With prolonged high interest rates and prolonged inflation, studies show that up to 40% of individuals currently operate a side hustle, with another 17% planning to do so. With an increase in professionals entering the market, leading to saturation, it is likely that more businesses will do so super niche itself due to high market demand. Entrepreneurship appeals to millions of people, but before you quit your 9-5 job, prepare wisely for the decision.

As the CEO and co-founder of SNFood & Beverage, LLC (Carbliss Brands), we have sold over 2,750,000 cases since inception in 2019. I truly understand the importance of daring to dream big during a time of uncertainty. That said, there is a bit of confusion about the topic of entrepreneurship. It is certainly an attractive venture for those who do not fully understand its intricacies.

In this article, I explore the myths that many have and shed some light on the realities of the entrepreneurial world. This is important, especially for those thinking of making the corporate jump. If you are preparing to start your entrepreneurial journey in 2024, there are three myths and misconceptions you should know.

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The reality and myths of entrepreneurship

Entrepreneurship is not just about working for yourself and enjoying maximum freedom. It is a complete lifestyle transformation. It is a world filled with unique challenges and rewarding experiencewhich are very different from what the corporate world offers.

While a great, innovative idea is a fantastic place to start, sufficient mental and financial readiness is needed for the challenges ahead.

Here's a more detailed insight into the myths and realities of starting your own business, based on my personal experiences.

Myth 1: A quick financial rise

Before you jump from one corporate work in entrepreneurship, consider if you are ready for a big financial change. Accept that your income may drop significantly at first. This mindset prepares you for the reality ahead. Business success is not straightforward. It's about starting, learning, improving and starting over. Travel is not focused on immediate financial rewards.

It focuses on creating something lasting and meaningful – a legacy of FREEDOM that can affect your life, your children's lives, and even their children's lives. The potential rewards are great, but they require hard work and persistence.

So, if the financial uncertainty and initial difficulties do not appeal to you, staying in the corporate world may be a better alternative. Entrepreneurship requires humility, resilience and a vision for the long term. It's not for everyone.

Myth 2: Work for yourself

A common misconception is that becoming an entrepreneur means working only for yourself. In reality, this is far from the truth. Even as an entrepreneur, you're not just working for yourself. You are responsible to an entire network of people whose satisfaction is essential to the survival of your business – your customers. Without their approval, your business will not see referrals, repeat transactions or sustained success.

Essentially, your job involves meeting customer needs and exceeding them reception. Additionally, if your business grows to include employees, their well-being becomes another critical responsibility on your shoulders. At Carbliss, we place great importance on the happiness and well-being of our team. We understand that if our team members are not satisfied and motivated, it affects the business just as negatively as unhappy customers.

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Myth 3: Misconceptions of the rush culture

There is a misunderstanding rush culture. The idea that you can achieve great success with minimal effort has become popular. The fantasy of working just a few hours from home and earning millions is widespread. However, it is untrue. Take my experience with Carbliss as an example. In the beginning, it was all about hard work and long hours.

My day started at 4:30am and I had to go to my factory job by 6:00am, I would work there until the evening, then focus on Carbliss until midnight. This was necessary for building the business.

My wife and I put this level of effort into managing family life. It was a continuous cycle of time, effort and energy. This shows that real hustle – significant effort and dedication – is essential in the early stages of starting a business. Despite critiques of rush culture, dismissing the need for hard work and persistence is a mistake. True entrepreneurial success takes more than dreams. It requires constant and dedicated work.

Entrepreneurship is a journey – not a destination

There are many myths, misconceptions and complete Lie to be an entrepreneur. The truth is that transitioning from a corporate position to running your own business involves facing many obstacles, but also reaping incredible rewards.

If you are ready to take this route, be prepared for the considerable effort it requires. There will be a lot of work. Focus on your ultimate goals to push you through those initial challenging times. Keeping my ultimate goals in sight and the fulfillment of seeing my ideas materialize into something tangible, and the persistence was, and still is, worth every bit of effort on this rewarding journey.