Starting a business can be an exciting and significant undertaking. Between determining the business structure, acquiring funding and attracting customers, it can be easy for aspiring entrepreneurs to become overwhelmed and get caught up in preconceived notions of entrepreneurship before they even truly get started.
While there are a number of considerations to take into account before jumping in headfirst, the entrepreneurial journey will look different for everyone. To help set more realistic expectations, 20 Forbes Business Council members offer myths they’ve heard about entrepreneurship and what budding entrepreneurs can expect instead based on their own experiences.
1. Having The Right Idea Leads To Quick Success
One myth I heard when I became an entrepreneur was that success comes quickly if you have the right idea. For me, the reality was more difficult. There were years of struggles and setbacks. Success didn’t happen overnight—it took persistence and a willingness to learn from mistakes. Entrepreneurship is a life-long journey that requires grit and resilience, not just great ideas. – Raj Sardana, Innova Solutions
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2. Address A Narrow, Specific Niche
The common wisdom that an entrepreneur should start by addressing a very narrow, specific niche turned out to be a myth that didn’t apply to my situation. I created a framework for data literacy training that could apply to any sector or industry, and I did this deliberately because the nature of the need is quite broad and general. We then offered customization to dial it in for individual clients. – Ben Jones, Data Literacy
3. Figure Everything Out Before Starting
A big myth I heard was, “You need everything figured out before starting.” I learned that entrepreneurship is more about adaptability than perfection. Plans often shift, and success comes from learning as you go, embracing feedback and staying resilient. Starting before you’re 100% ready is okay—you grow and refine through the process, not before it. Flexibility became my greatest asset. – Vaishali Dev, Microteq Engineering, Inc.
4. Bring A Tough, Intimidating Exterior As A Woman
One of the greatest myths is that you have to bring a tough exterior and use intimidation tactics to be taken seriously as a woman in the business. I have found authenticity to be my best friend in the business. My authentic self favors approachability, connection and delivering truth with compassion. Authenticity has been a far greater asset to me over the years than cheap intimidation tactics. – Teah Corley, EmployerAdvocates
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5. Entrepreneurship Brings Freedom
One myth is that entrepreneurship brings freedom. That may be true once you have exited your business but not before. While running your business, you are beholden to your clients and stakeholders and have a duty of care to your employees. You may have more flexibility over your working schedule, but to start, you will work way more hours than you would in a job and likely earn less, too. – Henry McIntosh, Twenty One Twelve Marketing
6. Being Independent Means Moving Faster And Focusing On Important Things
One myth I’ve found to be untrue is that being independent means you can move faster and have more time to focus on the important things. The reality is things take more time than anticipated and it can be overwhelming at times. There are so many additional things to take care of as an entrepreneur that you likely won’t anticipate. – Nikolaus Kimla, Pipeliner CRM
7. Do It Yourself If You Want Things Done Right
The biggest “untruism” for me is the saying, “If you want something done right, do it yourself.” That statement undermines a culture of collaboration and limits the entity’s ability to scale. I experienced the horrible outcome of talented people quitting my company. I then deconstructed my thinking and my heart, learning to genuinely value each employee as a human first and then by what they can bring to the table. – Nadine Cino, TygaBox Systems Inc.
