7 Misconceptions To Be Avoided About Starting Your Own Business

If you want to become a breakthrough entrepreneur.

Photo by Samson on Unsplash

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.

“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.

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.

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.

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.

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.

6. Business needs a winning idea

Every entrepreneur needs an idea to start a business.

“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.

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.

Final thoughts

Entrepreneurship comes down to only three things, which include idea, action, and consistency.

  • 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.

A writer & dreamer. I write about business, finance, and marketing. @AhmadAl82230443

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