1.4 Dispelling the Myths about Small Business Ownership: It’s a Lot of Work!

While there are many great reasons to start a small business, it’s important to understand that starting, growing, and running a small business is a lot of work, regardless of the form of business you undertake. A business is still, well, a business. It will require time, attention, and funding to get it off the ground and keep it operating. This means that there is work to do every day. New businesses often require long hours of commitment, exceeding those of a “regular job.” There are legal regulations Laws that control the conduct and operations of the business, with which the business must abide. , financial obligations The requirement to pay money owed by the business. Some forms of financial obligation include wages, taxes, loan debt, and payments to suppliers. , tax implications, and many other challenges to the new business owner. This text will provide you with information you need to start and run a business, but understand that there are many challenges.

Carol Roth is the author of The Entrepreneur Equation: Evaluating the Realities, Risks, and Rewards of Having Your Own Business. She is quick to remind those interested in starting a small business that, while they think they will “be their own boss,” they may be mistaken. While small business owners enjoy some autonomy Refers to self-governing, self-directing, or being independent. Autonomy is the ability to determine one’s own actions. , they often answer to many “bosses.” When one must pay employees’ salaries or rely on employees to do important work for the business, then the employees become bosses of a sort. When a business relies on products or parts from vendors, then vendors also become bosses. Finally, let’s not forget that customers are also bosses, with expectations and needs that your small business must fulfill. While some businesses allow you the luxury of deciding what clients or customers you accept, many do not. Consider the COVID-19 crisis and the losses small businesses suffered as a result of being forced to close by local and state governments. In this case, the government is the boss, in a way! As romantic a notion as being your own boss might seem, be prepared for the hard work, long hours, and many authorities to whom you will answer along the way.