Small Business: Myths and Realities

County Agent News

Dan Folske

January 9, 2012

Small Business: Myths and Realities

The North Dakota State University Extension Service has just released a new bulletin titled “Small Business: Myths and Realities”. Dr. Glenn Muske, Rural and Agribusiness Enterprise Development Specialist describes 6 common myths about starting and operating small businesses.

Myth 1—Business owners get rich quick: Owning a business is hard work and many successful business owners fail, sometimes more than once, before becoming successful.

Myth 2—You have to be born an entrepreneur: While there are common traits among successful business owners most can be learned and developed by determined individuals.

Myth 3—Build it and they will come: Only 10% of the new patents every year in the United States become commercially viable and less than 50% of new businesses are still around after 5 years.

Myth 4—Starting a business takes a lot of money: Did you know that Dell, Hewlett Packard, and Domino’s Pizza were started with investments of under $1000?

Myth 5—Successful business owners are lucky: Hard work, planning, and good decision making is how “luck” is made.

Myth 6—It gets easier—Some aspects may get easier through familiarization and repetition but the challenges of growth or changing business environments do not go away.

For more information about the myths and realities of small businesses check out the complete publication online at: http://www.ag.ndsu.edu/pubs/agecon/market/ec1590.pdf  or contact the Burke County Extension office in the Burke County Courthouse or give us a call at 701-377-2927