"I’ll have more free time”— Shark Tank star Robert Herjavec reveals five biggest myths about running a business

Shark Tank investor Robert Herjavec recently shared five common myths about running a business in an Instagram post on February 7. One of the biggest misconceptions he addressed was the belief that being your own boss would lead to more free time.

“Myth: I’ll have more free time when I’m my own boss,” he wrote and clarified, “Reality: Owning a business often means more work, not more free time.”

Shark Tank's Herjavec, a prominent entrepreneur and investor, has built a successful career in cybersecurity and business. Coming from an immigrant background, he worked his way up through various jobs before establishing his own companies.

In his Instagram post, he highlighted several common misconceptions about entrepreneurship, including the belief that a great product will sell itself, that starting a business ensures wealth, that employees will be friends, and that competing on price is a viable long-term strategy.

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Shark Tank star Robert Herjavec’s insights on business and overcoming struggles

In his Instagram post, Herjavec addressed five major myths about running a business. He pointed out that many people believe a great product will naturally attract customers, but he warned,

“A great product won’t sell itself without proper promotion.”

He also debunked the notion that starting a business is a shortcut to wealth, saying,

“Starting a business is not a shortcut to getting rich.”

Another common misunderstanding he highlighted is the belief that employees should be friends. He clarified,

“Employees can be friendly, but they shouldn’t be your friends.”

According to Herjavec, maintaining professional boundaries is crucial for business success. He also highlighted the risks of undercutting competitors on price, stating,

“Competing on price often leads to losing money, not gaining profit.”

The Shark Tank investor Herjavec has always been open about the challenges of entrepreneurship. In a May 10, 2016, interview with CNBC Make It, he acknowledged making frequent mistakes but stressed that failure is a part of the learning process.

“I would say that on an average day, I do 100 things wrong. I try not to make mistakes that’ll kill me or the business,” he said.

He believes business owners should acknowledge their mistakes, learn from them, and move forward without dwelling on past failures. Herjavec’s journey began when he emigrated from Yugoslavia to Canada with his family. He recalled that, as a child, he did not realize they were poor because their neighbors lived under similar conditions.

His father, a staunch anti-communist, sought a better life for the family. However, their initial goal of moving to America was thwarted, leading them to settle in Canada instead. His father worked as a factory laborer, and his mother found a job as a receptionist.

Adapting to a new country was challenging for Herjavec, as he endured ridicule from classmates for wearing the same clothes. Despite the hardships, his father instilled a strong work ethic in him, teaching him that success comes from perseverance. In his CNBC Make It interview, Herjavec shared this lesson:

“You're going to get knocked down. You just got to get up again and you got to keep going because at the end of the day, success is your responsibility, and so is failure.”

The Shark Tank star emphasized that struggling is a normal part of the journey and that entrepreneurs should continue persevering despite setbacks. He explained that reaching rock bottom is sometimes necessary before making a comeback, as there is no other option but to move forward.

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Shark Tank airs every Friday at 8/7c on ABC.