Starting your own business is a daunting task at the best of times, and there are so many myths surrounding it that it can seem impossible. Yes, it’s hard work, but it doesn’t have to be a 24/7 job or cost the moon. Don’t allow any myths to stand in the way of you creating the business you dream about, but, at the same time, don’t think it’s going to be all unicorns and rainbows when you do. Starting a company is hard work, but it doesn’t have to be as difficult as some may make it out to be.
Here we’ll dispel some of the more common business myths.
Myth #1 – You need a 5-year plan.
All you need is an idea and the drive to see it through. You need a plan to get started yes, but that can be more of a bullet-point system rather than planning out the next half a decade. Some people need a long-term plan, but it’s not essential to starting a business.
Myth #2 – You need all the right qualifications
Does that mean that Steve Jobs and Bill Gates weren’t successful when they started Apple and Microsoft? Qualifications can be important, and they can be a good stepping stone into an industry – but that doesn’t mean that you have to have them to do well. At the same time, gaining experience or qualifications as you go, like a business degree, or a course in marketing, may be a massive help while you’re starting up.
Myth #3 – Women need to act like men to succeed in business
With over 1700 women belong to the Women Presidents Organization, should we be surprised at the number of women who have made it in the entrepreneurial industry without having to sacrifice their femininity?
Myth #4 – You don’t need all the extra products
This is half true and half myth – yes there are items that you might not need. But there will be plenty that is surrounded by their own myths that could be so beneficial to your company, and most have their own way of dispelling those myths – like ELD Mandate Explained: Facts, Myths, and Penalties.
Myth #5 – If my product is good clients will come to me
Again, half true. With a good reputation and track record you will attract clients without effort, but to get there, you have to advertise yourself. A good marketing campaign and self-promotion is the best approach. There are even places like upwork: hire a freelance marketer, where you can outsource the work.
Myth #6 – Everyone is a client
On the flip side, not everyone is a client. Saying that is like throwing a net over a shoal of fish and hoping to catch a sea horse. You need to choose the right audience, create the right pitch and throw your net at them.
Myth #7 – You have to be an IT genius
100% wrong. Well – if you are starting an IT business then perhaps it’s an area you should be fairly fluent in. But otherwise, no you don’t. There are many simple tricks you can teach yourself to get you started, and there are so many ways to outsource the techy side of things.
Myth #8 – A business owner has to work 24/7
So not true. You work as much as you want to – you’re the boss, you set your hours. It’s also incredibly unhealthy to work that much; for you and your business. You need time away from it so that you can enjoy your life and so that you can put you best in while you are working. However, you do need to put in the work, you can’t just expect everyone to do it for you. And sometimes that will mean working overtime, or the weekend or moving around plans to meet a deadline.
Myth #9 – Being strict is best
Having rules at work is the way forward, but being too strict or too unreasonable will only make people, not like you and not want to work for you. Just because you are paying them doesn’t mean that they will tolerate being ruled with an iron fist.
Myth #10 – I can’t start a business and a family
Why not? Being an entrepreneur doesn’t mean that your family has to pay for it to come true. There are millions of working parents, just because you own your business doesn’t change anything. Sure things may have to slow down a bit when you’re having a baby, but it doesn’t have to affect business. A lot of business owners say that their family is like fuel, they make them want to work harder and succeed more.
Myth #11 – Do what you love, and you’ll never have to work a day
Doing what you love is great, but it’s still work. Just because you love painting doesn’t mean that they are going to fly off the gallery wall. First of all you have to work to put them there. Any business, no matter its size has to have a driving force behind it – and as the founder, that force is you.
Myth #12 – I’ll have loads of time to do what I want
You will have time to do things, yes. But you have to remember that you don’t get paid for holidays or sick leave anymore. You have to maintain a balance between work and your personal life, and at first, that balance will be in favor of your new company.
Myth #13 – I’ll be raking it in
Hopefully one day you will have stacks of cash. But most entrepreneurs begin their business on a shoestring and profits can take years before you have enough to have lots of spare money. Entrepreneur gives an insight on how much you need to start up. For a while, the money you make will need to go back into the business to continue its growth.