What are the biggest myths about owning a business?

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As someone who has owned over 30 different businesses in speciality retail, fast food and hospitality, here are some of the biggest myths that I have discovered in relation to owning a small business, especially in the early stages:

Myth 1: That owning a business means that you can work whenever you like.

  • The truth is that you don’t own a business … it owns you. If it is right for the business to serve its customers 24/7, then it is up to you as the owner/manager to staff that need, even if it means staffing it yourself – which it usually does. It’s not uncommon for people that own their own business to commit 80–100 hours a week to its survival and success.

Myth 2: That you will make a fortune when you own your own business.

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