8. Have All The Answers
One common myth I heard early on is that successful leaders need to have all the answers. In reality, the most effective leaders focus on their strengths and surround themselves with experts who complement their skills. Building the right team and fostering a high-performing, transparent culture is the secret to becoming a successful leader. – Gyre Renwick, Modern Health
9. Running A Company Means Having No Boss
One myth is that running a company meant having no boss. The reality is that your customers become the boss. They write the checks that keep the business running much like a boss pays a salary. Their needs and priorities shape the company’s direction and success. While it’s empowering to lead, the company ultimately serves them. It’s a good place to be, but make no mistake—customers are the real bosses. – Michel Koopman, CxO Coaching
10. Look Forward To Owning Your Time
The idea that entrepreneurs are “owners of their time” is misleading. While they have the flexibility to set their schedules, they often face significant demands that can limit personal time. Responsibilities lead to long hours and blurred work-life boundaries. Additionally, the pressure to ensure business success can result in unpredictable schedules, making true time ownership challenging. – Kamya Elawadhi, Doceree
11. Ask For Help And People Will Offer It
One myth I heard when I became an entrepreneur was the idea that people are always willing to help if you just ask. For example, Steve Jobs called up one of the Hewlett-Packard founders and got parts as a kid. While that might have worked back then, I’ve found that people today have their guards up way more with social media and constant outreach. – Adam Fineberg, My Personal Recruiter
12. Expect To Sacrifice Time With Your Children
When I left my employed position, I was told any free time reserved for my son would need to be sacrificed to start my business. In reality, I have more time to be a present and engaged dad. I now structure my own schedule and priorities rather than servicing those of others. – Randy Craft, CraftMD
13. Assume You Will Work Nonstop
One myth I’ve heard is that entrepreneurs must work nonstop to succeed. In reality, strategic breaks and prioritizing work-life balance enhance decision making and prevent burnout. I’ve found that focusing on efficiency, not just hours worked, drives sustainable success and better long-term outcomes. – Andrei Neacsu, HyperSense Software Inc.
14. Prepare For It To Be A Lonely Road
I was told that entrepreneurship is a lonely road. Instead, I found a vibrant community of fellow entrepreneurs, mentors and advisors who offered support and camaraderie. Building a strong network has been essential, providing invaluable connections and a sense of shared purpose. The myth of the lone wolf entrepreneur couldn’t be further from the truth. – Elie Y. Katz, National Retail Solutions (NRS)
15. Fully Understand The Market Before Entering
I’ve heard that entrepreneurs must completely understand the market before entering it. Well, that’s just impossible. You don’t know what you are trying to understand until you are living, breathing and building the business. You won’t be an expert for years and that is the fun part. You learn how to ask the right questions for the golden ticket answers when you are at that stage in your development. Enjoy the ride. – Casey White, Jaju Pierogi
16. Work Harder To Achieve Sustainable Growth
Sustainable growth comes from working smarter, not harder. I learned that setting boundaries, prioritizing effectively and building a strong team allows you to achieve more while maintaining personal well-being, which is a critical aspect often overlooked in this journey. – Angela Palo, Pinnacle Financial Services (PFS)
17. Fundraise Millions For Growth
In the tech industry, startups often believe they need millions in funding to grow. This is a myth perpetuated by the funding institutions themselves, but my experience proves otherwise. Our company started small and scaled steadily, organically and without outside investment. Almost 20 years later, we are healthier, more profitable and have higher client satisfaction than many of our funded competitors. – Nathan Miller, Rentec Direct
18. Let Money Drive You
I’d often heard reports that money is the driving factor for many entrepreneurs. I was driven by the desire to help others in places I could not see for reasons tied to my younger brother serving. While engaging with vendors and other founders, I began to see more entrepreneurs focused on drivers beyond money, with the primary reason being the desire to keep helping others. – Paul L. Gunn, Jr., KUOG Corporation
19. Hard Work Always Pays Off
One myth I believed when I started as an entrepreneur was that hard work always pays off. The reality is that it doesn’t always and that’s okay. Entrepreneurship is full of ups and downs—you need to experiment with ideas, learn quickly and adjust your approach when things don’t go as planned. No one gets it right the first time. I’ve also learned the value of slowing down; rushing won’t get you there faster. – Romain Pison, NoviCarbon
20. Expect Growth To Get Easier
A common myth is that once you get to a certain size, things will get easier. In reality, every stage of growth has its challenges, and the larger you get, the larger the expectations. On the plus side, more people on the team means more to share the workload with. One thing that doesn’t change is the responsibility you feel for the performance of the organization. That stress never goes away. – Dave Wessinger, PointClickCare
