Debunking 3 Myths of About Entrepreneurs

Owning a business is not for the faint of heart. Here are three untruths about entrepreneurs.

They Have Perfect Ideas!

Business owners don’t wait until they are great to start. They start and become great. They Shoot and then aim. Meaning they present themselves professionally and are constantly improve their products and services as they go. Successful business owners dedicate their business to consistent progress by finding new ways to perfect idea. Denzel Washington says it best in a recent USA Weekend article. "I'm a work in progress, like everybody else," says Washington “I'm constantly trying to improve."

They are Rich!

Of course, some are wealthy. But, most small business owners earn middle/upper-middle class salaries.

Business net worth and personal net worth are not the same thing. Just because someone owns a company that earns $5 million each year, DOES NOT mean they pocket that money. Most owners pay themselves between 5- 20 percent of their operating income. The rest goes back into the business via employees, expenses, taxes, and research and development, etc.

They Have Less Responsibilities!

Being an entrepreneur is one of the most challenging jobs there is. You have to generate revenue, manage the business, motivate employees; promote your brand and so much more. I talked to multimedia entrepreneur Tavis Smiley awhile back, and here is his take on it.

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