Starting a business is one of the most challenging things in one’s life. Business ownership has remained an attractive venture to many people, as it gives them the freedom to do what they like. In addition, no one supervises the entrepreneur. However, there are loads of myths and truths on opening a business. It is for this reason that one should first research on the business that he or she would like to run before investing his time and money in such a business.

According to Flavio Maluf, the first myth is the belief that one will be able to work less and earn more when he or she ventures into business. He notes that an entrepreneur does not have working hours, thus he or she cannot go on vacation at will. One’s earning is also dependent on the success of the business.

Although capital is necessary to start a business, the belief that one needs to have large initial outlay is a lie. Depending on the business model that an entrepreneur is using, he or she can successfully start a business with significantly less capital. Flavio contends that investors are usually willing to in concrete and lucrative business ideas. Read more about Flavio at Bloomberg.

Opening business is some countries can be very difficult due to various regulatory requirements. For instance, one needs over 107 days to open a business in Brazil, while in the United States it only takes five days.

The belief that one can only open a venture if his or her idea is completely innovative is a myth. Many businesses in the world are using similar ideas. The success of the business depends on many factors other than what the company is selling. However, being innovative is an added advantage, as it helps the business to stand out in the crowd.

Risk is part of every business. A shrewd entrepreneur takes risks that are carefully calculated. Although high-risk businesses generate more returns, it is advisable to minimize risks, as it helps in protecting one’s investments.

Flavio Maluf is a Brazilian entrepreneur and executive leader. He is the president and chief executive officer of Eucatex. Maluf has served in this position since 2005 when he took over the leadership of the company from his uncle. He holds a mechanical engineering degree from the esteemed Armando AlvaresPenteado Foundation. View: