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Myths and Facts about Business Ownership

Are you thinking about starting your own business but are a bit confused by all the conflicting information floating around on social media and chat forums? If so, don’t feel like you’re the only one who’s struggling. The internet is both a blessing and a curse in that it offers vast amounts of useful information but also serves up plenty of myths, misconceptions, and half-truths.

Most prospective entrepreneurs who check online discussions about startups encounter a wide variety of naysayers who dish out negative and misleading ideas like the impossibility of succeeding as a small business owner, the prohibitive cost of college degrees, how sole proprietors have to work 80 hours per week to earn a living, and more. All are equally incorrect and based on nothing more than fear. For those who want the truth, here are the real-world counterpoints to the most common pieces of misinformation out there.

Only Millionaires Own Companies

This is definitely an outdated falsehood. A hundred years ago, starting a company was something only well-heeled people could afford to do. But in the 2020s, anyone with a computer connection, a desire to earn a few bucks, and a small amount of money to cover basic expenses can launch a profitable organization from a one-bedroom apartment.

Degrees are Too Expensive

Paying for a four-year degree is costly. There’s no question about that. But, somehow, millions of non-wealthy people earn college diplomas year in and year out? So, what’s the story? The story is that the vast majority of students take out loans to cover the expenses of earning a degree. But there are efficient and inefficient ways of borrowing money.

For instance, in today’s economic climates, the smartest method is to apply for educational loans via private lenders. Unlike other sources, private lenders have a great deal of flexibility to offer loans that cover everything associated with a four-year degree. Plus, their rates, repayment programs, and other terms are based on common sense and individual circumstances.

Most Owners Eventually Go Bankrupt

Business owners who make detailed plans, don’t put their life savings at risk, and take it slow when building a new company rarely go broke. Their companies might not achieve the lofty goals they dreamed of, but going out of business and going bankrupt are two entirely different things.

The Hours are Brutal

Most new companies, especially e-commerce stores, are run by people who have other, full-time jobs, and who only put in between five and ten hours per week on their startup. When it comes to launching a new business entity, the hours are whatever you want them to be. Sure, some people choose to devote more than 40 hours per week to get a new company off the ground. But that intense period only lasts for a few months, at most.

It’s Nearly Impossible to Find Customers

The online marketplace is exploding as more consumers choose to make purchases online, from the comfort of their preferred devices, mobile or otherwise. For entrepreneurs who have a unique product or service and who know how the basics of marketing, the customer pool is virtually unlimited.

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