Answered by Peter Baskerville, Teacher, Entrepreneur, on Quora:

As someone who has owned over 30 different businesses in specialty retail, fast food and hospitality, her are some of the biggest myths that I have discovered in relation to owning a small business, especially in the early stages

I decide to add my two cent thinking to add a contrast between Myth vs. Another Reality

Add your comments as you like

Myth 1: That owning a business means that you can work whenever you like.

• The truth is that you don't own a business, it owns you. If it is right for the business to serve its customers 24/7, then it is up to you as the owner/manager to staff that need, even if it means staffing it yourself - which it usually does. It's not uncommon for people that own their own business to commit 80-100 hours a week to its survival and success.

• Another Reality

  Yes you can work whenever you like. But like anything else if you don't give it attention thing won't turn out very well. As example if husband and wife don't communicate, spend quality time together the marriage is not going to be successful. Just look at the divorce stats and I am sure that you can think of other examples. To succeed in businesses as in anything else find a balance, determine a priority of what is important, what you need to make it all work and ask for help . Don't think it is all up to you.

Myth 2: That you will make a fortune when you own your own business.

• Many employees look at what their boss charges their customers and thinks that they must be making a fortune. It's only when they open their own business and see the vast number of 'mouths that need to be fed' (expenses) from the revenue received, that they realize that net profit margins are thin, bordering on non-existent.

• Another Reality

  You can make a fortune or not. You have to ask yourselves is the service or product have a market that will get me where I want to be? If it is know your profit margins on what you sell, do you have the best deals from suppliers, can you get some aspect of the production done cheaper/better be some one else? If you have employee do they like working not for you but with you for a win win relationship.

Myth 3: That the feeling you enjoyed as a customer of the business will carry over to when you become the owner of the business.

• The truth is that the reason you enjoyed the pleasurable feeling as a customer of a business is because the owner of that business sacrificed their happiness/wants for yours. So when you own that business, you will need to sacrifice your happiness/wants for your customer's benefit, negating any pleasurable feelings that you once held as a customer.

• Another Reality

  No,no,no when you own that business, you will created a relationship with happy customer's , who like you cause your fair, helpful and feel they are helping you as you are helping them.

Myth 4: That owning your own business means that you can be your own boss and no longer answer to one.

• In some ways this is true in that as an owner of the business you no longer answer to a boss, it's more likely that you will now answer to many bosses: customers for a start, then maybe your employees, your partners, your financiers, your suppliers, your landlords and government departments - just to mention a few of the bosses that you will need to answer to and not to forget the business' 'bottom line profits'.

• Another Reality

  The boss is a managerial position an there could be several bosses or just one the owner of the business. It is true the owner has responsibilities to self, family employees, your partners, your financiers, your suppliers, your landlords and government departments - just to mention a few. The gold is to own your own business...own your own life. No one said it would be easy....nothing is. Dream big, tell the truth, keep your word and “just do it”. When you look back see to it that it was a life worth living.

Myth 5: That owning a business means that you can set your own salary.

• The truth is that the survival of the business is more important than your own wants and desires. So if the business calls for it, then you as the owner will need to sacrifice your take from the business to ensure that the business has the ability to pay its bills and grow. Your salary comes after all other business demands and it will be much less than you anticipate at this point. Your income will ultimately depended on fickle customer decisions and economic forces that are mostly beyond your control.

• Another Reality

  Ok all true... you do have employees, your partners, your financiers, your suppliers, your landlords and government just to mention a few. But think what has to be learned, provided, scale you growth conservatively, be fiscally conservative, be creative and have realistic positive attitude.

Myth 6: You will be able to out source and delegate everything.

• The truth is that some issues like managerial finance, pricing and recruitment can't be outsourced if you are going to run a financially sustainable business and your profit margins will restrict you from engaging all the consultants and help that you will need. Also, many tasks just can't be delegated to key staff and you will find that these tasks will fall to you to perform. Don't be surprised if some of those tasks include cleaning the bathrooms and putting out the rubbish.

• Another Reality

  No one is indispensable so delegate and multiply yourself. There are good people out there hoping some one will give them a chance. Find them. There is no job to menial. If your staff see you cleaning the bathrooms and putting out the rubbish. They may develop the attitude too and be will to step up and do what needs to be done.

Myth 7: That the business will be financially successful from day 1.

• The truth is that very few business are profitable from day 1. Most businesses take a period of time to become profitable that can stretch from 3 months to 3 years. It's not uncommon for say a restaurant to take up to 3 years to become profitable while a take-away food bar may only take 3 months. Either-way, if a business owner does not have sufficient working capital to cover the losses incurred until the business reaches profitability, then it will fail due to liquidity problems.

I know that the above myths are valid, because I believed each one of them to my own detriment during my 25 year career in starting and managing small businesses.