10 Myths About Starting Your Own Business.

By Belinda Bow on August 25, 2016 10:20am in All Topics, Business Decisions, Business Growth, Experience

Entrepreneurship is not for the faint of hearted.

There are going to be challenges along the way regardless of what kind of business you plan to establish.

There are, however, many myths about starting a business that keeps people from considering it a viable option.

Given below are the top ten most common myths:

1. You need to know everything about business

You do not actually have to be a business-minded genius to get started.

All you need is an abstract idea to work with, and the will power to face challenges.

2. You have to do it all

 At first, you may need to perform many tasks, but you can eventually outsource the processes to other experts in the field, if you wish. This frees up your time for you to get back to what you do best.

3. You’ll have more time to do what you want

 Although you are working on your terms, it is not easy to strike a perfect balance between your work and life. With some effort you can be flexible enough to do what you love.

4. You need a lot of start up capital

 Having plenty of start up capital is definitely an advantage, but it is in no means a necessity. It is more important that your products and services are viable and useful to your target demographic.

5. Your website will do all the work for you

 Your website is the online face of the business, and it takes plenty of effort to keep it updated with the latest news and intuitive for your customers.

6. Business plans are for big businesses

 One of the main reasons that start ups fail is because they do not have a proper business plan.

As you will be wandering into uncharted territory, it is best to have a back up plan to fall back on when things take a turn for the worse.

7. You will get rich quick

 Even if your product or service is revolutionary, getting rich takes a lot of time and a lot of things done right. Be patient. If your product or service is a viable one, continue to work hard and stick to your business plan, it will pay off.

8. You can take on board anything anyone tells you

At the beginning of your entrepreneurship career, you will need to brainstorm with a number of people about the viability of your business model.

However, with time you will need to restrict yourself to professional opinions and knowledgeable sources.

9. You get advice from your golfing buddies

 Advice is free of cost and it is the easiest thing to give in the world. Your friends do not have anything to lose if their ideas do not work.

So be very careful before you take their advice. Make sure that you conduct a thorough market research and identify possible pitfalls early on. Also, have a clear understanding of  which business model suits your start up.

10. It’s all about the money

 The main thing about being a business owner is not the money (you will realise this eventually), but the refreshing freedom of choice it gives you in your daily life.

Even the most successful entrepreneurs and brands all begin with an idea.

It takes dedication and hard work to get any idea off the ground. Here is some inspiration from Sir Richard Branson just to show we all start somewhere.

Entrepreneurship is more of a lifestyle choice than a monetary decision.

You will soon find that starting a business is not like what it seems, but the rewards are well worth the price.

All you need to have is a dream and the will to pursue it.

In the beginning, what advice could you have taken on board and which could you have listened a little less to?
What business myth could you pass on to a start up?

And that’s the Dish. Until next time, Belinda.

Tags: business advice, business goals, business growth, great ideas, leadership skills