An entrepreneur has to face many misconceptions in life. What are some of them that are widely popular?
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Whether you are an aspiring entrepreneur or you already run a business, you would have come across the following perceptions in your day-to-day life. Look at some myths that we have broken for you!
1. Entrepreneurs are risk-takers
While the popular culture portrays entrepreneurs as frequent risk-takers, the opposite is true most of the time. Entrepreneurs assess situations and decide if the risk is to be taken.
2. The idea is more important than the details
Many a time, people believe that an amazing idea is far more important than the details of how to execute the idea. This is not true as the details of execution pave the way for the smooth running of the business.
3. Your business plan must be well formulated from day one
Running a company is a journey and in the course of that, many changes may occur. The business plan should not be so rigid that the necessary changes cannot be accommodated. It should be flexible enough to mould the business as and when required.
4. Passion will get you to success
Passion may impress people, but it is not enough to get a business running. What is important is to know how to channel emotions in the course of running your business.
5. You must work 24/7
You may run your business along with your team, but being the decision-maker, you will have to come up with quick solutions when need be. Having said that, it is unhealthy to keep working continuously without taking a break.
6. Small businesses do not need to be registered
This is one of the biggest myths out there. Registration of business has nothing to do with the size of your business. Large or small, and no matter what industry it belongs to, businesses need to be registered for proper operation.
7. Small businesses do not need accounting
Accounting is necessary regardless of the size of your business. Having a complete understanding of your financials through in-depth reports assists in making decisions. It helps you create a budget, understand your tax obligations, and see how much profit you made. Many businesses choose accounting service providers to handle their day-to-day bookkeeping completely.
But you know what? We understand the everyday struggles of entrepreneurs and our online bookkeeping services are designed to adapt to their needs.