Eye Openers: Myths Of Owning A Business

If only you knew then what you know now. ... There are plenty of reasons that statement rings true for battle-tested small-business owners. We asked a bunch of them to share the most commonly misplaced assumptions about entrepreneurship. They just might spare you that familiar lament.

Myth: Entrepreneurs are risk-taking visionaries.

Truth. Despite what some in the media would have you believe, you don't have to be a swashbuckling risk taker to run your own show. "These glamorous stories serve to make entrepreneurship appear to be an exclusive art that's relegated to a few people who exhibit a variety of specific traits," says Len Schlesinger, president of Babson College in Babson Park, Mass. "Entrepreneurs are actually very good at avoiding risk rather than taking it on."

Myth: The idea is more important than the details.

Truth: Whiz-bang new technologies and business models are sexy, but they aren't a requirement. "A well-executed, decent idea is better than a poorly-executed, excellent idea," says Gerald Shreiber, founder and chief executive of J&J Snack Foods ( JJSF - news - people ). Shreiber's secret to minding the details: a healthy dose of paranoia. "I have 2,600 people to worry about," he says. "Somewhere, God or my parents and grandparents are watching over me."

Myth: Jealously guard your idea, lest someone might steal it.

Truth: You may be onto something, but you surely don't have all the answers (if you even knew to ask all the right questions). "While you don't want to put your entire business plan on the Internet, entrepreneurs who do their homework look to a relatively large but select number of people to talk through their ideas," says Reid Hoffman, founder and chief executive of LinkedIn.com.

Myth: Your business plan must be rock solid from the get-go.

Truth: Building a company is an iterative process, says Hoffman, and entrepreneurs must be willing to adapt--to changes in customer demand or the competitive landscape. "It's not like chess where you have a pre-formulated, deterministic strategy and must get all the moves in exactly the right sequence," he says. There should be a principal plan in place--see Ten Things All Good Business Plans Must Have--but it should be flexible and updated constantly. Says Hoffman: "No battle plan survives impact with the enemy."

Myth: Passion will get you there.

Truth: Passion can ease the pain of 15-hour days. It can galvanize employees and win over customers. In some cases, it can even enthrall deep-pocketed investors. But it is no silver bullet. The most effective entrepreneurs learn to modulate their emotions, says Rich Gelfond, chief executive of IMAX ( IMAX - news - people ). His mantra: "It's never as good as it looks, or as bad as it seems."

Myth: You can set your own schedule.

Truth: "I thought I'd be the boss and sit back and put my feet up," says Mike Zaya, chief executive of Printrunner, an online printing and ink-cartridge company. Reality looked a bit different, including a several-night stretch of sleeping but two hours a night at the office. "You end up being the goalie of the company, and the goalie has to sacrifice their body," adds Zaya. "You have to be the first man in and last man out on any given day."

Myth: There's glory in it.

Truth: For all its rewards, entrepreneurship can also feel like a thankless job. "No one tells me that I did really well, it's always me telling everyone else that," says Amir Korangy, owner of the Real Deal, a real-estate focused publishing company in New York City. Korangy says entrepreneurs need internal motivation and reassurance because it rarely comes from outside. "After a few years, you want someone to say you're doing good work," he adds. "But the only way to tell yourself you're doing a good job is to see an increase in revenues."