Thousands of wannabe entrepreneurs dream about being their own boss and the rewards from starting their own company. Unfortunately, they completely overlook the qualities and hard work it takes to succeed. Around 80% of businesses fail in the first two years, mainly due to inadequate skill and knowledge. Below, we’ll highlight and debunk myths about starting your own business.

Economy is bad – This is a popular myth about starting a business. Most entrepreneurs wait for the “right time”. The truth is there is no right or wrong time. There are many entrepreneurs who have started in a bad economy, or when in debt, but are now successful.

We have a perfect business plan- No plan is perfect. Markets change every day and you need to adapt. Don’t spend lots of your time writing business plans and doing growth predictions – you never know how your consumers will react to your products. Instead of writing a detailed plan focus on the key points and revise often.

Innovation means success – It’s good you are innovative and trying something new, but not every innovative product succeeds. You need to confirm whether the market is ready for the concept. A recent example is Google Buzz which hasn’t made a huge impact (yet). Make sure the market has enough space for your product to grow.

Perfection is important – Don’t wait for a perfect product to make your first sale.  Start selling once you’ve got a workable product and improve it based on customer feedback. A good example of this is Microsoft and improvements to Windows 1.0 in 1985 till now on the basis of customer’s feedback.

Turning a hobby into a business –Many business consultants suggest turning your hobby into a business. You still need to understand the huge difference between a hobby for fun and for your client’s money – the stakes and the demands are a lot higher when it’s someone else’s money.

You can set your own schedule – Many aspiring entrepreneurs think they can set their own schedules. The reality is different. As a boss you need to be everywhere, with your employees, your clients and more. As boss you set the work culture in your company – if you want your employees to work extra hours then you have to. As a boss you will often be the first to enter and last to leave.

Products sell themselves – You might have the greatest product in the world but it won’t sell itself without marketing. In many markets thousands of other people might be selling the same products, so you need to take the initiative to go to your audience instead of waiting for them.

These are seven myths about starting a business. Do you know of any others? Feel free to share them in the comments below.

This guest post is by Gagandeep Singh who works for Fortepromo Promotional Products.