7 Misconceptions To Be Avoided About Starting Your Own Business
If you want to become a breakthrough entrepreneur.
Entrepreneurship is an interesting topic for people who want to start their own business. It is simply a process of creating and running a new business in an uncertain environment for achieving profit and growth.
According to Small biz genius, 582 million entrepreneurs are present in the world. In 2016 America alone has 25 million entrepreneurs.
People with entrepreneurial spirit love to start personal businesses. In fact, in the United States, 543,000 new businesses are created each month.
There are several reasons people want to start their own businesses:
For getting freedom of life and money
To become their own boss and avoid jobs
Have a passion for becoming an entrepreneur
Want to achieve their business dreams
But there are some misconceptions about the business that hold many talented entrepreneurs back from starting their own businesses.
1. Wait for the right time
The first and foremost myth that you need to wait for the right time to come. People who want to start a business think it’s not a good time to take on this adventure. They feel that either economic conditions are not favorable or busy in their own life.
That’s why they afraid to take action.
In reality, no such thing exists, which is called the right time.
“The best time to plant a tree was 20 years ago. The second best time is now.” __Chinese Proverb
Microsoft the world's largest computer software company was created during the 16 months long recession caused by the oil crisis in the 1970s.
Just take action. Don’t let the right time myth hold you back. Waiting for the right time is wasting your time. It is no more than procrastination that will not help you achieve your business goals.
Good things happen to those who take action. This is a straightforward truth.
2. You need a lot of money
I hear this sentence all the time and I am sure you too. If you want to start a business, you need to invest lots of money and resources.
One of my friends works at a milk shop. One day I told him to start his own business, but he replied, “NO.” I ask why? He said starting a business needs at least $100,000.
Hundreds of businesses worldwide were started with little to no money at all but now worth billions of dollars.
Den Pena started with just $820 in his pocket, but at this time, his net worth is more than $450 million.
People want to start with lots of money to achieve big and fast growth. It is a foolish action. Doing this leads to a greater risk of loss due to a lack of skills to manage big investments.
Start with small and learn to gain experience and knowledge through your journey. You can’t achieve big growth overnight. It takes time, patience, and effort.
3. You need to work 24/7
A big myth that starting a business means you need to work 24 hours per day and seven days a week. You get cut off from your family and friends to give attention to your business.
You’re responsible for investing time and effort in your business. It doesn’t mean you need to work 24/7 to make your venture successful.
Business is one aspect of your life. Lots of other elements are also essential to pay attention to. To become a successful business owner, you need to take care of your health and family because they’re more important than business.
You need to keep a balance between your business and personal life.
Giant entrepreneurs take time to spend with family, friends, relaxing their minds, and exercising. They go on vacations to stay cool while facing challenges.
4. You need to do all the work
Another misconception is that you do all the work related to your business. Either it is marketing, finance, doing meetings, or managing operations you will be responsible for. Therefore, people don’t want to take the burden of work, so don’t start a business.
It is not the case.
You will work only up to the point where your business is small enough to be easily managed. When it starts growing and daily tasks become difficult to be managed by a single hand, you can hire employees. Another good strategy is to outsource your work to freelancers.
You can’t become successful without taking the help of others. Instead of suppressing yourself under work, you can assign some tasks to other people.
5. Sharing business ownership is risky
Sharing business ownership is usually considered a risk. There are several reasons for it: fraud, a decrease in profit, risk of losing money, etc.
Sharing ownership helps you lift lots of responsibilities from your shoulders.
Sometimes an individual business person can’t afford all expenses. By getting a partner and sharing ownership helps you to have shared costs and liabilities.
You also have a lower risk of losing all your money if you face a downturn. In case of any loss, your partner will also contribute.
Having shared ownership is beneficial to your business in the long-run growth and sustainability.
6. Business needs a winning idea
Every entrepreneur needs an idea to start a business.
But the idea is a vague term until you test it. You cannot decide whether your idea will be successful or not. You need basic know-how about your idea and if you feel it has potential, then go with it.
“The value of an idea lies in the using of it.” __Thomas Edison
A number of businesses around the world are started with an idea no one believes will be successful, but they converted into billions of dollars corporations.
Take action and don’t get into the analysis paralysis of proving your idea. Start small and check whether there is a demand for your idea and solve a problem in the market. If your idea feasibility test proves to be successful, then go with it.
7. Business is too easy or too hard
Considering business as too easy or too hard is another myth. Some people don’t take it seriously and consider it a piece of cake that anyone can do. On the other hand, some people consider it too hard and afraid of it.
The business lies between easy and hard. If you want to start a business, you face challenges. After some time, it becomes easy for you to manage and get going with it.
Easy and hard ups and downs are all part of a business.
If you consider it too easy, then it is possible you don’t take it seriously and lose it. If you consider it too hard, then maybe you become unable to start it.
Entrepreneurship is a joy. Start your businesses and learn from failures and get going. Don’t stop learning.
Entrepreneurship comes down to only three things, which include idea, action, and consistency.
If you want to become an entrepreneur, you must have the ability to cope with risks and challenges while avoiding the myths.
- Wait for the right time: It is no more than wasting your time, and things remain the same or maybe even worse.
- You need a lot of money: You can take start with a small and continue to grow. Learn from failures and be consistent.
- You need to work 24/7: Spend time with your family and friends. Go for a walk and keep your mind relax.
- You need to do all the work: Hire people when your business starts growing and get more grip on management.
- Sharing business ownership is risky: Sharing ownership lifts lots of weight from your shoulders and keeps your risk diversified.
- Business needs a winning idea: Take action and check your ideas for feasibility tests. If it has potential go with it.
- Business is too easy or too hard: Nothing in life is too easy or too hard. Stay in a balanced mode and keep doing work.