When it comes to starting a business, there is many information and opinions out there. But most of them are myths. Entrepreneurship can be incredibly rewarding. Starting your own business may be the best decision you ever make. But it’s not for everyone.
Here I describe a few myths that I accept, and that some first-time organizers still accept.
You Need A Lot of Money
The biggest misconceptions nowadays are that you need a lot of money to start a business. That’s not true. Everyone thinks that they need a huge money to start a business but if you cut-off the unnecessary expenses than you can start it with a low money too. Famous entrepreneur Richard Branson start his journey with only $347.And now he has a net worth of $4.1 billion. Now get out of this myth and start with what you have with a minimum required.
Without Skill, You Can’t be Succeed
Skill is essential for a business owner but don’t let skill be an excuse. Many people think that they have to know a lot of things but that’s not true. Billionaire Chinese entrepreneur Jack Ma once said,
I know nothing about technology. You have to find the people who are smarter than you are, and when I find so many smart people, my job is to make sure that the smart people can work together.
Entrepreneurs Live A Glamorous Life
That’s again incorrect. Most people think entrepreneurs live a glamorous lifestyle. But not exactly. Entrepreneurs are notoriously frugal, hardworking guy. They work for long hours for years, forget all outside activities. You have work like hell if you want to taste the joy of great success. American entrepreneur Elon Musk work 100 hours a week. J.K Rowling got rejected 12 times before she successfully published Harry Porter. So be ready for a lot of rejection and those long hours and struggling days.
You Must Have A Great Idea
Of course, the more unique your start-up idea is, the better your chances are at success. But an idea is not everything. It’s execution which matters the most.
Darrell Jones said,
Just make sure your killer idea meets a market need and gradually meld it into a successful business.
Customers Will Come Because Of Your Great Idea
There is an old notion, Build it and they will come.
That’s not going to happen. A start-up doesn’t succeed on a great idea alone. Customers must know about your business before they come. It means first you have to identify the target audience and what they want from you and how you will reach out to that audience. So, they are aware of your existence. At first, you need a business plan which describes how you going to acquire the market. To achieve the growth through social media, advertisement, content marketing etc needs a full-scale marketing strategy.
You Can Do It All Yourself
Founders are self-starters. But when your company starts growing you can’t handle it alone. You must require a co-founder who can run the company with you. You also need a financial expert, technology master, marketing wizard and so on. It’s going to be expensive at the start but doesn’t panic about it. There are lots of qualified freelancers out there with specialized skills which your business required.
Take a deep look into yourself and think what can you do by yourself and then outsource the rest of people with experience in required key areas. When the business grows, then you can look at hiring permanent employees.
Fear of Big Competitors
There is a strong possibility of being lost in front of big competitors. But if you are unique in your industry and offer something that they don’t have then there is a strong chance that you won the battle. Small business has the competitive advantage of being small enough to offer better customer service than many large companies.
Passion Alone Is Enough
Almost every bit of composing in regards to new businesses specifies that business visionaries ought to be passionate about their business thought. In any case, this has prompted the legend that passion is sufficient. In spite of the fact that without passion you won’t have the required inspiration or want to drive your business forward, excessively enthusiastic could cloud your judgment in regards to your business.
My motive is not to discourage you. But if you want to be succeeded in the battle of business than you have to understand the difference between myth and reality.
Now we want to hear from you! What start-ups myths would you add to our list? Let us know in the comment below.