm. Starting a business affects every inch of life and everyone in it. It fuels neuroticism and can result in explosive anger, brain melting levels of anxiety, and deep depression. All of which, can occur at times when you need to hold it together the most.
Factor in isolation, and it’s easy to understand why many people return to being an employee. For the record, no job or business is worth sacrificing your health and wellbeing.
Now that we’ve taken a look at some of the myths surrounding entrepreneurship, let’s take a look at what authentic entrepreneurship journey looks like.
Imagine Sarah, who spent ten years in corporate marketing. Her role provided her with skills in market research and customer behavior. So when Sarah launched her marketing consultancy, she brought a wealth of industry knowledge and a robust professional network, significantly contributing to her business success.
So how can you be more like Sarah?
- Do not trust influencers: Be wary of survivorship bias in social media portrayals of entrepreneurship. Understand that behind every success story are unspoken challenges and failures.
- Bridge the Awareness Gap: Acknowledge what you don’t know about running a business. Skills like tax management, client relations, and inventory control are vital and often underrepresented in entrepreneurial discussions.
- Talk To Someone Whose Been There: Recognize the lack of honest representation of the challenges faced by small business owners. Running a business involves more than just a good idea; it requires handling the nuances of day-to-day operations.
What To Do Now
- Leverage Your Employment Experience: Use your time as an employee to develop essential skills. Seek roles and projects that challenge you and provide learning opportunities relevant to your entrepreneurial interests.
- Set Realistic Goals and Expectations: Understand that entrepreneurship is a long-term journey. Set achievable goals and be prepared for the time and effort required to build a successful business.
What To Do After
- Educate Yourself Thoroughly: Go beyond surface-level entrepreneurial advice. Dive into resources that offer in-depth insights into business management, financial planning, and customer engagement.
- Seek Mentorship and Advice: Connect with experienced entrepreneurs and mentors who can provide practical advice and insights based on their journey.
Transitioning from employee to entrepreneur is a journey filled with learning and growth. By valuing the experiences gained in employment, seeking comprehensive education, setting realistic expectations, and engaging with honest narratives of entrepreneurship, you can build a strong foundation for your entrepreneurial career. Embrace the lessons from your employment, and use them as stepping stones towards a successful and sustainable entrepreneurial journey.
