5 myths to break about the “joys” of entrepreneurship

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In the era of self-fulfillment at any cost, launching a business has become the ultimate way of freeing itself professionally. More than ever, entrepreneurship is glorified and the idea of being his own boss fantasize.

Elon Musk is making headlines as a rockstar and the viewers of the different versions of In the eye of the dragon are counted in the millions.

So much the better if this new fascination inspires. But before emptying his cubicle to start a business, a few caveats are in order.

Myth 1 “I’m my own boss, I answer to nobody!”

The only way to have no account to render, it is in isolation in the depths of a forest.

“Be your own boss”

This leitmotiv that inspires the employees in a quest for self-determination provides a portrait of a dangerously incomplete of the reality. The contractor may be at the top of the hierarchy of his company, but it operates within a system where it is not always in a dominant position.

An important customer may be drooling more than the worst of the bosses tyrannical. A supplier in a position of power can impose its conditions. Without forgetting the numerous regulatory requirements with which we must comply.

The proper conduct of the business requires to make compromises, to manage constraints and to comply with the obligations.

Myth 2 “I manage my time as I please”

Ironically, starting a business, you give yourself the freedom to be able to work 24/24, 365 days per year.

The results of a us survey among managers of SMES show that entrepreneurship is not a synonym for free time.

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Number of days worked per week :

  • 6 for 36 % of the respondents
  • 7 to 21 % of the respondents

Number of hours worked per week :

  • 50-59 : 23 % of respondents
  • 60-69 : 20 % of the respondents
  • Over 70 : 19% of respondents

Nearly 40% say they work during their vacation.

It may seem like a dream life for the workaholics, but to never win is just as bad for the health of the individual and the company. We must have the discipline to put in the work and the foresight to take breaks.

A contractor may well have a note from the doctor for burnout, it is unlikely that his clients send him a card with a soft word such as : “Take care of yourself and come back to us in the form in six months. It’s waiting for you!”

Myth 3 : “My project is perfect. If one follows the plan to the letter, everything will work!”

As has been said by the famous business woman Arianna Huffington, founder of Huffington Post, “we must appreciate the uncertainty and imperfections”.

The obsession with detail and micro-management often prove counter-productive. Success in business is a matter of seizing opportunities, creating optimal conditions and manage the risk.

With the growth comes a point where it becomes more profitable to hire and delegate. While establishing quality control measures, the contractor must agree that its employees make mistakes or develop different approaches.

It is imperative to have confidence in its ideas, but to show openness and flexibility, can bear fruit.

Myth 4 : “I’m going to be able to count on my family to support me.”

The truth is that your old chum who has taken a course in accounting at the CEGEP, surely, is not the best candidate to act as VP of finance.

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It is best to surround yourself with people who are competent and reliable, who will not be afraid to give the right time, even if they are annoying companions from 5 to 7.

In the interview, the business woman Caroline Néron has admitted that assigning positions critical friends contributed to the financial meltdown of his company.

As said Biggie Smalls in his song “Ten crack commandments” : “Keep your family and business completely separated” (translation : Guard your family, and your business completely separated).

Okay, I admit that it rappait about the sale of narcotic drugs, but the principle carries over perfectly.

Myth 5 : “If someone does not do the trick, out!”

We all already been with a incompetent of olympic caliber. The kind of person that makes us say : “if it was me the boss, it would make for a long time that it would be returned.”

However, this is not fucking people at the door that we will build a strong team.

Besides, I’ve rarely met an entrepreneur who fire someone was not a heart-wrenching decision. Especially when you must do so for reasons that are not related to the performance of the employee.

A successful business must focus on a culture that fosters the engagement and the sense of accomplishment of its members. This requires, among others, to show patience, to listen and to offer adequate training.

As said the founder of Virgin, Richard Branson : “Train people so that they can leave. Treat them in a way that they remain.”