You'll Be Your Own Boss: Really? Busting 5 Misconceptions Of Entrepreneurship Give biggest competition to your counterparts by busting the top business misconceptions.

By Jyoti Valecha

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

Few people have misconceptions about the ethics of principles of business world which really need to be clarified. Even after a rich experience in the commercial world, people are not well-versed with the aspects of this stream. Hence, it is the dire need of hour to know more about these misconceptions and their realities for better understanding. Following are these misconceptions which have been commonly popping up in the business world every now and then:

Ranking in the business matters the most

From many years, there have been rumors that business ranking is the sole factor to be seen in the corporate world. This is a total misconception which needs to be rectified right away. Be it a retail, fashion, textile or travel business, every company owner should broaden his/her dimension within the business world. In other words, he/she should not just focus on the rankings of business, instead, try to expand the verticals of his/her operations.

"Your reputation is more important than your paycheck, and your integrity is worth more than your career." - Ryan Freitas, About.me co-founder

Narrow focus is sufficient for the corporate growth

Most of the entrepreneurs keep their focus narrow and limit their approach to certain extent. This gives them an illusion which makes them think it is adequate. The reality is simply the opposite. In short, the main aim of a business owner should be to expand his/her focus and attract best as well as pragmatic results. The broadened focus will even increase the business prospects of the organization.

"Chase the vision, not the money, the money will end up following you." - Tony Hsieh, Zappos CEO

Deals do not get closed until they are executed

Many organizational committees which are responsible for decision-making presume that deals do not get closed until they get executed. This is merely a misconception about the closing of deals. On a contrary note, it is not at all the case in the closing of deals. However, this perception may change from time to time or due to varying circumstances within the business verticals.

"Make every detail perfect and limit the number of details to perfect." - Jack Dorsey, Twitter co-founder

Investors are not really needed in the business

Most of the people have preconceived notion that they really don't need investors for their business. However, this is totally wrong because investors generally contribute in a major way to the business operations of an organization. Besides, investors can help you greatly to achieve success by letting the monetization be a continuous segment. They can even fetch you the profitable opportunities in a short span of time.

"It's not about ideas. It's about making ideas happen." - Scott Belsky, Behance co-founder

You'll be your own boss

At present, the upcoming and existing business owners presume that they will be their own boss. But, the actual scenario is different as the staff members, vendors and investors are also among the people who contribute to the success of all the business operations. Thus, an entrepreneur is not the only recipient of success in the business, instead, all the people who strive to make commercial operations successful are also the contenders for the same.

"Get big quietly, so you don't tip off potential competitors." - Chris Dixon, personal investor

In brief, it can be affirmed that the above stated misconceptions about business and its operations need to be clarified initially. This step will indeed act as the best way to succeed and attain all the corporate objectives in a short span of time. Lastly, there will be no faltering in the business life when the misconceptions are identified and rectified in a timely manner.

Jyoti Valecha

Feature Writer

Jyoti has a rich flair of writing. She writes on all genres irrespective of their varied types. She offers  the most authentic and realistic content pieces. She has been writing from over past 5 years and keeps readers engaged. 

Business News

JPMorgan Shuts Down Internal Message Board Comments After Employees React to Return-to-Office Mandate

Employees were given the option to leave comments about the RTO mandate with their first and last names on display — and they did not hold back.

Leadership

From Elite Athletes to Tech Titans — Discover the Surprising $100-Million Habit That Leads to Extraordinary Success

Success comes from mastering focus, eliminating distractions and prioritizing what truly matters.

Growing a Business

How Meta Generated $32 Billion in Ad Revenue Last Quarter — and How You Can Create Million-Dollar Weekends Using the Same Strategies

Meta's staggering $32 billion quarterly ad revenue isn't just about size; it's about strategy, systems and execution as well.

Business News

'Nothing More Powerful': How to Transform Companies From Within as an 'Intrapreneur,' According to a Microsoft Office and Yahoo! Shopping Cofounder

Elizabeth Funk wrote the first code for Yahoo! Shopping on her own, based on skills she acquired from an "HTML for Dummies" book.

Franchise

Turn Your Passion for Pets into a Business with a Wag N' Wash Franchise

Wag N' Wash is a store where pets can be cherished every day by feeding, washing, and spoiling them just how they like it.

Business Culture

What Every Business Leader Can Learn From Dutch Bros' People-First Culture

The coffee chain is turning employees into owners of the customer experience.