3 Business Myths Debunked

While the internet is a great place to learn about anything from advanced zucchini gardening techniques to literal rocket science…

There is also quite a lot of BS about leading a successful business lifestyle circulating around the internet at the moment and I feel a compelling urge to call it out. It’s my duty. And I know it’s no one’s intent to spread false information, they’re just misinformed.

So out of good conscience, I want to share the 3 biggest "business lifestyle" myths that need to go away as soon as possible, because it’s just a bunch of hooey.

Myth #1:

Copying successful entrepreneurs work

A common misconception of how successful people became so successful is they copied someone successful before them. Just because someone else's online business worked for them does not mean it will work for you. In reality, it is very unlikely that you can duplicate someone else's success by copying them. Instead of copying their business model, you should focus on modeling their success and systems. Not copy them. People purchase goods and services from people they know, like, and trust. They do this because they feel a connection to you or your brand. Be original. Be you. The reason why people's business stands out is the person running it has something unique to offer.

Myth #2:

Being your own boss means you work less

Sales calls, email marketing, hiring freelancers, website development, writing... you get the point. Being an entrepreneur is similar to being a jack of all trades in your industry (especially when you first start). Besides the hard work, there are so many variables and tasks you have to master when becoming your own boss. Not to mention the stress of juggling all of your tasks and intertwining them together. Managing people and all of your systems is a skill in itself. The goal is to create a flowing system that satisfies the needs of your audience. I've found that when an entrepreneur first starts their business, there is a significant rough period(often years at a time). The more time spent working on your business, the more successful it will be. Issac Newton discussed this principle in his 3rd law. For every action, there is an equal and opposite reaction. Since I have started my online business, I find myself working 45 to 65 hours a week. Opportunities are pursued 24/7 which is very different than clocking out at 5 pm on Friday and enjoying the weekend.

Myth #3:

Money is in a specific niche

The most common advice you will get when building an online business is to "niche down". Gurus claim the more you "niche down", the more money you will be able to generate. There is definitely money to be made by sticking to a specific niche but don't let that limit you. There are millions of online businesses in niches like business and money, self-help, and mechanical repair but that doesn't mean you should limit yourself to only one. Trust your gut and do what you would like to do. All the while, making your message simple so your audience understands what you do. Once you have established your first business and worked really hard at that one thing, feel comfortable expanding into new areas. To wrap this up I have to stress one of the most valuable pieces of information I have received... Keep the Main Thing the Main Thing.

Ahhh that’s nice. It always feels good to get something like that off my chest. I hope I am providing you with valuable information. But what are your thoughts? Did I miss anything? Let me know!

Till next time,

Dan Sarver