We know now that whales and dolphins are not mermaids and that the world is not flat, but there was a period in time when those myths were accepted as fact. Similarly, there are myths built up around starting a business that simply aren’t true. Here are common entrepreneurial myths about starting a business that most people usually believe in:
You have to have a lot of money to start
There are lots of ways to kick-off your business without a bunch of capital. One of the best ways to debunk this myth for yourself is to start micro-testing your product or service either on the side or in small batches to scale your growth incrementally. Big chunks of capital might help you grow faster, but sometimes a slow and steady growth rate can help you stabilize and get your business legs underneath you while your profit margins grow.
You have to know what you’re doing
You actually don’t need to know exactly what you’re doing to get started. Actually, most entrepreneurs learn on the job. Time has proven that continuously. Let your curiosity overpower the myth that you have to know exactly what you’re doing to get started.
That’s actually a better way to learn about the business as it gives you a first-hand experience on how to manage people, run a business, and learn about the technicalities of the industry. Learning on the job gives you much more knowledge and experience than what your undergrad degree can.
You Are Your Own Boss
Technically this is true. You won’t have anyone above you in the company chain of command, so, on paper, you will be your own boss. However, you’ll soon find that you answer to far more people than you ever have at a normal 9-5 job.
As a business owner, you will answer to and work for everyone from your customers to your employees to your investors. If you have employees, you aren’t just responsible for your paycheck, but for the paychecks of everyone who works for you as well. If you’ve taken on investors, you’ll also have to justify earnings and business decisions.
You Set Your Own Salary
You might have dreams of starting your own business and lining your pockets with all of the profits. As a sole owner with no investors, you might have the ability to pull out what you want for your salary, but you won’t be in business long if you take that strategy. Most new business owners realize that their salary is one of the most negotiable expenses in the entire business. It takes time and a lot of money management for businesses to become profitable. Instead of your salary being determined by a supervisor, your salary will be determined by the needs and expenses of your business.
You Need a Great Idea to Start a Business
Owning and building your own business essentially requires passion and a good idea. Most people aren’t willing to invest the time, money, and effort necessary for something they don’t believe in. While passion for a great idea might drive you, success will rely far more on consistent hard work and sacrifice. Aimless passion won’t find and negotiate the right supply contracts, and a great idea won’t ship, package, or market itself. This is where a good education becomes invaluable.
Don’t let the myths about small business hold you back. It’s probably a lot easier than you think to start a successful small business. Just about anyone can do it, if they have the desire.
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