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Small Biz Matters

Welcome to Small Biz Matters, where IBJ discusses issues of interest to small-business owners and entrepreneurs. I'm your host, Associate Editor Andrea Davis.

Small Business

Entrepreneurship fallacies

March 23, 2011
KEYWORDS Small Business

Thinking about starting a business? New York Times blogger Jay Goltz lists his top fallacies of entrepreneurship. In sum:

1. “Any business has a 50-50 shot at succeeding.” Accurate, maybe, but failure rates vary dramatically depending on how the business is executed.

2. “It’s all about finding the new thing.” Most new businesses are not big new ideas.

3. “Starting a business now offers more stability than holding a corporate job.” Hah.

4. “I want control of my own destiny!” The essence of business ownership.

5. “I want to set my own hours.” Possibly the “cruelest” fallacy.

6. “I’m going to start my business as soon as I raise the capital.” Much easier said than done.

7. “Do what you do well and delegate the rest.” Better to delegate and be a jack-of-all-trades.

8. “I’m tired of making money for other people.” You’re self-centered.

Anything he left out?
 

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