Being an entrepreneur can be a challenging but exciting experience. In Australia alone, there were more than 2.5 million businesses registered in 2023, 97.3% of which were small businesses.
And yet, many aspiring entrepreneurs still approach this landscape with caution, given the many myths there are out there about starting your own small business. Let’s address some of these misconceptions to help you better prepare for the risks and understand the rewards.
1. You need a lot of money to get started
One of the most common misconceptions is that you need significant personal savings or investment to launch your business. While having capital can be beneficial, many businesses start small and grow over time.
2. You will have to choose between your business and your personal life
As the owner of your own company, you will have to balance running your business with everything else in your life. However, you will not have time to personally handle every single detail of your business. And that’s okay, so don’t be afraid to seek help where it is needed.
Recommended reading: Work-life balance: How to work smart and stress less
3. Your staff will adopt your work ethic
As an entrepreneur, you will very rarely have someone telling you when it’s time to call it a day. As such, chances are you will keep working if you haven’t set boundaries for yourself. That said, you don’t want to fall into the trap of putting unrealistic expectations on yourself or on your team. Building a successful business is often a collaborative effort, so make sure to foster a positive working environment for your staff.
4. You must compare your business to your competitors
It is often said that comparison is the thief of joy. As a new business competing against established brands, it’s important to narrow in on what makes you unique and slowly carve out a market for your products or services. At this stage, comparisons are unproductive and could lead to a sense of self-doubt.
You can learn from others, but don’t simply try to copy their success. Focus on your business goals and how you can achieve them effectively.
5. There is no room for error
As a new small business owner, it’s easy to feel like you have to carry the heavy burden of responsibility. But everyone is allowed to make mistakes; it’s part of the process. They can teach you valuable lessons about yourself, your product or service, your customers and your competition. The important thing is to learn from errors so you avoid them moving forward. If you don’t make any mistakes, you might be playing it too safe.
7. Taking a risk is too risky for new business owners
Not making decisions based on risk can mean missing out on significant opportunities. Fear is why many people don’t start their own business in the first place. When you can overcome your fears and take calculated risks, your business will do more than just survive; it will thrive!
How BizCover helps entrepreneurs go the distance
Whether you are a first-time business owner, a serial entrepreneur, or a small business veteran, you will likely be aware that a key part of business ownership is hoping for the best but preparing for the worst. What would you do if a customer was injured in your store, your computer was hacked or your merchandise stolen?
At BizCover we make business insurance easy, fast and paperwork-free. Compare competitive business insurance quotes online from Australia’s leading insurers, and buy it in under 10 minutes. Give us a bell on 1300 920 875 to learn more and chat about your business insurance options.
