There are many myths about business owners that often do not reflect reality. These stereotypes can create a false impression of what the life of an entrepreneur is really like. As a result, some people are afraid to start their own business, while others enter the business world only to become disappointed. In this article, I will debunk five popular myths about business owners based on real examples and facts.
Myth 1: Business Owners Do Nothing But Give Orders
To employees or people not involved in the business, it may seem that the owner is doing nothing, just sitting in the office, making phone calls, and giving orders. In reality, business owners are responsible for strategic planning, company development, market expansion, managing employees, and much more. If they don’t focus on these tasks and instead do the “hands-on” work of line employees and managers, the company will stagnate. And when a company stagnates — salaries don’t increase, new clients don’t come, and the business doesn’t grow.
An example of this is the story of the American company “Westgate Resorts,” founded in Orlando, Florida. The owner, David Siegel, managed all operational tasks himself for a long time — from financial management to customer service. This led to the company’s stagnation, as he couldn’t dedicate enough time to strategic development and business scaling. Ultimately, the company lost its competitiveness and ceased to grow (AIContentfy).
Myth 2: Business Owners Always Make a Lot of Money
Many believe that business owners are always wealthy. In reality, they often face financial risks and instability. Every entrepreneur, in the early stages, faces the reality that the business “eats up” everything: unexpected expenses constantly arise, and attracting clients, producing products, and paying employee salaries also need to be covered. For many, it takes years just to break even.
In unforeseen situations, business owners generally risk more than their employees. At the beginning of the COVID-19 pandemic, many small and medium-sized enterprises were on the brink of bankruptcy. Owners had to invest their own money to keep the business afloat: they needed to pay salaries to retain employees, figure out how to transition part of the business to remote work, and more.
Even successful entrepreneurs can work without profit for a long time. Take Amazon’s story, for instance: Jeff Bezos reinvested all profits back into the business for many years to ensure its growth. Only after several years did these investments start to pay off.
Myth 3: Business Owners Are Their Own Boss
There is a common misconception that business owners are independent and can do whatever they like. In practice, they are influenced by clients, investors, suppliers, and market conditions. Business owners must consider the demands and expectations of all these parties when making decisions.
An example is the story of Cava, a small Mediterranean food producer in the USA. Cava has to take into account its customers’ preferences, constantly adapting the menu and offering new products based on market needs. For example, they began offering vegan and gluten-free options to meet the growing demand for healthy eating. Additionally, Cava must comply with strict food regulations and laws to maintain customer trust and avoid legal issues (Crawford Technologies) (Countingup).
Myth 4: Entrepreneurs Have Lots of Free Time
This myth suggests that business owners can afford to work whenever they want and often take time off. The reality is that business owners often work more than employees. They are busy with management, strategic planning, marketing, and many other aspects of the business. Many entrepreneurs can’t even imagine leaving their company without their supervision for a day.
Of course, this is wrong: a business owner should not control all tasks 100% and spend their time on operations. At Business Booster, we help entrepreneurs realize this, embrace their leadership role, and implement management tools to free up their time for more important tasks. One of our clients went through training, implemented management tools, hired key executives, and then left for the Himalayas for a week. And nothing happened to his company.
The fact that our clients gain a lot of free time is undoubtedly good, but it’s not just for relaxation. Entrepreneurs start focusing on strategy, attending business forums, attracting investments, and closing new deals. And, they still have time for travel and family.
Myth 5: Business Owners Are Always Stressed
Although running a business can indeed be stressful, successful owners find ways to manage stress and balance work with personal life. They develop systems and processes that help them handle daily tasks and reduce stress levels. Many modern entrepreneurs invest heavily in emotional well-being: they practice meditation, exercise, and participate in various spiritual practices.
Thanks to modern management tools like delegation, automation, and the overall trend towards mindfulness, the world is moving away from the image of the entrepreneur as an eternally exhausted person with chronic nervous disorders.
An example is the company “Health in Harmony,” a small business in Toronto that provides wellness consulting. The owner, Rosalie Moscoe, actively used delegation and process automation to optimize work. She hired professionals who helped with routine tasks, allowing her to focus on the strategic development of the company and her personal life. For example, delegating tasks related to client management and marketing campaigns allowed Rosalie to spend more time developing new services and improving customer experience. This helped avoid burnout and maintain motivation (Small Business UK) (Business News Daily).
Conclusion
I believe that these myths create a false impression of business ownership, causing people to either become disillusioned with it or avoid starting their own business altogether. It is important to understand the real picture of the life and work of business owners to approach the creation of a company or organizing an existing one more consciously.
Yes, we face many challenges, but we also have great opportunities for development and growth. Recognizing this, we can better understand and support those who build and develop businesses, making a significant contribution to the economy and society.
