6 Common Myths Associated with Starting a Business
Grit. Determination. Creativity. Passion. Ambition.
There are plenty of traits and characteristics you need when heading down an entrepreneurial path and starting a business. What you don’t need are myths associated with starting a business holding you back.
It’s easy to be negative, which is why so many who have failed in starting a business push these myths out into the world to save others the heartbreak of failure. While their intentions may be good, these myths simply serve no purpose. So, let’s debunk them for good and allow you to focus on your business without the unwelcomed negativity.
Myth #1. You need to reinvent the wheel.
So many entrepreneurs spend their time and energy trying to come up with the next big idea. Even when they have a great idea, they push it towards the back of their mind because it’s been done before.
Some of the biggest companies today weren’t the first of their kind. Think of the last place you bought an item of clothing from. Where they the first to invent the t-shirt? No, but they still provided a product you needed at a price you found fair with service that impressed you.
This is all you need to start a business. You don’t need to be the first to come up with an idea. You just need to find a way to make it better. Whatever it is you want to sell, whether it’s a product or service, see where the competition falls short. This is where you should be spending your time and energy brainstorming.
Myth #2. You need a completed business plan.
Yes, you should have some sort of an outline or plan of attack for your business. Starting the day without an idea of where you’re headed is setting yourself up for disappointment.
But you don’t need to have every detail of your business on paper. You should first spend some time putting the idea of your business out there and see how it’s received. The feedback you get might push you in a different direction.
Stick to mapping out the basics, like your mission, vision, and a marketing plan. Set up several goals, such as where you want to be in a month, six months, and one year. This basic business plan will suffice for now.
As your business grows, you can work on putting together a more professional and legitimate business plan. But if you’re just getting started, don’t let a few pieces of paper hold you back.
Myth #3. You need a giant bank account.
Sure, money helps when you’re starting a new business. But it’s far from a necessity. Not having large amounts of money in the beginning can actually be a gift. If you have excess capital to invest in your business and it flops, you could be out of the game for good. But if you take the slow and steady route, you could end up winning the race in the end.
While there are options of gaining capital, like borrowing money from family, friends, or in the form of a small business loan, any smart and experienced entrepreneur will steer clear from this. If your business means enough to you, you’ll find a way to fund it without risking your financial future or selling your soul.
Don’t worry about investors either. While they could serve a strong purpose in your business in the future, gaining investors in the beginning can leave you with your hands tied. Again, test the market and see where you’ll fit in before signing away a portion of your business.
Myth #4. A great product will sell itself.
Yes and no. An excellent product will sell better than a poor product. But if you don’t set up the right platform and get the message out there, you won’t experience the type of sales you need to grow your business.
Think of the late-night infomercial. Some of them are comical but at their core, some really are phenomenal products that solve a consumer problem. At the same time, they’re products that if we didn’t know existed, we wouldn’t know we were missing out on.
So even if you’ve come up with an idea that can change the world, don’t rely on the power of the product alone. You’ll need to invest in compelling marketing, engaging content, and customer service tactics that make you not just the best product but the best provider of the product as well.
At the same time, don’t think that because your product isn’t selling that it’s inferior. If you believe in your product or service, spend some time reevaluating your approach in the market before giving up.
Myth #5. You have to be a slave to your business.
Maybe you’ve heard it from motivational speakers or you believe it’s the only way. But you don’t have to work 24/7 for your business. Wasn’t having more free time part of the reason why you wanted to start a business in the first place? This isn’t possible when you’re constantly sending emails on your phone at dinner or staying up late on your laptop conducting market research.
While plenty of hours are going to be needed to get your business off the ground, you don’t get an award at the end of the day for working harder than you need to. Schedule recharging time for yourself and when possible, outsource some of your workload.
Doing it all, and all the time, will lead to burnout that’s sure to negatively affect your business.
Myth #6. The economy isn’t ideal for starting a business.
“The time isn’t right.” “I need to come up with a better logo.” “My website isn’t quite there yet.” There are plenty of excuses we can make as entrepreneurs. The truth is that the best time to always start is now. Maybe the economy won’t make this your most successful year. Maybe your website won’t win a design award. Maybe there is still plenty of room for improvement.
But one thing you can bet on is that if you keep putting off starting your business, you will have regrets. The longer you put it off, the procrastination becomes a habit, making it harder to finally start one day. If it’s in your mind and you can’t put it to rest, start your business NOW!
Starting a business isn’t for the timid. Not every idea will take off. Even the best ideas can fail due to poor marketing or business tactics.
But when it’s all said and done, letting common business myths be the only thing holding you back from launching your product or service is only doing one thing. It’s letting the competition win.
Have any of the myths slowed you down from starting your business? If so, it’s time to erase them from your brain and focus on making your idea a reality, and a successful one at that.
Betty Dennis
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- 6 Common Myths Associated with Starting a Business - March 1, 2018
