Here at Artrepreneurship – where ‘art’ and ‘entrepreneurship’ meet, I’m dedicated to sharing straight-to-the-point information that’s critical for any artrepreneur’s success. That’s why I think it’s important to discuss 3 of the most common misperceptions about the entrepreneurial world.
How many times have you heard the phrase: “I want to be my own boss,” and thought, “Yup, that sounds pretty great!”? I’m betting lots. Me too. But what I’ve learned in my time counseling entrepreneurs and small business owners at the Nevada Small Business Development Center is that even as a business owner, you will have a boss–the customer. As an entrepreneur, you work for your paying customers and clients. Might sound cheesy, but it’s true. You have to keep the customer happy, because without them, you don’t have a job. Their preferences will decide a lot of what you do, so be ready to work your hardest for them.
Even further than that, when companies become large enough to “go public,” shareholders and board members become the boss, and CEOs must still report to someone. So if being boss-less is your goal, entrepreneurship only gets you so far. My suggestion is to remove this hope from your mind and focus on how you can be the best employee in your company. After all, you are the first employee of your own creative business!
More vacations, Less daily work
Social media and word-of-mouth have somehow engrained in the public the idea that entrepreneurs enjoy a 4-day work week and take vacations whenever they want. This couldn’t be farther from the truth, especially in the first few years of starting your own business. In fact, most micro-business owners are working an average of 52 hours a week, and Gallup found that 39% of owners work over 60 hours a week. Even further, many millionaire entrepreneurs suggest working 12-16 hours a day in the first few years of building your business.
Obviously, it’s up to the entrepreneur how much they can, and want to work. But most who are successful choose to work at least the typical 40 hours a week that many people think entrepreneurship will help them to escape. If you’re looking to work less, consider designing a lifestyle company that can provide you enough income to cover your expenses, without guaranteeing potential growth. If you’re looking to become the next big name entrepreneur, work on developing a growth company business model that is scalable, and be ready to work hard to grow it!
Entrepreneurs are millionaires
Due to the popularity of a few well-known entrepreneurs like Jeff Bezos and Mark Zuckerberg, some people assume that all entrepreneurs are rich. What isn’t so popular is the fact that most entrepreneurs are small business owners, and don’t actually make millions of dollars every year (99% of business are small businesses!). In fact, Sokanu claims that entrepreneur salaries usually range from $10,400 to $129,200. And according to Fox Business, the average is around $68,000 a year. Obviously, the range of entrepreneur salaries is broad–some become millionaires, but some go bankrupt.
This is why it’s important to create a killer business model before embarking on your artrepreneurial journey, and to truly understand whether you are trying to build a lifestyle company or a growth company. Keeping your expectations realistic can help you build the creative business you dream of.
NOTE: I don’t say any of this to discourage you. But I do want you to have a realistic perception of entrepreneurship before deciding to embark on your own artrepreneurial journey. Being an entrepreneur, especially an artrepreneur, is not easy. But for the right people, it can be the perfect fit. Let your WHY drive you, and follow Artrepreneurship – where ‘art’ and ‘entrepreneurship’ meet to get more straight-up information that will help you along your artrepreneurial journey!