The Biggest Myth You’ll Ever Hear About Entrepreneurship

It’s one of the biggest myths on earth… yet almost everyone believes it.

I’m sure you’ve heard this.

“You have to be born that way to be a good entrepreneur.” Or its variation: “Only certain personalities make good entrepreneurs.”

Those are absolute falsehoods.

Think a nerd can’t be an entrepreneur? Then you’ve obviously had your head in the sand during the past 30 years or so while Bill Gates created and ran one of the biggest tech companies on earth. And he was far from the only introverted “tech guy” to start a big company.

Entrepreneurs come in all personalities. As long as you’re willing to take initiative, treat it like a business, choose the right kind of business, and keep educating yourself, you can succeed. Sometimes, all it takes is being “hungry enough.”

Which brings me to seven key reasons you should consider starting a home-based business. Yes, even while homeschooling your children.

I ran home businesses of various sorts throughout most of the years I homeschooled my children. And still do, for that matter. Only now I work more hours.

 

1.  Relief for a tight budget.

Most homeschooling families are on a tight budget, living on one income and paying for the privilege of educating their children. A home business can start by providing the extra income to make your life a little easier, and give you more flexibility to do extra outings or take a family vacation or splurge on a date night or… you name it.

 

2.  An outlet for you.

A home-based business can be a great outlet for you as a homeschooling mom. It gives you an opportunity to interact with customers, clients, suppliers, and colleagues. And it allows you to keep learning about something you’re interested in. Owning a home-based business can bring a challenge different from running your homeschool and supervising children.

 

3. Great for Dads too.

In fact, it can be great for the entire family. What if he could eliminate his commute and long hours away from home? Even if he’s holed away in the far corner of the house for much of the day, he can still join the family for lunch. But please don’t give up your full-time job until you start this side venture and know it can reasonably replace that full-time income, plus taxes and insurance costs.

 

4.  Teaches your children practical business skills.

What better way to teach your children – and especially your teens – entrepreneurial skills than to have them start a home-based business? You can be there to help and guide them. And the timing is perfect, as they have no real responsibilities yet compared to what they’ll have when they marry and have children and a house payment.

If you think it through and document and structure it well, you can even award academic credit for their efforts.

But with or without academic credit, it’s a sure thing your teen will learn a lot about leadership, maturity, time management, motivation, persistence, showing up, and money management.

Plus, you point them to a world where they can make choices, be in a business they enjoy, and maybe even be home when they have their own family. They’ll experience freedom, flexibility, and respect in ways their school-trapped peers cannot imagine.

 

5.  Provides a way for your younger children to earn their own money.

Is your child old enough to empty wastebaskets, dust your office furniture, and vacuum? Then hire him or her! And remember to pay him.

They’ll regale in the chance to earn their own money. And you’ll get work done that needs doing, while saving on your taxes with this expense.

I hired my children for my home businesses as soon and as much as possible. When they were younger, they did simple things. As they grew older, they helped do mailings and deliveries, and even helped out with client work.

As a side benefit, they can learn money management at an early age. Our children gave 10%, saved 50%, and had 40% available for their personal spending. If they wanted something expensive, they saved their spending portion till they had the money for it.

 

6. Saves on taxes.

Home-based businesses are entitled to various deductions (as long as you’re willing to file a Schedule C) that employees are not allowed to take.

According to Sandy Botkin, CPA and author of the book Lower Your Taxes – Big Time!, there are numerous ways to save money on taxes. He goes so far as to say you’d be brain-dead NOT to start a home-based business.

Of course, hiring your children is one key strategy, and as of now, they are exempt from Social Security tax up to a certain limit. Plus, they can put $2,000 a year into a Roth IRA.

But there are so many others… though most people aren’t aware of them.

He shows ways to convert your home into a tax-deductible money machine… how to deduct your golf, sporting tickets, movies, and plays. Even how to turn your vacation into a tax-deductible write-off. And of course, how to audit-proof all these deductions.

Plus way more than I can cover in this short article.

 

7.  It’s fun and profitable!

Who wants to lean their ladder against someone else’s wall, when you can build wealth on your own?

There used to be a time in this country when every man had a farm, orchard, or store. In other words, nearly everyone was an entrepreneur at some level.

And then came industrialization…

And it split families and took parents away from their families for 12 to 18 hours a day.

Now the pendulum is finally swinging the other way.

In the late ‘90s it was called cocooning. People staying home more, going out less. But that was focused more on discretionary time.

Now most people would “kill” to be able to work from home. Except the ones who already are. They already know how great it is.

 

How to Get Started

So you’re on board conceptually. How do you actually get started?

I suggest the following steps:

  1. Make a list of your 10 best accomplishments in life. What did you like most/least about them?
  2. Make a list of all the ways you’ve earned money before – jobs and businesses.
  3. Make a list of your 10 greatest interests and hobbies.
  4. Check Amazon to see if books have been written on those topics. That indicates there is a perceived market need for your idea(s).
  5. Do a Google search for industry associations that exist for those ideas or topics. Same reason as #4.
  6. Talk to people who are currently doing these things, preferably outside your market area.
  7. If they’re things you’re not familiar with, and you can accomplish this, go to work for someone in the same kind of business for six months or so to decide whether you like it.
  8. Are others spending money to advertise on Google or Facebook for the product or service? That’s a positive sign.

 

Don’t Make This Mistake

Most people think they’ve hit the gold mine when they happen on something that NO ONE is currently doing.

That’s usually a recipe for disaster.

If no one is doing it, there’s probably a good reason for that. And you could blow a wad of cash venturing there.

Look instead for a proven idea that others are doing and then look for a way to distinguish yourself from your competition.

 

If Money is Tight, Start a Service Business First

It costs far less to start a service business than it does to start a “brick and mortar” business, with its rent, payroll, and other higher costs. Whether or not your idea is proven.

Some people call it “chicken entrepreneurship.” I call it “smart entrepreneurship.” And that’s especially true when you have a family to feed. Don’t be a fool. Keep a safety net under you.

 

It Takes Time and Requires Diligence

Everything worthwhile takes time and effort. It takes persistence to keep on keeping on even when it isn’t yet showing a profit.

When I started my first piano school, I was really down in the dumps that I only got three students in the first two months. A friend encouraged me not to lose heart. About a week later, I got a deluge of new students, and pretty soon I even had a waiting list going.

So, what do you need to make a go of it?

  1. Motivation. Know your reasons and remind yourself of them daily.
  2. Be willing to take some risk. There’ll be times you need to take action even when the outcome is uncertain.
  3. Plan to make some level of financial investment to get started. Sometimes it can be as little as a few hundred dollars. Yes, there are free ways of advertising, but they require far more time to produce.
  4. Integrity. Without it you won’t be in business long.
  5. Perseverance. You will be tested. Everyone is.
  6. Good communication skills. A tremendous asset, make no mistake about it.
  7. Ability to learn from mistakes. You will make them. Everyone does. Don’t let them freeze you into inaction.

If you want a home-based business, take that next step. Today. There’s no time like the present.

I shudder to think what my life would be like today if I had not started and run home businesses through the years. I am infinitely richer, not only in financial assets, but in personal skills and business assets.

It’s the journey that makes you who you ultimately become. Don’t miss your chance to take it.

Want more help in deciding on your next step? Take a peek at this easy guide…Home is Where Today’s Business Is:  An Epic List of the 22 Best Homeschool Compatible Business Opportunities.

Let Your Voice Be Heard!