January 5, 2023

5 Lies You Were Told About Business Ownership

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5 Lies You Were Told About Business Ownership

Unconventional Acquisitions

January 5, 2023

If you’re reading this, then chances are you’ve got an entrepreneurial spirit, even if you aren’t exactly an entrepreneur by trade. At least… not yet. 

As of 2021, only 8.9% of Americans owned a business.

And here’s the thing: it’s not that owning a business is hard. Sure, it has its moments, but it’s not impossible

In today’s economy, where the total price for a week’s worth of groceries costs more than your monthly gym membership, owning a business is a conversation we need to have. 

If we had to guess, you’ve already heard some of society’s best lies about what building a successful career should look like. 

Luckily, we’re here to tell you the truth. 

Lie #1: You need to be buried alive under massive student loan debt just to get ahead in your career 

Kind of silly, considering that 65% of students who graduate with a bachelor’s degree will have some form of student loan debt. 

With student loans anywhere from $20k to $38k or more, while the average salary for a recent college grad is closer to $55k or less, we’ve got a problem. 

Photo source: Education Data

Lie #2: You need to work your a** off at your office job, and also pay your dues, before you’re recognized for the value of the work you deliver 

We’ve all experienced this one before. 

But this doesn’t have to lead you down the lyrical rabbit hole of the pop-punk emo songs of the ‘00s about how adulting sucks and you don’t wanna grow up. 

The truth of the matter is that with time, your industry will naturally innovate. 

And if you’re a go-getter known for being efficient AF and good at your job, penalizing you or making you wait your turn only causes you to burn out and leave the company. 

Lie #3: It’s safer to have a side hustle than it is to buy or own a fully-fledged business 

Just because a side hustle doesn’t take up all your time or hasn’t replaced your 9-to-5 paycheck yet, doesn’t make it any less substantial. 

Hot take here: the truth is that a side hustle is still a business. 

The only difference is that somewhere along the way, you decided to put a mental cap on how much money you think it can make so you could call it “safer.”

But what if your side hustle helped you earn an extra $1k? $5k? $10k a month? 

And what if that side hustle helped you earn more money than your full-time job? What if you could do it in less than 20 hours a week? 

I mean… if you had that kind of freedom and the choice between the side hustle you love and your full-time job that was just kind of okay, which would you choose? 

Lie #4: Leaving your W-2 job and working 9-to-5 is too risky 

Another contrarian thought around here: we actually think it’s riskier to work a W-2 job during an economic recession or downturn than it is to own a business. 

With inflation reported at ~7.1% in November 2022, but the majority of W-2 employees only receiving an average pay raise of 4.6%, you are quite literally losing money. 

Unless you’re really good at salary negotiation and are constantly asking for a raise (which… squeaky wheel… not so beloved in the cubicle jungle), you’ve got absolutely no way to adjust. 

With inflation expected to continue to fluctuate, you have no way to correct your salary for the actual going rate of the current market. 

But what if inflation hits (again) and all you have to do is raise your prices because you have full control and ownership? This is why we’re such huge fans of owning your own business. 

Lie #5: You can’t love your job and make bank while doing it 

Live to work or work to live? What if you didn’t have to choose?

We think this is another one thing older generations seem to get wrong about having a job.

It’s also what caused The Great Resignation to hit the job force in 2021. Employees are now stating they want things like work-life balance, fair pay, and more opportunities to advance their careers than ever before. 

According to a study conducted by the Pew Research Center, 63% of workers said they quit their job in 2021 due to low pay and no opportunities for career development. 

So… just because your manager or your parent is telling you that you’ve got to bide your time doesn’t make it true. 

And if you’re wanting to work fewer hours, have more time for family, or actually love the work you do every day, chances are you either need:

  1. A new job 
  2. To trade your W-2 in for business ownership
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