Entrepreneurial Start Up Myths: The Truth Behind Them
If you’re thinking about starting a business, there are certain common obstacles that so-called friends and advisors throw in your way. The hurdles to starting a business are based on misconceptions about the pitfalls and challenges that come with starting a business. We expose some of these start up myths, revealing them to be exactly that… just myths!
If you’re planning to start a business, you’ve probably heard the following comments: “So many businesses fail.” “Why are you doing this?”
“I’ve heard that starting a business these days requires a large sum of money.”
“How come you’re wasting your job security?”
These, as well as other such challenges, are typical of the roadblocks put in your way by so-called friends and advisors if you are considering starting a business. These barriers are based on misconceptions about the hazards and difficulties that come with starting a business.
In this post, we’ll look at some of these myths and prove that they’re just that… myths! Don’t get me wrong: being an entrepreneur is difficult, and there are many obstacles to overcome, but let’s bring some common sense into the discussion!
Myth #1: You don’t seem to have a personal life.
Yes, you surely will! Juggling the demands of running your own business and spending time with your family can be challenging, but at the end of the day, you will have considerably more personal flexibility than any employee. The real question is whether you have the time management and planning skills to get things done and spend time with your family.
Myth #2: To be a successful entrepreneur, you must be cunning and ruthless.
Okay, it might help you in the short term, but it’s hardly a long-term plan. To be a successful entrepreneur, you must cultivate relationships with clients and suppliers who will support you during difficult times. You might obtain one or two nice sales if you’re harsh with your price, but you’re unlikely to create a long-term and profitable connection this way. Your goal should be to establish a balance between your desires and the desires of your customer or supplier.
What makes a difference, however, is that you are finally doing something you enjoy, so the hours and hardships don’t seem so taxing. So maybe this legend is genuine after all.
Myth #3: You must have a unique concept.
You don’t have it. The majority of businesses are based on a single concept. It’s typically how it’s given that makes a difference. The main items of all fast food restaurants, as well as clothing stores, newsstands, and other businesses, are the same. You can have a good life by essentially replicating someone else’s idea but executing it in a slightly different manner. Don’t be turned off by the doomsayers who cheerfully proclaim, “It’s been done before.” ‘Wonderful!’ should be your response. That proves the concept is viable! “
Myth #4: You Will Be Your Own Boss
Certainly not! In your new business, there is only one boss: the consumer. They’re necessary for your achievement. The loss of the occasional client wasn’t a big problem when you worked for that giant, faceless corporation; there were plenty more where they came from.
In your new world, you must do everything it takes to maintain and keep your consumers pleased. The customer is in charge of the music. Before someone else does, you must listen and take notes. However, once all of their needs have been met, you may be able to take some time for yourself and enjoy the benefits of being your own boss after all!
Myth #5: To get a business off the ground, you’ll need a lot of cash.
Some businesses require a significant amount of capital to get started, but there are many areas in which you can expand without having to invest in a substantial quantity of inventory, machinery, or equipment. Low-capital enterprises rely on three extremely low-cost resources: your brain capacity, your expertise, and your time.
A business where you sell your skills to others rather than actual items can be set up quickly and with significant profit margins. You may only require a computer, a desk, and a phone line. What’s holding you back?
Myth #6: All you have to do is do what you want.
Unfortunately, this myth is false. We all have areas or skills in which we excel, and it is usually this expertise that forms the foundation of your company. Even if your commitment to paperwork, bank statements, and the VAT man isn’t high, going out on your own doesn’t mean you can avoid these unpleasant responsibilities.
You could do this when you were sitting in a big corporate office, but you can’t do it now. These activities must be completed or the deck of cards will begin to collapse.
Consider taking a course to enhance your talents if you have major concerns about certain areas, such as marketing. If there’s something you can’t do, hire someone to do it for you – don’t wait for it to go away because it won’t.
You’ve probably realized that some of the myths that aren’t true are good news, while others aren’t so good! Consider the myths that are thrown at you with caution. Look at it for what it is: comments from people who have no idea what they’re talking about! I’ll have some more myth-busting ideas for you in the next post.