5 myths to dispel before you start your own business

Oct 22, 2021 | By shinebrighter

Have you ever wondered if you could start your own business one day?

… and then promptly talked yourself out of it?

I know I did. 🙋‍♀️ At least a hundred times before I finally took the plunge and did it. And even then, it was crisis that was actually the catalyst for my decision to start up my own business, Shine Brighter, in the Spring of 2016.

I was in the early stages of pregnancy with my second daughter and I’d just been made redundant from my Head of Talent and Engagement role. At the time, going self-employed seemed like my only option. “Who would employ a pregnant person on a part-time basis for just a few months before the baby arrives?”

But self-employment had always appealed on some level. My dad ran his own successful management consultancy for many years so I knew that it could be done. Plus, as somewhat of a ‘free spirit’ and a square peg in a ’round corporate hole’ for much of my 15 year career, the lure of more autonomy, freedom and flexibility was always a big driver for me in wanting to start my own business one day.

As The Work Happiness Coach™️, I make a living out of helping brilliant people like you find your ‘work happy place’. But what happens if a client struggles to find an opportunity that fits them like a glove? 🤔

The answer is simple, I help them create their own ‘work happy place.’

And my 1:1 coaching programmes are designed to help you build and grow your very own ‘made-to-measure’ business. A beautifully aligned work life and business that’s simply an extension of who you are.

So the question is, could you start your own business?

The path to entrepreneurship most definitely isn’t for everyone, but for some – like me – it’s the best decision they ever make in their careers. In this article, I’m dispelling a few myths about what it’s really like to work for yourself. So if you’re even slightly curious, read on..

“ Learning how to monetise your talents in new and innovative ways will be an essential skill to master in future world of work. “

Myth #1

Working for yourself is risky

This is one myth that’s been well and truly busted as a result of the global pandemic. Roles are being made redundant left, right and centre. The truth is, no job is ever 100% secure. Your notice period indicates just how secure your job really is.

The days of ‘a job for life’ that our grandparents subscribed to are long since gone. We can no longer rely on putting all our ‘work eggs’ in one basket. The world of work is changing and many roles will become obsolete as technology and AI evolves.

Those who are adaptable, resilient and agile will survive in this ever-changing job market. Learning how to monetise your talents in new and innovative ways will be an essential skill to master in future world of work.

Myth #2

Your income will be less predictable

There’s a common misconception that being employed by someone else guarantees a predictable monthly income. But in reality, there are many factors that actually influence your pay cheque at the end of each month.

How the board who run your company decide to allocate bonuses will be largely out of your control, unless you sit on said board. Market rates and benchmarking performed by HR will likely determine your maximum earning potential.

As an entrepreneur, your mindset (and strategy!) are pretty much the only limits on your earning potential!

When you learn how to make your own money on your own terms, you’ll never become a victim of someone else’s decisions again. Entrepreneurialism is a life skill that will stand you in good stead, even in a global pandemic .

Myth #3

Trading time for money is 'worth it'

Work used to be about trading time to do a job that simply paid the bills (even if it sucked the life out of you) with the promise of a nice ‘nest-egg’ or pension at the age of 65.

It’s now looking more likely that we’ll be working well into our 70’s before we’ll be able to retire and those ‘nest-eggs’ are looking less and less likely in an increasingly volatile financial landscape.

‘Always-on’ culture and 60 hour working weeks mean that burnout is rife and our physical and mental health is suffering. The trade off is simply no longer worth it.

Work simply has to matter more and nourish our personal lives; not detract from it. Working parents and millennials alike are waking up to the fact that there’s more to life.

Myth #4

You need 'a boss' to feel motivated

From what we know about motivation; extrinsic factors such as bonuses, promotions, SMART goals, fancy job titles and benefits have limited and short-lived motivational value.

When you’re only operating from a place of external validation in pursuit of these extrinsic factors, you may have to compromise who you are in order to attain them.

True motivation comes from working in alignment with your values and playing to your strengths. This is known as intrinsic motivation and it has a huge influence over how motivated you feel in your work life. Intrinsic motivation comes from being able to bring your whole self to work, every day.

When your work has meaning and purpose it takes on a life of its own and actually over-working is likely to be more of a concern than under-working, in my experience!

If you’d like to learn more about the neuroscience and psychology of motivation, we cover this off in more detail in my personal development membership, The Shine Collective.

Myth #5

You need to be a confident person to 'go it alone'

This statement isn’t 100% myth because yes, of course, confidence and self-belief are very important ingredients in any successful entrepreneur’s artillery!

But what is a myth, is that you have to feel confident before you take the first step.

Confidence comes from evidence. Evidence that nothing bad will happen if you do ‘the hard thing’ and take the first step. Confidence grows with every positive experience you have on your entrepreneurial journey.

I go into the neuroscience that explains confidence and the various hacks and strategies you can apply to your own work life in my personal development membership, The Shine Collective, if you’d like to dig a little deeper.

You don’t have to ‘go all in’ all at once. The road to entrepreneurialism can be as gradual, slow and steady as you want it to be. Every baby step you take out of your comfort zone gives you the confidence to take the next step and so on. Before you know it, you’ll be achieving things that were previously beyond your wildest dreams.

If working for yourself has ever even crossed your mind, it could well be your path to work happiness.

It’s not for the faint-hearted but fortune really does favour the brave.

I for one have never been more fulfilled, motivated (or financially successful) in my entire 20 year career since I set up my own business back in 2016.

So if you’d like to have a no strings chat about exploring the option of working for yourself, I’d love to hear from you. You can book a slot using the button below.