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So You Want To Be An Entrepreneur?

Being an entrepreneur can be a rewarding career path but do you really know what it means to be an entrepreneur? Let's look at some of the common myths about business ownership:

  • Myth: As an entrepreneur, you won’t have to work so hard or put in such long hours. Reality: On average, you'd find that entrepreneurs work far longer hours than employees do—but the difference is that because you're building something of your own, you’ll likely enjoy it more.

  • Myth: My product/service is unique and there is no competition. Reality: There will always be competition. Yes, it may be in a different form or delivered in a different manner, but it certainly exists and you need to recognise and deal with it for your business to stay ahead.

  • Myth: Business owners can deduct everything, so you won’t have to pay taxes. Reality: Depending on the tax laws of the country where your business operates, as an entrepreneur, you do get to subtract business expenses from your gross income— but you'll still have to pay taxes on your net income.

  • Myth: As a business owner, you won’t have a boss. Reality: Yes, you don’t have a boss - you have many bosses aka your clients and customers.

  • Myth: Business owners get to do what they want to do. Reality: Of course, you’ll do some of the kind of work you enjoy—but some of your time will also be spent on tasks you find difficult or boring, at least until you can hire employees into roles that allow you delegate such tasks.

It is imperative that before you delve into the world of entrepreneurship that you acquaint yourself with the realities. Talk to other business owners and advisors so that you don't find yourself ill-equipped or discouraged on your own journey.

Abuja, Nigeria

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