Common Misconceptions About Being A Business Owner: Popular television shows, books, movies and the media in general often paint an idyllic picture of entrepreneurship, but it’s not until you’re actually in the thick of business that you fully understand what it means to be a business owner.

While it’s perfectly okay to view entrepreneurship as a positive goal to aspire to, it’s important to be aware of the reality behind working for yourself and running a business to ensure you start your entrepreneurial journey with the right expectations. To offer their insights, nine members of Young Entrepreneur Council share some of the most common misconceptions about being a business owner and why they’re not always true.

1. You Need To Perfectly Balance Your Personal Life And Business

I think there is a difference between being a visionary entrepreneur and a regular business owner. I believe visionary entrepreneurs have already decided to sacrifice many things to achieve their business goals and future plans. Business owners are more able to have that balance in their life; however, both groups are involved in creating something new and managing and growing a company, which makes it impossible to have an absolute balance with your personal life. I’m working during all my weekends too because I found it way more efficient to do so since there are no meetings, employees or department calls, and I can fully focus on planning, checking processes and making improvements. This has actually helped me a lot in accelerating growth. – Ali Payani, LookinLA

2. You’re Your Own Boss

Sure, you may be at the top of the hierarchy, but it’s the people working for you who make it so the show goes on. As an entrepreneur and a leader, you have to answer to the people whose livelihoods depend on the success of your company. I know that some of the greatest ideas to improve my company have not come from me—they’ve come from my team. When you empower your team to have a voice and fully understand the importance of their roles, you’ll be in a much better position than the person who thinks being at the top means you don’t have to answer to anyone. – Shay Berman, Digital Resource

3. Success Starts With Creating Something Completely New

Clichés like this one present a distorted idea of the capabilities and duties of a business owner. It is true that selling something that no one else offers is a huge advantage, but this is only at the beginning. If your product or service is well-received in the market, the competition will appear quickly. You must bear in mind that others will imitate and even improve your invention. When I started my company, I was very naive in thinking that my success was guaranteed because my product was unique. That was one of my biggest mistakes. You must always be alert and prepared. Do not underestimate your rivals just because you still don’t see them. They may be looking at you and waiting for the perfect moment to show up. – Kevin Ryan Tao, NeuEve

4. You’ll Get To Focus On What You Love

The myth that as a business owner you’ll get to focus on doing what you love is not true. The reality of entrepreneurship is that you have to wear many hats, particularly in the startup phase when there simply isn’t enough money to hire a full staff. As your business grows, you’ll find yourself learning new things and pitching in where you never imagined you would. For example, when I started my company, I didn’t expect to become as knowledgeable about marketing as I am today. I’ve gotten my hands dirty in all aspects of my company. Today, I focus most of my time on areas of the business that I enjoy, so I get to do what I love. I’m still involved in so much more though. Being a successful entrepreneur is not 100% doing what you love the most. – Jonathan Prichard, MattressInsider.com

5. Hard Work Always Pays Off

Hard work actually creates burnout if there is no balance or boundaries. What pays off is strategy, execution, cash and the right people on your team. You can do that by working smart and not necessarily hard. – Givelle Lamano, Lamano Law Office

6. You Just Need A Great Idea To Succeed

One common myth you hear about being a business owner is that you only need a great idea to be a successful entrepreneur, but there’s more to it than that. To make the idea become a reality, you have to know how to execute it properly. As a business owner, apart from just the idea, you need various other skills to enable your idea to bring money to the table. So it’s not just the idea; you also need to have good communication skills, management and leadership qualities, learning agility and a lot more. – Thomas Griffin, OptinMonster

7. Owning A Business Is Always Exciting

Almost the entire media depiction of entrepreneurs is totally disconnected from reality. They’re often portrayed as singular geniuses and underdogs who defy all the odds, break the mold and change the world. In reality, entrepreneurship is a lot more mundane than that. Most of us aren’t larger-than-life figures. We’re pretty regular people who had business ideas and decided to bring those ideas to fruition. Most of an entrepreneur’s day is spent doing things like delegating tasks, checking in with clients, prospecting for new business and even getting in the trenches with frontline staff when need be. That’s what it takes to build a successful business—not dramatic flashes of insight, but steady work, a willingness to iterate and a healthy dose of persistence. – Miles Jennings, Recruiter.com

8. All Business Leaders Are Charismatic Extroverts

Many people think of entrepreneurs and business owners as being charismatic people who always know what to do and who always have the right answers. However, in real life, great entrepreneurs can have different personalities, ranging from being quiet to extroverted. It’s important to know this because some people don’t take up entrepreneurship because they don’t think they have the personality for it. But if you have an idea and are willing to learn and work hard, then nearly anyone has the ability to start a business. – Syed Balkhi |, WPBeginner

9. You’ll Have More Free Time

My favorite funny line people say to me all the time is, “I want to start my own company so I’ll have more time with my kids.” What they don’t know is that your business becomes the loudest, biggest, most annoying baby ever. If a serious entrepreneur says this to me, I will immediately change the type of conversation we’re having from “Let’s build an empire” to “Here’s my advice on getting started small.” They’re two very different conversations. If I don’t give 110% to the business every day, I have a team of people who suffer. Jobs could be lost. I take that responsibility very seriously. The business gets the best of me, every day, because it has to. Where energy flows, results follow, and so my energy is squarely on the business 100%, every day. – Kara Brown, LeadCoverage

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