Many people start a new business to be their own boss, to do what they want and for the freedom to make their own decisions. In reality, starting a new business can be quite the opposite. I spoke to Carol Shaughnessy, president of SCORE Southern Arizona, about the common misconceptions new business owners have.
As a new business owner, you still have to answer to your clients. Each client has a different personality and expectation. You need to adapt to each of these personality types and meet their changing demands. In a sense, your clients become your bosses.
Owning a business allows you the freedom to make most of the decisions, but it’s not as glamorous as it sounds. You need to make decisions in all areas of your business, including operations, human resources, finance, marketing, customer service, internet technology and more. New business owners usually have a specific skill set in one or two of those areas, but not all. Most new businesses cannot afford to hire experts in the other areas. The time it takes to learn enough to make the right decisions in unfamiliar areas can be exhausting and expensive. Remember — your time is valuable, too.
As a new business owner, you do not get to do what you love all the time. Some of your responsibilities will align with your personal passions and be lots of fun. But there will be some tasks that you do not enjoy, and you cannot ignore them. Maybe you do not enjoy accounting, billing and collecting. Maybe you prefer not to be responsible for marketing and sales. All these tasks still have to be done, and ignoring them will impede your success.
Starting a business can be rewarding and fulfilling. Recognizing the fact many new businesses do not survive long term, go into it with realistic expectations and you have a better chance of success.
