Three myths small business owners tell themselves

Want to be your own boss? Good for you. But that’s the definition of someone who is independently wealthy, not a small business owner. When you own a small business, you’ll have many more bosses than when you were an employee.

Are passion and persistence enough to succeed as a small business owner? Clearly, they’re important, but what about those difficult days – when payables exceed receivables, on payroll Friday, when customers are the most difficult, when an employee becomes part of the problem? You’re going to need more than passion – you’re going to need management fundamentals

Do you think a business plan is passé? Well, if you think a business plan is just something to write down, print out and put on a shelf, don’t waste your time. But if you understand that a business plan you create, organize and use as a critical management tool, then it’s becomes passé on the day that success becomes passé.

Recently, on my radio program, The Small Business Advocate Show, I talked about these three topics, with one of the founding members of my Brain Trust, Tim Berry. Tim is the world’s guru on business planning and the founder of Palo Alto Software, the makers of Business Plan Pro.

Each of these “myths,” as Tim calls them is in its own short podcast, so you can listen to each topic separately. I hope you’ll take a few minutes to listen and learn. And of course, please lever your own comments.

Myth 1: You can be your own boss

Myth 2: Passion and persistence are enough

Myth 3: A business plan is no longer necessary

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