If you’re a business owner, I bet you’ve come across different myths about starting a business and thought that you might not be able to. Well, while some of these myths have some truth, others are outright lies, and believing them could dampen your spirit of starting and running a business. Let’s debunk some of those myths:
I. You must set aside a lot of startup capital to start a business successfully
That might have been true in the recent few years, but in this day and age of deep internet penetration, you can start a business with virtually nothing. And with many potential investors out there, you can get one to finance your business. There are many business ideas with low investment that you can start today, such as blogging, affiliate marketing, and selling digital products online. All you need is a computer, a good internet connection, products to sell and you’re good to go. So while having a lot of capital is advantageous when starting out as a business owner, it’s not the determinant for success. There is a long list of business people who started with big financial investments, but their businesses never lived to see their first year anniversary.
II. You need a ton of time to start a business
If you’re still thinking that you need a ton of time to get your business up and running, think again. Some years back, it was time-consuming and energy draining to start a business. You had to come up with a business idea by traveling around. The implementation of the idea was the greatest challenge because you had to find a physical store to set up your business. You had to deal with licenses, which meant going to the offices yourself. Before the business could commence, you would have taken a month or two. The internet has simplified things, a lot. Today, you can create a business online and start running it in a matter of minutes or hours. For example, if you want to sell used clothes online today, you can go to websites like Poshmark, ReFashioner or Tradesy, buy the clothes, and list them on eBay or Amazon to sell. The process can only take hours. You can also collect your own used clothes and sell them on eBay and Amazon. So these days, you don’t need a ton of time to start a business.
III. To start a business and run it successfully, you need a lot of experience and expertise in the domain
While experience and expertise are invaluable to starting a business, it doesn’t determine whether you’ll succeed or fail. Today, people start businesses that they have no relatable experience and still succeed in them. For example, Mike Cuban, a well-known billionaire and founder of Broadcast.com (an interactive radio company) has no prior experience in radio. In fact, in his teen years, he used to sell garbage bags door-to-door to make money for his immediate needs. So you don’t need to have experience and expertise in the field to excel in business. All you need is passion, drive and the ability to learn.
IV. You cannot start a business and run it successfully while doing a 9-5 job
This is a common misconception that has killed the dreams of many prospective entrepreneurs. You can actually start a business while still doing your 9-5 job. You only need to start slow and carefully. The initial stages should be about testing, analysis, and tweaking. When you find your angle, you can finally roll it out, and when it starts to boom, you can think of quitting your 9-5 job to fully focus on it.
If you want to succeed as an entrepreneur, don’t believe these myths. They will only hold you back. Starting a business is actually easier than you think if you have the passion and drive.