Small businesses are truly the backbone of America. Unfortunately, there are many myths about small business that need to be busted, though. Here are a few of these misconceptions, and what the reality actually is.
Myth #1: Most American Businesses are Large Corporations
One of the biggest myths about American business is that large corporations dominate the employment landscape. This is actually not the case, however. More than 99 percent of employing organizations in America are small businesses, and 95 percent of these are very small, with fewer than 10 employees.
Not only are the majority of American businesses quite small, but the majority of the private sector workforce is employed by these small businesses. 53 percent of the private sector workforce is employed by small businesses, while only 38 percent is employed by large businesses.
This means that things that impact small business are no small issue. They actually affect more than half of the private workforce in America. It’s important to remember that you really aren’t alone out there in the business world. It may feel like big corporations are in control, and your small business can’t really make an impact. However, this really isn’t the case, and you should always know how important your company is to the country’s business landscape.
Myth #2: You Have to Do Everything Yourself
There is a perception that if you start or own a small business you have to do everything yourself. While many entrepreneurs wind up in this situation, with more and more responsibilities piling up around them, things do not have to be this way.
It is important to recognize and understand when it’s time to get help so you are able to focus on the important things. Whether you do this through hiring, delegating internally, or outsourcing certain tasks, you do not have to do everything all on your own.
Learning to let others handle certain tasks will not only make you more successful by allowing you to better focus your attention on important details. It will also give you a chance to take a break and find some breathing room. You are more likely to be both more successful and happier personally if you are not constantly burning the candle at both ends.
Myth #3: Failure of Any Kind is Unacceptable
A big reason that many people want to start or run their own business is because they believe they know how to do things the right way. Frequently this means they are also a bit of a perfectionist. They are certain that their way of doing something is better than what others are doing, and everything needs to go perfectly. When things don’t go exactly their way, then, it can be incredibly defeating.
However, it is important to remember that failure isn’t necessarily a bad thing in the long run. In fact, it is an essential part of the learning process. Instead of letting failure get in the way of attempting new ideas in the future, it is good to reflect on what went wrong on a failed project, and use that information to adjust your strategies going forward. Many of the most successful companies and products have arisen from previous failures.
For this to happen for you, though, you need to be open to taking risks and making adjustments when something doesn’t work. Otherwise, you are likely to continue repeating the same mistakes, and it is unlikely that you will really turn your luck around.
What are some myths about small business you frequently hear? Let us know in the comments!