1. Business Owners Make A Lot of Money
In general, the hierarchy of business dictates that the person at the top of the pyramid makes the most money. We often think of business owners as upper-level management, in terms of position and wealth. However, in the case of small businesses, which provide fifty percent of employment in the U.S., the boss, or business owner, often will forego a large paycheck in order to help the business grow and be able to pay his employees, sometimes going without a paycheck at all.
2. Businesses Must Be Centrally-Located to Be Successful
While this was once true, it is becoming less and less the case. The internet makes it possible to run a remote business, from almost anywhere, by providing services such as freelance writing. There are also many mobile businesses like food trucks and pet grooming services that are successful because they are not stationary.
3. Home-Based Businesses are not as Lucrative as Store Sites
Many home-based businesses are very lucrative, and as start-ups, are able to grow exponentially faster than other businesses due to low start-up and overhead expenses.
4. Setting up A Business is Difficult
You do not have to have a business degree to start a business. In the U.S., a business can be fully set-up easily in as little as five days.
5. You Must Be an Expert in Your Business Area
You do need to have passion for the service or product that you offer, but you do not necessarily need to be an expert. There are many resources that can provide on-the-job training in many business areas. You are likely to even find business associations, workshops, webinars, etc., that you can join for small fees and gain valuable information that you can add to your skill set constantly, and apply to your business as you go.
6. You Must Have a Large Advertising Budget
Thanks to social media, it is no longer a necessity to have a large advertising budget. What you do need is time and an understanding of social media.
7. Business Owners and Managers Have a Lot of Leisure Time
This is an idea that has been perpetuated in movies and television shows, but is certainly not true of dedicated leaders, who are often the first ones to the office in the morning, and the last to leave in the evening- sometimes working well over forty hours.