"A building is only as good as its foundation. Let us help you lay a solid foundation for your business."

Lanetta Allen, Founder

Fact or Fiction: 10 Common Myths About Entrepreneurship and Starting a Small Business

March 12, 2025

“Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure you do things differently from everyone else."

Sara Blakely

Starting your own business can be one of the most rewarding journeys you’ll ever take – but it also comes with a flood of advice, assumptions, and clichés. Whether you’re in the planning stages or already running a small business, separating fact from fiction can make all the difference.

Let’s bust 10 of the most common myths about entrepreneurship so you can move forward with clarity and confidence.

1. You Need a Lot of Money to Start

The truth: While capital helps, many successful businesses start small – sometimes with little more than a laptop and a strong work ethic. Creative funding strategies, lean operations, and phased launches are all common ways entrepreneurs get started without a big upfront investment.

2. You Have to Have a Perfect Business Plan

The truth: Planning is important, but perfection isn’t the goal. Markets shift, customer needs evolve, and your business will likely pivot. A flexible, living business plan that evolves with your learning is more valuable than a polished but rigid one.

3. Entrepreneurs Are Born, Not Made

The truth: Entrepreneurship is a mindset and a skillset – both of which can be developed. Risk tolerance, resilience, and creativity can grow over time through experience, mentorship, and learning.

4. You Must Quit Your Job to Start a Business

The truth: Many entrepreneurs build their business on the side before going full-time. It’s completely valid to test your idea, build traction, and create a financial safety net while still employed.

5. If You Build It, They Will Come

The truth: A great product or service isn’t enough – you need to market it. Visibility, storytelling, and connecting with your ideal customers are essential. People need to know you exist before they can support you.

6. Failure Means You’re Not Cut Out for It

The truth: Failure is often part of the process – not the end of the road. Many seasoned entrepreneurs have failed multiple times before finding success. What matters most is what you learn and how you adapt.

7. You Have to Wear All the Hats

The truth: In the beginning, you might juggle many roles – but long-term sustainability requires delegation. Outsourcing, automation, and building a support team (even part-time or freelance) can help you grow smarter, not harder.

8. It’s All About Having a Unique Idea

The truth: Innovation helps, but execution matters more. Many thriving businesses weren’t the first to market – they just served their customers better, more consistently, or with more heart.

9. Entrepreneurship Means Total Freedom

The truth: Yes, you get to call the shots – but that often comes with long hours, high stakes, and lots of responsibility. True freedom comes with structure, discipline, and sustainable systems.

10. You Have to Go It Alone

The truth: Community is key. Mentors, peer groups, local business networks, and even social media can offer invaluable support. Entrepreneurship is hard – but you don’t have to do it in isolation.

In summary, starting and running a small business is both a challenge and a gift. By letting go of these common myths, you can approach your entrepreneurial journey with realistic expectations, a stronger foundation, and the kind of mindset that leads to lasting success.

Ready to rewrite your own narrative about what entrepreneurship really looks like? You’ve got this – and you’re not alone.

A comprehensive, step-by-step program designed to help you bust the myths, build a strong foundation, and launch with clarity and momentum. From mindset to marketing, we cover everything you need to start smart and grow with confidence.

Click here to learn more and register today!