Myths of Self-Employment - 1. Founding Myths
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| Photo by Per Lööv on Unsplash |
Even before I started my own business, I heard a lot of opinions from other people about the self-employed, and of course, they were usually not self-employed themselves.
However, since I have some self-employed people in my family and friends, I knew how to classify many of these prejudices.
Nevertheless, these myths simply cannot be killed and that is why I have collected all the prejudices and misconceptions in the last few days. To my astonishment, it turned out to be quite a number, so instead of a single article, I am now making a series of articles out of it.
It all starts with myths about setting up a business.
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| Myths of Self-Employment - 1. Founding Myths |
More Than 30 Myths of Self-Employment
As soon as I sat down to the article, I began to collect all the myths and prejudices that one hears over and over again about the self-employed.
Gradually there were more and more and now I have more than 30 on my list. That is of course too much for an article, especially since I cannot rule out that I will think of more in the next few weeks or that you will leave one or the other contribution in the comments.
That's why I have divided the myths into a total of 7 categories, which I would like to work through gradually over the next few weeks.
Why Should One Bother with the Myths?
One of the other may now wonder whether it is necessary to devote a whole series of articles to this topic. After all, there are far more practical subjects that I could cover.
I can only say that I find the topic not only interesting but also important. It is fatal if you start your own business with wrong expectations and ideas and thus make serious mistakes at the beginning.
But also the decision-making itself, whether one should go into self-employment at all and if so in what form, one should not build on myths.
Last but not least, the series should give one or the other non-self-employed a few insights into reality.
Founding Myths
Today's first part of this series of articles is about myths that have something to do with starting a business. It is about requirements, the motivation to start a business, and in what form you should start a business.
You Have to Be a Top Expert on XY
Many aspiring founders hesitate because they believe that you have to be one of the top experts in your field to start your own business. After all, you have a lot of competition and when you see their advertising, they seem to be the absolute experts.
Of course, it is not necessary to be an absolute expert. If only such experts were founded, then we would not have very many self-employed. Even with the existing competition, people only boil with water and one should never always believe the advertising or be dazzled by cocky statements.
However, you should have an idea of the topic in which you are going to be self-employed. You don't have to be the best web designer in the world to become a freelance web designer, but you should already be good at the job. Of course, you learn more and more when you are self-employed and you get better and better, but without any prior knowledge and a certain “start know-how,” it is certainly not possible.
And if you are not so well versed in everything you need to be self-employed, then you can still cooperate with others and outsource certain work.
You should be in command of your job and have a certain amount of know-how, but you don't have to be an absolute expert when it comes to founding a business.
You Need a Degree or Something Similar to Start a Business
Many think that as a founder you need a certain degree or a certificate etc. Only then will you be taken seriously as a self-employed person and customers will come to you.
Of course, it also depends a little on the self-employment industry whether you have to meet certain training requirements. But that's not the case on the web. In principle, you can set up a business there, regardless of whether you did your doctorate at university or whether you have just finished school.
The web is far less focused on financial statements than many large companies are (and in some cases rightly so, of course). Instead, what counts for service providers is their know-how and previous references in the “hunt” for customers. A certain level of social competence is certainly helpful when it comes to customer acquisition. And certain certificates can also be very helpful in customer acquisition (e.g. as Google AdWords Professional)
If you start your website projects, references are not even necessary. ;-)
Much more important than the degree is your knowledge and the experience you have gained so far. That is why studying can of course be helpful if, for example, you have studied computer science and can now program. My business studies helped me to better understand the economic context and to select both my customers and my projects in an economically sensible way right from the start.
So it is not the case that a suitable course of study, for example, does not bring any advantages. But nowadays you can teach yourself so much in self-study and by “just doing it” that it doesn't necessarily need a degree or an apprenticeship.
However, there is one thing to keep in mind. If self-employment does not work out, then of course you are not in such a good position without a degree/training and the chances of getting a job are often lower than if you can present a degree.
A degree or specific training is not necessary, even if it is often helpful. The bottom line is your know-how and passion for independence.
Money is Enough as Motivation
Many people keep hearing about success stories, especially on the web, and that sounds tempting, of course. In today's society, money is a major driving force and many founders start their own business primarily with the motivation to earn (more / a lot) money.
And money can of course be a good motivator. This applies to the time when it is absent, as existential fear can release a lot of energy.
On the other hand, of course, this also applies to successful times when the money comes in and you can finally reward yourself for all the work.
However, if you only have money as motivation, you will sooner or later run into a problem, as money does not motivate you in the long term.
The motivation of a new entrepreneur should be based on several things which money can be like one. But money should never be the main reason, let alone the only reason, for starting a business.
You Have to Be Self-Employed Full-Time Immediately
Only a full-time self-employed person is a real self-employed person. Only those who risk everything and jump into the deep end will be successful.
This, too, is a myth that contains a glimmer of truth. Of course, full-time self-employment can release energies and generate stronger motivation through the pressure than a part-time start-up does.
If you set up a part-time business, there is the risk that you will not give everything for it and that you will let things slip because of the secure main job.
Nevertheless, the statement that only full-time self-employment is the right way is wrong in my eyes. Not everyone knows whether they are made for self-employment. And of course, you don't always know whether the business idea will ignite and a profitable business will develop from it. And even if you do, it of course takes a while to make really good money with it.
Part-time self-employment offers an opportunity to take the first steps with less risk.
If it doesn't work or you notice that it is not for you, then you can stop doing it again relatively easily. If you like it and want to continue on the path, then you can still quit your job and be self-employed full-time.
Depending on your requirements and your plans, starting as a part-time self-employed person may well be the better option.
Once Independent, Always Independent
Some people have the idea that the step into independence is final. Anyone who is once self-employed does not want to and cannot go back.
Of course, that's rubbish. Many notice that self-employment is not paradise, as some people imagine beforehand. And of course, it is possible to switch back to a job.
There are certainly employers who reward this attempt because they are looking for employees who take risks and are active.
And unfortunately, there are no guarantees of independence. Just because things are currently going well doesn't have to be the same in 5 years. The situation can change very quickly, especially on the web.
One problem, however, could be that you are no longer used to having a boss and you cannot simply decide everything yourself. That would probably be my biggest problem if I switched back to a job.
Returning to a job is not that easy, especially after a long period of self-employment. Nevertheless, it is possible and the many experiences and knowledge that you have acquired during your self-employment are interesting for many employers.
Conclusion
In this first part of my series of articles, I tried to refute a few myths about starting a business and the requirements for it.
Of course, I look forward to your feedback, regardless of whether you agree or see something completely different.
So It Goes on
The next part of this series is about the “idea” for self-employment. Again, there are a lot of misconceptions and myths that I am trying to clear up.
What Other Myths Are There?
As I said, I've already gathered a lot of myths, but there are sure to be a few more. If you think of something spontaneously, you are welcome to leave a comment here.
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